Russia’s oil and gas revenue jumped more than 80% in February from a year earlier to over $10 billion due to higher prices for the nation’s crude as its producers withstood Western sanctions.
Russia failed to overturn a ruling in the Netherlands that ordered Moscow to pay around $50 billion in the bankruptcy case of Yukos Oil Co., once the largest Russian oil and gas company.
Russia expects Brent prices to average between $80 and $85 a barrel next year amid OPEC+ output cuts, Deputy Prime Minister Alexander Novak said in a TV interview.
OMV noted the presidential decree but said that it had written down the value of its Russian assets. As such, it expects no further impact as a result of the move.
Based on the IEA’s STEPS baseline scenario, Guyana will increase production to around 2mn bpd by the mid 2030s. Under the more conservative APS scenario, the IEA sees Guyana reaching 1.3mn bpd by 2035.
"It was done in co-operation with the customer because we couldn't just walk out and slam the door: We'd have lost a lot of money," a company executive told the newspaper, speaking anonymously.
By creating and offering a full suite of carbon management solutions, major gas producers and exporters can create demand without fears of “locking-in” emissions or building “stranded assets”.
“The platforms command valuable hydrocarbon resources. However, like Snake Island to the west, they can also be used as forward deployment bases, helicopter landing sites, and to position long-range missile systems,” the MoD said.
Russia expects to get a huge inflow of energy revenue by the end of this year despite an oil price cap imposed by Group of Seven nations, and may channel it toward spending as the government continues to pour resources into the war in Ukraine.
SLB, formerly known as Schlumberger, has announced it will be halting shipments of its products and technology into Russia from all its facilities around the globe.
In the second quarter of the year Windward reported another big increase in Malacca, up 200% from the first quarter. Malta, meanwhile, was up 220% on the quarter.
In my view the integrity of the energy system is actually an issue of national health and safety in that its disruption would cause chaos and create a major threat to life as indeed the awful events in Ukraine have shown us only too graphically.
The Energy and Climate Change Intelligence Unit (ECIU) said that it would not be possible to avoid this by producing more gas domestically, as the UK's North Sea reserves are dwindling.
Widespread breaches of the Group of Seven oil price cap likely took place in Asia in the first quarter, according to a team of researchers who analyzed official data on Russia’s foreign trade alongside shipping information.
A group of Western European nations led by Germany and France have committed to massively ramping up the production of clean energy from wind turbines in the North Sea, to both meet climate targets and reduce their strategic energy dependence on Russia.
Ukraine’s state-run energy firm NJSC Naftogaz Ukrainy says it won an arbitration case against Russia, in a decision that would oblige Moscow to pay $5 billion or risk the seizure of assets abroad.
Speculation that Shell (LON: SHEL) may convert and repatriate more than $1 billion of ruble earnings from the sale of a project in the Far East has helped drive the Russian currency to its weakest level in a year.
The European Commission told member states that a $60-a-barrel cap on the price of Russian oil is proving effective in hurting the Kremlin’s access to petrodollars while not disrupting the market, and will remain unchanged for now.