O&G Firms Committed To Russia Despite Sanctions

World Energy News
Friday, April 18, 2014
Russian Energy Minister Alexander Novak. (Image: http://government.ru)
Russian and international oil and gas majors are cooperating as usual despite sanctions imposed over Ukraine and Russia's South Stream gas pipeline project is going ahead, Energy Minister Alexander Novak said on Friday.
 
"There is no sense behind talk of the severing of relations... They express their desire to invest in Russia," Novak told reporters when asked if sanctions had hit energy cooperation.
 
The world's top crude oil producer and a leader in natural gas, Russia has signed deals with international majors on developing energy resources, mainly in the offshore Arctic region.
 
Top Russian oil firm Rosneft has signed agreements with ExxonMobil, Eni and Statoil and its biggest shareholder after the state is London-based BP .
 
BP boss Bob Dudley said this week that Western sanctions over Russia's actions in Ukraine had not impacted the company's business in Russia.
 
Ben van Beurden, the new boss of Royal Dutch Shell, which holds a stake in Russia's only liquefied natural gas producing plant, is scheduled to meet Russian President Vladimir Putin on Friday in a sign of the company's commitment to its business in the country.
 
SOUTH STREAM
 
The minister also said the 2,400-kilometre (1,490-mile) South Stream pipeline from Russia via the Black Sea to southern Europe, avoiding Ukraine, would proceed.
 
"The project is being implemented on the basis of agreements between the countries. According to international law, these agreements cannot be suspended. We have been in consultations with the European Commission over South Stream, the work is going on," Novak said.
 
Doubts have been raised about the future of the project since Russia's annexation of Ukraine's Crimea region, a move that has angered both the EU and Washington.
 
The EU's approvals process regarding South Stream has been put on hold, European Commissioner for Energy Guenther Oettinger said.
 
Hoping to build the pipeline is a consortium including Russian gas exporter Gazprom as well as European partners Wintershall, Eni and EDF.
 
South Stream is designed to carry more than 63 billion cubic metres of gas to Europe a year by the end of the decade, meeting up to 15 percent of Europe's needs.
 
(By Anastasia Lyrchikova, writing by Vladimir Soldatkin; editing by Alessandra Prentice and Jason Neely)
 
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

Energy

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Offshore Energy

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4079 sec (2 req/sec)