Editors Notes: ROGTEC Magazine Issue 12
Dear Readers,
Welcome to another issue of ROGTEC Magazine; our first of 2008.
The beginning of this year has spelled turbulent times for the global economy; the knock on effects of the sub-prime mortgage crisis in the U.S has had a considerable effect on the world economy and every business sector has seemingly been affected. What is the one commodity the world cannot do without however? You guessed it. The hydrocarbon market in the FSU almost immune to global reseccion; the simple fact is that Russia has abundant reserves of a resource that every one wants. Companies in this market are continuing to increase there investments in the ongoing search for new deposits of oil and natural gas, the implementation of new technologies during production and transporation. As the exploration boundaries are pushed further in to remote areas, operating companies are having to dedicate more time planning and risk assessment. Lukoil´s new oil fields in the Timano-Pechora province are all connected by a private pipeline with a new onshore private oil terminal in Varandei, and a further by 22 km underwater pipeline with an off-shore ice-resistant export terminal in the Barents sea. The benefits of this set up are plain to see – high-quality crude from the regions deposits is transported by a private system and tankered directly to West European and US markets. It is great to see that the leading regional operators have all the bases covered when it comes to securing global energy security.
Indeed, Russian presidential hopefull Dmitry Medvedev has made some bold statements recently about his ideas for the countries energy strategy with promises of reduces tax on energy export if the sell in Roubles rather than dollars. The beginning of the PetroRouble? Unlikely one feels, but these murmurs will certainly not go unnoticed by the U.S.
On the home front, we have had a great response following our successful BPA Worldwide application announced in the last issue. It goes without saying that our clients are happy with this development, and indeed our competitors considerably less so!
We have a full calendar of events this year; EAGE St Petersburg OTC, NEFTEGAZ; Caspian O&G; KIOGE, the list goes on. We look forward to seeing you all there.