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Monday, December 29, 2008

Gazprom in Nord Stream talks with France

Dec. 23, 2008 - UPI - PARIS, A delegation from Russian energy monopoly Gazprom visited French officials to discuss energy cooperation, including the Nord Stream gas pipeline. Gazprom chief Alexei Miller met with his counterparts at French energy firm GDF Suez to discuss interactions in the world market and securing European energy resources, Gazprom said in a statement. GDF Suez said it viewed the Nord Stream pipeline through the Black Sea to Europe as a significant project to bring energy security to European markets. The French firm said it was interested in joining the project as a minority partner. Gazprom said last week it may court foreign investors to help fund major projects, including Nord Stream. Nord Stream is seen as a rival project to the Western-backed Nabucco pipeline to bring resources from Caspian states to Europe through Turkey, bypassing Russia completely. Miller took the opportunity to address European concerns over a row with Ukraine that could threaten winter gas supplies, saying Gazprom was working toward a resolution. "Gazprom will fulfill its contractual obligations to the European consumers and will endeavor to make Ukraine fulfill its international obligations on transit," he said.

Gazprom's CEO Visited France

23.12.2008 - [Neftegaz.RU] - During his visit Gazprom's CEO met with Gerard Mestrallet, GDF SUEZ CEO, Jean-Francois Cirelli, the Vice-president of GDF SUEZ and Christophe de Margerie, Total Holding President. During the meeting with GDF SUEZ Russian gas supplies to France were discussed, also the leaders of the two companies talk over potential partnership on international energy markets,

Taqa, Gazprom sign gas deal

December 23, 2008 - Emirates Business 24 - Russia's Gazprom has signed an agreement to supply gas to a massive underground storage facility being developed in the Netherlands by the Abu Dhabi National Energy Company (Taqa). Gazprom will deliver what is known as cushion gas, which will provide the level of pressurisation needed to enable the centre to start commercial storage activities. Taqa is transforming a depleted gas reservoir at Bergermeer into Europe's largest storage facility and has established a consortium to help run the project. The cushion gas agreement was signed by its Taqa Energy subsidiary and Gazprom Export, which has joined the consortium. "It is one of our most exciting projects – an underground gas facility that stores gas during the summer and delivers supplies in the winter, avoiding any disruption," Taqa CEO Peter Barker-Homek told Emirates Business. "Gas will be shifted to the rest of Europe from this storage facility." He said construction work had started and the facility would be fully operational by 2012, and further partners and gas suppliers were expected to join the project. The other existing consortium partners are Energie Beheer Nederland, Dyas BV and Petro-Canada. Gazprom will supply cushion gas for injection over four summers to ensure the facility has the optimal pressure to begin operations. Barker-Homek declined to reveal the value of the Gazprom deal. Taqa's other Dutch projects include a carbon sequestration operation at the port of Rotterdam.

Gazprom to Buy Serbian Oil Refiner

23 December 2008 - Moscow Times, AP, Bloomberg - The Serbian Energy Ministry said Monday that it had reached an agreement to sell Gazprom its state oil refiner, Naftna Industrija Srbije, despite opposition from within the government. In exchange, Russia would agree to route its South Stream pipeline through Serbian territory, securing it long-term supplies and transit fees. "The deal will be initialed today and will be formally signed by Serbian President Boris Tadic and Russian President Dmitry Medvedev in Moscow by the end of the week," said Dusan Mrakic, a state secretary with the Energy Ministry. Serbia's RTS TV reported that Gazprom Neft pledged to pay 400 million euros ($560 million) for 51 percent of NIS and invest a further 500 million euros in Serbia's oil industry. Serbia will keep 49 percent of NIS, and some decision-making powers, the station reported. Economy Minister Mladjan Dinkic has long protested any such deal, saying Russia has given no firm guarantees that it will build the pipeline.

Serbia and Gazprom sign up to strategic agreement

Serbia and Gazprom sign up to strategic agreementDecember 24, 2008 - Russia Today - Gazprom has picked up a controlling stake in Serbia’s state-owned oil monopoly – NIS – as part of an energy cooperation deal between the two countries. Serbian President, Boris Tadic, came to Moscow to put his signature on a multi-million dollar energy deal with Russia. The signature came after haggling in the Serbian government delayed ratification of an agreement reached in January, with Tadic hailing its significance for the Balkan nation. “Energy security is a very serious question for Serbia now. This energy agreement with Russia has strategic importance for us. We are talking about long-term gas supplies to Serbia and production of oil refined products in the country for the entire east-European market.” Under the deal, Gazprom gets a controlling stake in Serbia’s oil company NIS for $560 million. In return the Russian energy giant has committed to routing its South Stream pipeline through Serbia, as well as investing in a gas storage facility, according to deputy CEO, Aleksandr Medvedev. “Overall Russian investments in Serbia including NIS and South Stream may total up to 2 and half billion dollars.” Some experts doubt the need for Gazprom to buy NIS, especially when the company is seeking financial support from the government. But Dmitry Aleksandrov of Financial Bridge says it’s a strategic decision. “Gazprom is buying these assets for future use. It increases access to the European market for Gazprom’s oil subsidiary and will help to fulfill its ambitious expanding program. Besides it’s strategic in terms of partnership between Moscow and Belgrade. Serbia will get reliable gas supplies.” Some state officials in Belgrade have urged Gazprom to provide a guarantee that it will route its pipeline through Serbia. But analysts say there is no ground for doubt. Gazprom’s transportation projects look ahead 10 to 15 years and solve its main dilemma - unreliable transit countries.

Gazprom eyes Iran's oil, gas fields

iranMOSCOW, December 24, 2008 (RIA Novosti) - Gazprom is interested in developing Iran's oil and gas deposits, the Russian energy giant said on Wednesday. Earlier in the day, Gazprom CEO Alexei Miller had a meeting with Iran's Petroleum Minister Gholam Hossein Nozari, to discuss in particular cooperation between Gazprom and Iranian oil and gas companies. "Prospecting, development and operation of

'Russia gas cut-off may hit Europe'

23 December, 2008 - Upstream - It will be difficult to ensure the transit of gas through Ukrainian territory to European customers if Russia cuts supplies to Ukraine, Oleh Dubyna, the head of Ukraine's state energy company Naftogaz Ukrainy, was quoted as saying today. "Our reserves are meant to provide specifically for Ukrainian consumers, while transit of European gas also requires the 'feeding' of technical gas," Reuters quoted Dubyna telling the UNIAN news agency. "Gazprom must supply this gas. Otherwise, we will be unable to maintain pressure at the required level in the system that oversees transit."

Gas exporters' forum not aiming to become cartel - Gazprom

MOSCOW, December 23, 2008 (RIA Novosti) - The Gas Exporting Countries Forum (GECF) has no intention of becoming a gas cartel similar to the Organization of Petroleum Exporting Countries (OPEC), a Gazprom senior executive said on Tuesday. The GECF, which was established in Tehran in 2001 and includes Russia, Iran and other leading gas exporters accounting for about 73% of the world's gas reserves and 42% of production, is holding its seventh ministerial meeting in Moscow on Tuesday. Alexander Medvedev, first deputy chairman of the Gazprom management committee, said that there was no direct relationship between gas prices and membership to the gas producers' forum. The GECF has yet to adopt a charter and lacks a formal membership structure. The headquarters of the world's leading gas exporters could be based in St. Petersburg, Doha or Tehran, Russian Deputy Prime Minister Igor Sechin said. "Tehran and Doha are being considered as options for the headquarters. We have proposed St. Petersburg. This is the best proposal which we could have made but the decision depends on everyone," Sechin said. Meanwhile, Qatari Vice-Premier Abdallah bin Hamad al-Attyia said there were no plans to discuss a new gas pricing formula at the Moscow forum. "Gas prices depend on oil and we will not be discussing the creation of a new [gas] price formula," he said.

Bosphorus takes over Gazprom deal

19 December, 2008 - Upstream - Turkey-based player Bosphorus Gaz will take over a natural gas sales contract between Russia's Gazprom and Turkey's state-owned pipeline company Botas, Bosphorus said today. The contract allows Bosphorus gas to import an annual 750 million cubic metres, about 2% of Turkey's imported natural gas and is part of Botas' on-going effort to privatise its contracts, a Reuters report said. Further details were not immediately available.

Friday, December 19, 2008

Gazprom hopes gas exporters' 'OPEC' to have HQ in St. Petersburg

MOSCOW, December 18, 2008 (RIA Novosti) - The Gas Exporting Countries Forum (GECF) could have its secretariat in St. Petersburg, a senior official at Russian energy giant Gazprom announced on Thursday. "We hope St. Petersburg will be chosen [from among four candidates] to be the seat of the secretariat," said Alexander Medvedev, deputy chairman of Gazprom's board. The forum of gas exporting countries was set up in the spring of 2008 in Doha. It includes Russia, Iran and other leading gas exporters, which account for about 73% of the world's gas reserves and 42% of production. The group has yet to adopt a charter and lacks a strict membership system. Equatorial Guinea and Norway have observer status. A GECF secretary general will be elected in a year's time, Russian Deputy Energy Minister Anatoly Yanovsky said. "The draft charter sets serious requirements for the candidate," Yanovsky said. "The candidate will be elected at the next meeting in a year." He pledged that, unlike the world's oil cartel, OPEC, the member countries will not regulate gas prices through quotas.

How to help out Gazprom?

2008-12-17 - Barents Observer - The Russian government is preparing several measures on how to support energy giant Gazprom in the current situation of looming crisis. A stock emission is one of the alternatives. In return the state demands that the company reduces its investment programme. As reported by BarentsObserver, the financial situation in Gazprom is increasingly troublesome as gas prices and revenues drop sharply. The company could get as much as a 20 billion USD reduction in revenues from sales to Europe in 2009. Meanwhile, the company is negotiating with the government over how to secure federal support. According to Vedomosti, several company proposals have been delivered to government. A government official confirms to the newspaper that among the proposed measures is the issuing of infrastructure obligations and the localization of alternative project financing. Also on the table is a stock emission, government sources say. A revision of the 2009 budget, the investment programme and other crisis measures are to be assessed in the upcoming board meeting due 23 December. The government will however demand that Gazprom reduces its 2009 investment programme, Vedomosti reports. According to Minister of Economic Development Elvira Nabiullina, the economic downturn in the country is resulting in lower prices on materials and services, and thus also lower project development costs. The recently adopted 2009 investment programme of the company envisages 920 billion RUB of investments. A major part of that will be spent on the development of the Bovanenkovo field in the Yamal Peninsula. Among additional major company expenses in 2009 is the 20 percent buy-out of ENI from the Gazprom Neft company, as well as 100 billion RUB to subsidiary companies’ investment programmes.

Gazprom to build LNG terminal for 4 bln rubles in Kaliningrad

12.17.2008 – Interfax – Gazprom (RTS: GAZP) is to build a terminal in the Kaliningrad region that will be able to receive more than 2.5 billion cubic meters (bcm) of liquefied natural gas (LNG) per year, according to a new version of a federal targeted program for the region that was approved by the government on December 7. The construction of the LNG terminal and a gas pipeline running from it to existing gas supply systems in the region will cost about 3.96 billion rubles. Of that amount, 348 million rubles will be allocated in 2008, while the rest - 3.612 billion rubles - will be allocated in 2009. The terminal should open in 2011.

Thursday, December 18, 2008

Gazprom warns Europe of possible gas shortages

Gazprom threatens new Ukraine gas cutRBC, 18.12.2008, Moscow 16:03:10. – Gazprom will inform its European partners of Ukraine's delay in natural gas payments, official spokesman for Gazprom Sergei Kupriyanov told a press conference today. Earlier, Gazprom representatives already warned European consumers about the existing situation, Kupriyanov said, and it will also inform them of today's announcements by Ukraine that it will make no more debt payments this year. Gazprom will send all of its partners letters signed by the chairman of the company's management board with a comprehensive assessment of the current situation and existing risks, Kupriyanov noted. He added that if any gas transit problems arose, the responsibility would lie entirely with Ukraine.

Gazprom offers Poland direct gas deal

polandRBC, 18.12.2008, Moscow 16:56:08 - Gazprom has offered to revise intergovernmental agreements for Poland to allow for direct gas supplies to the country and bypass RosUkrEnergo, deputy chairman of the gas giant's management committee Alexander Medvedev told a news conference today. He observed that the current agreement with Poland involves RosUkrEnergo, and faced with the possibility of

Gazprom-Neft posts 3Q 2008 Net Income of $1.594 Billion

Gazprom-Neft posts 3Q 2008 Net Income of $1.594 Billion15 December 2008 - Russia Today - Russian oil producer Gazprom-Neft has posted a 3Q 2008 Net Income of $1.594 Billion under U.S. GAAP. The bottom line result was up 66% on the $957 million posted over the same period 2007, with EBITDA coming in at $2.642 Billion, up 70% year on year, on the back of Revenues of $9.638 Billion, up 77%. The 3Q figures made for a 9M 2008 Net Income of $5.201 Billion, up 84.5% year on year, with 9M EBITDA of $7.761, up 73%, on 9M Revenues of $27.315 Billion, up 86%. The company attributed the 9M results to higher crude prices over the period, along with increased production and greater refining volumes.

Gazprom Neft receives credit line from Vnesheconombank

RBC, 17.12.2008, Moscow 10:46:29 - The Bank for Development and Foreign Economic Affairs (Vnesheconombank) will open a credit line for Gazprom Neft worth up to $750m, the press office of the Russian gas monopoly's oil arm reported today. A relevant agreement was signed on Monday, December 15. The funds are to be transferred in five tranches worth $150m each, with the first tranche having already

Gazprom wins hydrocarbon development tender in Algeria

algeria16th December 2008 - Energy Business Review - Gazprom has won the hydrocarbon exploration and development tender for the onshore area El Assel located in the Berkine Basin of Algeria. The first open national and international tender for hydrocarbon exploration and development was held by the National Agency for the Valorisation of Hydrocarbons Resources (ALNAFT). A total of 16 licensed areas were

Gazprom Inks 25-Year Gas Supply, Nord Stream Deal with France

December 15, 2008 Paris – On December 12-13, as part of the cooperation with GDF SUEZ, a Gazprom delegation led by Alexander Medvedev, Deputy Chairman of the Company's Management Committee participated in Paris in the celebrations of the 25-year signing anniversary of the third contract for natural gas supply from Russia to France. "More than 30 years have passed already from the moment of signing first contracts for Russian gas supply between Gazprom and Gaz de France. Our cooperation, in addition to gas supplies, is intensively developing in such areas as energy saving, UGS facilities construction and operation, LNG marketing and personnel qualification upgrade. Moreover, the companies have implemented a number of cultural and sports projects. We are firmly convinced now that Gazprom and GDF SUEZ are reliable and predictable partners maintaining a long-term and mutually beneficial cooperation. "As the European market was and remains very important to us, with France being one of the largest consumers of the Russian natural gas, we hope that interaction between our companies will be further developed. Besides the existing export contracts extended until 2030, Gazprom and GDF SUEZ have reached an agreement to supply additional gas volumes via the Nord Stream gas pipeline. Strengthening the long-term partnership between Gazprom and GDF SUEZ will promote the security of gas supply to European consumers in the long term," stated Alexander Medvedev. "I am delighted to celebrate jointly with Gazprom the 25-year signing anniversary of signing the third contract for the Russian gas supply. We are celebrating this event just several months after the setting up of a new company, GDF SUEZ. "The present date commemorates 25 years of confidential and firm partnership relations. We enjoy favorable prospects for cooperation, which, inter alia, will be potentially developed in entering into new European markets for the supply of gas, as well as in LNG promotion on the global scale," said Jean-Marie Dauger, Executive Vice President of GDF SUEZ.

Tuesday, December 09, 2008

Gazprom Neft eyeing bigger presence in Iranian oil field

RBC, 09.12.2008, Moscow 12:27:38.Gazprom Neft has proposed to the Iranian government that it develop not only the northern but also the southern part of the Azadegan oil field, the Russian oil producer's Deputy CEO for Exploration and Production Boris Zilbermints reported. He elaborated that the company was currently in talks on North Azadegan with its Iranian partners, and that it had already begun drafting a development plan for the oil field in December, looking to complete it in 6-9 months. Moreover, in Gazprom Neft's opinion, the Azadegan project should be viewed as a whole, which would include both its northern and southern parts. The company has already made a corresponding proposal to the Iranian authorities. Meanwhile, Zilbermints has not yet estimated investment necessary for the northern part of the oil field. Azadegan is one of the world's largest oil fields with reserves of around 5.7bn tonnes. Talks are currently underway between Russia's Gazprom Neft and the Iranian license holder for the field NIOC on joint development of Azadegan. Gazprom Neft hopes to secure a stake in the field's project operator. While NIOC will retain its license for Azadegan, Gazprom Neft will have to provide 100 percent of investment in the project. The Russian oil producer estimates North Azadegan's recoverable reserves at around 150m tonnes of oil and maximum annual output at some 5.5m-6.5m tonnes.

Gazprom Neft seeks foreign partner for north Russia oil field

Gazprom Neft seeks foreign partner for north Russia oil field.MOSCOW, December 9 (RIA Novosti) - Gazprom Neft may look for a foreign partner to develop the Prirazlomnoye oil field in northern Russia, a senior official at the oil arm of Russian energy giant Gazprom said on Tuesday. "We are considering seeking a foreign partner to start production at the field," said Boris Zilbermints, Gazprom Neft's deputy general director. Oil reserves at the offshore deposit in the Barents Sea are estimated at 46.4 million metric tons, with potential annual production estimated at 6 million metric tons (44.1 million bbl). He also said the company, Russia's fifth-largest crude producer, is interested in developing the South Azadegan oil field in Iran. "We have asked the Iranian government to consider both parts [north and south] of the field together," he said. He also said Gazprom Neft and U.S. oil major Chevron are discussing joint projects in Africa and Latin America. "We are working with Chevron to determine areas for joint operations," Zilbermints said. He said that Gazprom Neft had offered Chevron a role in West Siberian projects, while Chevron, in turn, offered fields in Western Africa and Latin America.

Gazprom Builds Gas Reservoir in Europe

09.12.2008 - [Neftegaz.RU] - Kommersant reports that the project will cost an estimated $1-1.5 billion. The Abu Dhabi National Energy Co. (TAQA), the operator of the project, announced the signing of a memorandum of understanding with Gazprom Export yesterday. Construction will begin in the second quarter of next year, after the necessary designs are completed and permits are received. TAQA and Gazprom Export will reach a final agreement by that time. The Dutch state EBN and private DYAS and Petro-Canada will also take part in the project. Their shares in the project will be determined in the coming months, said TAQA Europa representative Allan Virtanen. He said the usable capacity of the reservoir will be 4.1 billion cu. m. and will be launched in the second quarter of 2013. The new reservoir will be strategic for Gazprom because of it lies on the path of the Nord Stream pipeline, now under construction, and because of its proximity to the Zeerbruge hub. The first section of Nord Stream, connecting the Baltic shore of Russia with Germany, will be ready in 2011. Then the pipeline will be extended from Greifswald, Germany, through The Netherlands to Becton, Great Britain. Analysts note that the construction of the reservoir will expand sales opportunities for Gazprom without requiring additional investment in production or transportation. It will also lessen the risk of supply interruption and reduce seasonal factors.

Monday, December 08, 2008

Gazprom Stresses South Stream Project in Line with Schedule

12-05-2008 - Rigzone News - The Gazprom Management Committee took notice of the information relevant to the activities performed as part of the South Stream project implementation. The Company's specialized divisions were tasked to resolve the current issues within the Project Feasibility Study (FS) development, as well as to prepare the documentation for addressing its implementation at the

Gazprom and Serbia in new talks on NIS

Gazprom and Serbia in new talks on NIS5 December 2008 - Russia Today - Gazprom is to hold another round of talks over purchasing of 51 per cent stake of Serbia’s NIS government oil company. A deal would give Gazprom access to the Balkans downstream market, but it comes at a cost. In September, Russia and Serbia ratified a deal, under which Gazprom will build gas storage and pipelines in Serbia. Most important, Gazprom may route the South Stream pipeline through the country. It would carry 30 thousand cubic meters of gas to Europe, and make Serbia the key hub for Russian gas coming under the Black Sea and through South Stream, according to Lev Snykov, from equity research at VTB Capital. ”If approved this project will be the largest in the gas transportation sphere with the Russian side alone investing over 10 Billion Euros.” The two countries will form the 3 joint ventures on gas and oil projects in 2009. However Vitaly Ermakov of Cambridge Energy Research Associates says Serbia is ready to give away its stake in NIS only for guarantees that will Russian gas cross Serbian territory. ”This is going through different revisions. The Serbian side wants commitments from Gazprom on the construction of South Stream and Gazprom is going to take a long hard look at whether it has funds and if there is demand to justify the investment.” Analyst say a deal is unlikely this year. When signed, it will symbolize Gazprom's commitment to the South Stream project despite the current turmoil and its readiness to give up Ukraine as a gas transit country.

Gazprom prepares for future demand with Yamal

Gazprom prepares for future demand with Yamal5 December 2008 - Russia Today - Gazprom has begun development of its new mega project Yamal in Western Siberia. Yamal Peninsula - dozens of oil and gas fields. Holding reserves counted in the Trillions of cubic metres. Yamal's huge stocks of hydrocarbons will start supplying energy to Russia and abroad in only 20 years' time. This week the company drilled its first well at Bovanenkovo gas field and began building its first trunk pipeline. In two years this pipeline will let gas from Yamal’s largest gas deposit get safely into Russia’s gas transportation system. The project is one of the most important for Gazprom, so it hasn’t fallen victim to investment cuts back. Gazprom CEO Alexei Miller says building it will take one quarter of next year's $33 Billion investment budget. "The volume of our investment in the Yamal projects is increasing. Within next two years it will amount to almost 1/3 of our total investments.” Analysts say it's a long term project - and Yamal will pay back. However, from Ivan Mazalov, from Prosperity Capital Management says the company could have been more efficient in using existing gas supplies. “If we are talking about big volumes, big potential volumes, its an important piece of Gazprom’s strategy. Other than that you can always, and also rely on imports of Central Asian gas, which is growing. Also Non Gazprom gas which can be produced in Russia and put into the system, which has been largely wasted up to now.” Waste a lot of non-gazprom gas, can rely on asian reserves, Gazprom is building the Yamal project alone. But it may ask foreign firms for help if it decides to liquify the gas for export.

Gazprom set to take part in Dutch underground gas storage project

Gazprom set to take part in Dutch underground gas storage project5 December 2008 - Russia Today - Gazprom's CEO Alexey Miller has hold talks with Netherlands Economic Minister, Maria von der Hoeven. They agreed to develop an underground gas storage in Holland for Russian gas coming through Nord Stream when it is completed. The meeting comes as TAQA, the Abu Dhabi National Energy company, announced that it had signed a memorandum of Understanding with Gazprom to jointly develop the Bergermeer gas storage project in the Netherlands. Taqa, said construction is expected to start in the second quarter of next year, with commercial operations scheduled to start in the second quarter of 2013. The Netherlands Economic Minister told Business RT that further issues remain to be clarified, but that all parties wanted the project to proceed. “We are going to realise an underground storage for Russian gas in Netherlands. So that means you can cover the peaks in winter. It is now between Gazprom and TAQA, and within TAQA there is EPN, that’s a Dutch party. So I think this is fairly important because it will make sure that Russian gas, the moment that Nord Stream is ready, can be stored and can be used in the Netherlands. And talking about Nord Stream, I know that the Swedish authorities were very keen on the documents on Nord stream. I know that everybody wants to be within the lines, wants to comply with ESPO regulations, so I really do have good hopes that will be realised.” RT: What is your opinion on Gazprom entering the Netherlands downstream market through a possible acquisition of the Essent company? “That's another thing we discussed. Essent is one of our major companies. Its very interested in gas from Gazprom, and we decided yesterday there will be an expert meeting, a follow up, and then we will talk about 5 Billion cubic metres of gas per year. So that’s quite an enormous amount. But of course these things have to be finalised and have to be discussed but we have made the decision that we are going to do it.” RT; Victor Zubkov talked about the possibility of a Dutch companies participating in the Sochi Olympics project. Did the companies expressed willingness to participate? “Oh yes, the willingness is there. But now the question is how to transform the willingness into real action, and there is some information that is not yet available so that’s why First Deputy Prime Minister Zubkov proposed to have a round table at the begging of the next year – to clarify these issues. We are going to make up a list of companies that might be of interest to Sochi, and of course, from the Russian side there also will be a list and then we have a roundtable together.”

Taqa and Gazprom go Dutch

5 December 2008 - Upstream OnLine - Abu Dhabi National Energy Company (Taqa) and Russian gas giant Gazprom have agreed to team up on a gas storage development in the Netherlands. The pair have signed a memorandum of understanding to work on the Bergermeer gas storage project, which will be Europe's largest such facility. Construction will start in the second quarter of next year, Taqa said. As well as joining Bergermeer as a partner, Gazprom is set to provide cushion gas for the facility, as well as help with technical aspects of the project. Operator Taqa added it is finalising the technical design, permitting and planning processes for the conversion of the depleted Bergermeer reservoir and hoped to bring the facility into commercial ioperation on the second quarter of 2013. Gazprom and Taqa hope to finalise technical and contractual talks soon and aim to reach a final investment decision by the end of the first quarter of next year. Taqa is continuing talks with other potential partners and cushion gas suppliers, it added.

Wednesday, December 03, 2008

Gazprom Set to Yamal Development

Photo: ReutersDec. 03, 2008 - Kommersant - Russia’s gas monopoly, Gazprom, has set to developing the first field of the Yamal Peninsula, the Bovanenkovo field. In another effort, Gazprom has launched construction of Bovanenkovo-Ukhta gas pipeline that will add momentum to Yamal’s project. Russia’s First Vice Premier and Gazprom BOD Chairman Viktor Zubkov, Gazprom CEO Alexei Miller as well as the Komi Republic head Vladimir Torlopov attended the ceremony of the first joint’s welding at Bovarenkovo-Ukhta pipeline. Gazprom CEO Alexei Miller said that by welding the first joint at the gas pipeline and launching the first well's drilling, they started “development of inexhaustible subsoil of the Yamal Peninsula”. The transport system of next generation will be set up to deliver the gas from Yamal, which development will improve competitive ability of Gazprom and Russia on foreign markets, Miller specified. The launch of the first string of the gas pipeline is slated for the third quarter of 2011. The date is timed to the launch of Bovanenkovo field of oil and gas condensate. The second string’s construction will begin in 2010, and the plans are to put it into operation in 2015. The Yamal Peninsula is the area of Gazprom’s strategic interests. Eleven gas and 15 oil and gas condensate fields have been discovered there. Their explored reserves are estimated at 16 trillion cu meters of gas, the recoverable reserves stand at 228.3 million tons of gas condensate and oil reserves equal 291.8 million tons.

Monday, December 01, 2008

Gazprom and Schlumberger sign advanced technology framework agreement

December 01, 2008 - OilOnline - OAO Gazprom and Schlumberger have signed an agreement covering the application of advanced technology to enhance the efficiency of exploration and development for hydrocarbon resources. The agreement covers Gazprom fields in Russia as well as in other worldwide areas. The agreement was signed during a working meeting at Gazprom Headquarters between Alexey Miller, Chairman of the Gazprom Management Committee and Andrew Gould, Chairman and Chief Executive Officer of Schlumberger Limited. In addition to the application of advanced technology, Gazprom and Schlumberger agreed to collaborate on research and development activities as well as on the training and development of Gazprom personnel. As part of the agreement, the parties will form a Joint Working Group and Coordinating Committee that will select the technology projects for joint implementation while preparing a program for long-term cooperation.

E.On Prepared to Consider Partnerships for New Projects in Russia

NOVO-OGRAYEVO. Nov 28 (Interfax) - Germany's E.ON AG is prepared to expand its presence in the Russian economy, E.ON CEO Wolf Bernotat told Prime Minister Vladimir Putin at a meeting in Moscow on Friday. "Following long talks with [Gazprom CEO Alexei] Miller, we are going to participate in the development and exploitation of the Yuzhno-Russkoye field. This is also very important, but I don't think it should be just restricted to this. We are prepared to consider options for a partnership in other projects," he said. E.ON is Europe's largest private electricity and gas concern. The company delivers electricity, gas and water to more than 21 million consumers. E.ON has turnover of 69 billion euros per year and the company's shares are traded on the DAX. In Russia, E.ON is planning to expand production capacity by 28% before 2011. The expansion in production capacity will be made possible by the construction of four steam and gas installations at the Surgutskaya, Shaturskaya and Yaivinskaya state district power plants as well as a steam turbine unit at the Berezovskaya SDPP, all of which are part of Wholesale Generating Company No. 4 (OGK-4) (RTS: OGKD), in which E.ON owns 76%. The group also includes Essen-based E.ON Ruhrgas AG, which owns a roughly 6.5% stake in Gazprom. A key buyer of Russian natural gas, E.ON Ruhrgas is cooperating with Gazprom (RTS: GAZP) in the Nord Stream pipeline project. To carry out the project, E.ON, Gazprom and BASF set up an operation company Nord Stream AG for the construction of the pipeline in December 2005.

Raiffeisenbank grants loan to Gazprom Neft

RBC, 01.12.2008, Moscow 14:02:45 - ZAO Raiffeisenbank is set to provide a one-year loan worth $100m to Gazprom Neft, the bank said in a statement today. The loan is to be extended in a single tranche. The funds raised will be used to finance the operating activities of the Russian gas monopoly's oil arm.

Gazprom, TNK-BP delay Kovykta deal again

RBC, 28.11.2008, Moscow 14:30:49 – The Kovykta field deal will not be closed by the end of November as previously planned, TNK-BP Executive Director for Gas Business Development Viktor Vekselberg told journalists today. He expressed hope, however, that the deal would be completed by the year-end. As reported earlier, the deal involves the sale of stakes in the Kovykta project - including 62.8 percent of shares in RUSIA Petroleum, the field's license holder, and 50 percent of the East Siberian Gas Company's shares - from TNK-BP to Gazprom. However, the parties have repeatedly postponed the signing of the contract, as large-scale work on the evaluation of the stake's price had to be carried out. The price will be determined on the basis of past costs and interest, which are now estimated at roughly $1bn.

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