Heard the one about Vladimir Putin, the oil price and the ruble’s value against the dollar? They will all hit 63 next year.
That’s the joke doing the rounds of the Kremlin as the Russian government digs in to weather international sanctions over the conflict in Ukraine. According to at least five people close to Putin, pressure from the US and Europe is galvanizing Russians to withstand a siege on their economy.
The black humor is part of an image of defiance not seen since the Cold War. As the economy enters its first recession in more than five years, the ruble depreciates to records and money exits the country, Putin’s supporters are closing ranks and say he’s sure to run for another six-year term in 2018.
Hawkley Oil and Gas has been investigating the rapid decline in production from a well in its Sorochynska licence in Ukraine.
The company said Well 201 had already been experiencing a measured decline in production in line with expected performance.
Russian President Vladimir Putin has said he believes peace in Ukraine is possible but that neither side is fully upholding a peace deal struck in September.
In an interview with German television, Mr Putin said he is convinced it is possible to end the deadlock in east Ukraine, where pro-Russian rebels have been battling Kiev’s troops in a conflict that has claimed at least 3,500 lives since March.
But he also said that neither the rebels nor Ukrainian troops had fully withdrawn from key locations in the region to create a buffer zone, a key part of a truce deal agreed to in September.
In search of a way out of the energy crisis, Ukrainian experts claim to have found the solution - hydropower.
The auxiliary resource has been successfully compensating the increasing energy demand triggered by the lack of power capacity and fuel in the past months. High liquidity and sustainability were identified as some of the major advantages of hydroelectric energy.
“Prior to the anti-terrorist operation (ATO) in the east of the country and before the problems with energy supply, hydroelectric power stations produced electricity primarily during peak demand,” said the director general of Ukraine’s largest hydropower company, Ukrhydroenergo, Ihor Syrota.
JKX Oil and Gas has seen potential gas signs at the Elizavetovskoye field in Ukraine.
The company said the testing of well E-303 had indicated a gross pay of 167 metres, spread over eight reservoir horizons.
Gas talks between Russia, Ukraine and the European Union will be held in Brussels later this month.
The Russian Ministry of Energy made the announcement after a prolonged period of US and European sanctions were imposed on the country.
