Oil & Gas News
Monday, 29 March 2010
Issue 20 News
The Mobius Group launch "PowerTec Russia & CIS"
The Mobius Group of companies, renowned marketing and print media specialist - launched their second regional title at the recent Russia Power exhibition in Moscow.
Leaders in printed marketing within the Russian and Caspian upstream O&G sector, The Mobius Group is proud to announce its push into the Russian power generation and distribution sector, with its new title "PowerTec Russia & CIS".
PowerTec will cover the latest news, projects, investments, case studies, technology reviews & corporate interviews across the regions power generation sector.
Distributed initially on a bi-annual basis, with bi-lingual language format, PowerTec will be an important source of vital information to the regions exciting and quickly developing power generation sector.
For more information link to www.powertecrussia.com
Russia to spend RUB 40 bn for shelf exploration
Russia will spend about RUB 40 bn on exploration works at the country's ocean shelf by year 2020, Minister of Natural Resources Yuri Trutnev announced.
In 2009, shelf exploration dropped following the financial crisis. Commenting on the more than RUB 9 tn, which the Natural Resources Ministry believes is necessary to invest shelf development in the period, the minister said this money will have to be "collected from all over the world".
Russia in 2008 spent a total of RUB 1.2 bn on shelf exploration. In 2009, the sum dropped significantly following the financial crisis.
TNK-BP Advocates Flexible Approach to APG Utilization for Greenfields
TNK-BP finds it expedient to make associated petroleum gas (APG) utilization requirements more flexible for greenfields.
German Khan, TNK-BP Executive Director, said to the media that greenfield subsurface specificities and development conditions frequently make greenfield APG utilization uneconomic.
"The law that obliges to bring APG utilization to 95% by 2012 does not consider greenfield structures. It is not always economically viable to set up an APG utilization infrastructure at the initial stage of operation of such fields due to their process and subsurface specificities", he said.
"The state should exhibit some flexibility in this aspect", Khan added.
He emphasized that there is no need to change the general deadlines for bringing APG utilization to 95%. What is needed is an amendment to the law with regard to greenfields only.
The APG utilization issue and energy efficiency were discussed at a meeting in Belozernyi GPP that was attended by Deputy Prime Minister Sechin
Gazprom bags Bulgaria block
A Gazprom-led consortium has been awarded the Provadia block in eastern Bulgaria.
The consortium consisting of Overgas, a Gazprom joint venture, JKX and Balkan Explorers will operate the 1787-square-kilometre onshore block, which is partially carved out from the 2007 B-Golitza and B1-Golitza licences.
Overgas will operate the onshore block with a 64% stake. Balkan Explorers, a wholly owned subsidiary of Aurelian Oil and Gas, and JKX each will own 18%
'Kovykta reclaim will be fair'
Russia's top energy official Deputy Prime Minister Igor Sechin recently anounced that any decision to strip TNK-BP of its licence for the Kovykta gas field in Siberia should be "fair" and that costs should be compensated.
Sechin sought to reassure TNK-BP, holder of the licence for the Kovykta gas field in East Siberia, that any decision to strip the company of the licence would be fair and that any costs incurred would be taken into account.
"There's no talk of any blatant expropriation. I think we will find a solution to this issue," he said.
TNK-BP, half-owned by BP, is involved in a decade-old dispute over Kovykta, which escalated last month when environmental watchdog RosPrirodNadzor recommended the company be stripped the licence.
"I don’t think the issue is so acute," Sechin said. "The expenses incurred must be taken into account."
Some Russian officials have said TNK-BP failed to follow obligations outlined in its license for Kovykta, including the launch of full-scale production.
Russian Billionaires are Number one in Europe
Russia has the largest number of billionaires among the European countries, Forbes magazine has said. According to the Forbes' annual list of world's richest people, the number of billionaires in Russia has risen to 62 from 32 last year. The list of Russian billionaires widened due to 28 returnees who had fallen off last year's list amid a meltdown in commodities, Forbes said.
Vladimir Lisin, the owner of the Russian steel giant Novolipetsk Steel, is Russia's richest person with a fortune of $15.8 billion, according to Forbes. The tycoon occupies the 32nd position in the magazine’s list of world's richest people. Mikhail Prokhorov, the president of Onexim Group who topped last year's rankings, is second in the 2010 list of richest Russians with an estimated wealth of $13.4 billion. TNK-BP interim CEO Mikhail Fridman is Russia's third richest person, with a $12.7- billion wealth.
RWE Group Signs MoU for Exploration Activities in Azerbaijan
The RWE Group and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a memorandum of understanding to draw up an agreement for the hydrocarbon exploration and development for the Nakhichevan perspective structure in the Azerbaijan sector of the Caspian Sea.
The memorandum of understanding was signed in Baku by the President of SOCAR, Rovnag Abdullayev, and Dr. Jürgen Großmann, Chairman of the Board of Management of RWE AG. As a result, RWE will also be able to grow in the upstream sector. The agreement relates to the Nakhichevan structure in the Caspian Sea, about 50 kilometers off the coast of Azerbaijan
China Oil demands jumps "astonishing 28%"
China's demand for oil jumped by an "astonishing" 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says. The body added that demand for oil in 2010 would be underpinned by rising demand from emerging markets, with half of all growth coming from Asia. But the IEA predicted demand in developed countries would fall by 0.3%. The IEA has increased its global oil demand forecast for 2010 by 1.8% to 86.6 million barrels a day. Russia is building new transport infrastructure linking the promising fields of Eastern Siberia to China to satisfy China's energy thirst. posted by The Rogtec Team @ 16:03