Eurasia Journal News

By Jessica Resnick-Ault | NEW YORK Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s largest producers agreed to curb production for the first time since 2008 in a bid to support prices. Crude prices rose nearly 5 percent …

In 2010, the arbitral tribunal unanimously found that it had jurisdiction over the dispute. In 2014, the arbitral tribunal found in favor of Tatneft, and ordered the Republic of Ukraine to pay to Tatneft damages in the amount of $112 million, plus interest. Later that year, Ukraine commenced proceedings before …

Facing pressure from OPEC to make a significant output reduction, Russia reiterated its readiness to freeze oil production at current levels, arguing that the offer amounted to a cut compared with next year’s plans. Freeze means 2017 Russian output would be less than planned OPEC asked non-members to cut 500,000 …

The Gazprom Board of Directors took note of the information about the pricing of natural gas exports. It was highlighted that abundant gas reserves coupled with well-developed production and transportation infrastructure underpinned the stability of Gazprom’s export business. Reliable gas supplies to European consumers are based on the system of long-term contracts. In order to make Russian gas more competitive, …

LUKOIL has successfully completed drilling of the third well at offshore Vladimir Filanovsky field in the Caspian Sea. The horizontal section of the well is 1,217 meters long. The well flow is around 3,000 tons of crude oil per day. The field’s total oil production currently amounts to approximately 9,000 …

Russia will cope with any sanctions, believes Rashid Alimov, the Secretary General of the Shanghai Cooperation Organization (SCO) told Russian reporters on Tuesday. He stressed his conviction that the policy of sanctions was doomed and, on top of that, it was wielding impact on the economies of the countries that …

The Coordinating Committee for scientific & technical cooperation and partnership between Gazprom and OMV held its first meeting in Moscow. The meeting was run by the Committee Co-Chairmen Oleg Aksyutin, Member of the Management Committee, Head of Department of Gazprom, and Johann Pleininger, Member of the Executive Board of OMV. The meeting addressed prospective joint efforts in the main …

The Gazprom Management Committee approved the Comprehensive Targeted Program of metrological support for the Company’s operations between 2017 and 2021. The Program is aimed at further improving the quality of metering Gazprom’s gas deliveries to domestic and foreign consumers. Particularly, the document stipulates measures for upgrading, reconstructing and retrofitting gas metering stations. The Program will contribute …

The Gazprom Management Committee approved the Comprehensive Targeted Program for the retrofitting, reconstruction and development of process automation control systems at the Company’s facilities between 2017 and 2021. The Program is aimed at further improving the Company’s core operations through higher levels of process automation, broader functional capabilities of process automation control systems and fewer operating …

The U.S. Geological Survey says a deposit in West Texas is the largest continuous oil and gas deposit ever discovered in the United States. On Tuesday, the USGS announced that an area known as the Wolfcamp shale contains 20 billion barrels of oil and 16 trillion cubic feet of natural gas. That …