The Wall Street Journal reported that Ukraine Prime Minister Mykola Azarov said that over the next three years the country plans to increase its natural gas production by up to 20 percent in an attempt to mitigate dependence on Russia.
New direct link between Russia and Germany is the first of two twin lines that could eventually supply Western Europe with 55 billion cubic metres of gas per year.
Bloomberg reported that China and Russia are nearing agreement on a gas supply deal.
Both China and Russia remain confident that an agreement over pricing will eventually be reached.
The Energy Information Administration (EIA) forecasts that increasing consumption in 2012, led by strong growth in the electric power sector, should contribute to higher prices and to an economic incentive for producers to resume drilling.
Russia’s OAO Gazprom declared that it may delay development of the giant Shtokman gas-condensate field if demand for gas remains depressed. For full story, click here
Officials from six countries gathered Monday in Turkey and signed a deal to build a U.S.-backed pipeline, aimed at breaking Russia’s near-monopoly on natural gas supplies to Europe. For full story, click here
Brussels and Moscow want in on a deal between Nigeria, Niger and Algeria to construct a 4000-kilometer pipeline for natural gas. It could be a very lucrative venture, but it’s also comes with some serious risks. For full story, click here
RIA Novosti quoted the Energy Ministry of Russia as saying that Russia natural gas output dipped 20.8%YoY in January to June 2008 to 274.275 billion cubic meters while exports declined 54.55% to 45.523 billion cubic meters. Its gas production totaled 36.338 billion cubic meters in June, and 120.698 billion cubic meters in the second quarter, [...]
Russia seeks Turkish cooperation in the South Stream gas pipeline project, declared Russian deputy prime minister as he invites Turkey to join the project, which some see as a rival to the Nabucco pipeline. For full story, click here
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