Melissa's Feed
Oct 27, 2011

Analysis: Fear of Kremlin whim stalks Russian FTSE hopes

MOSCOW (Reuters) – A delay in allowing billionaire tycoon Mikhail Prokhorov’s gold firm Polyus to sail into the prestigious FTSE 100 Index, while probably procedural, leaves nagging concerns that politics and business in Russia make for a dangerous cocktail.

The postponement, ordered by a committee chaired by Prime Minister Vladimir Putin, comes just two months after Prokhorov’s sudden exit from Russian politics following an acrimonious clash with the Kremlin.

Oct 13, 2011

Analysis: Last stand for Russia in China gas talks

MOSCOW (Reuters) – Risks are rising that Russia could lose a long-term deal to sell gas worth hundreds of billions of dollars to China as Beijing’s pursuit of an expanding range of rival sources of supply strengthens its hand in the long-running talks.

Russian negotiators, meanwhile, have shown no willingness to compromise, even though Gazprom, the state-controlled gas export monopoly, needs to sell a lot of gas to finance a push into east Siberia, where vast untapped fields lie waiting and pipelines must be built to carry gas to customers.

Sep 9, 2011

From taiga to tank: hard scrabble for new oil

VERKHNECHONSK, Russia (Reuters) – Oil was discovered in 1978 deep under the forest floor in this corner of Eastern Siberia, but the challenges of drilling here were created hundreds of millions of years ago in a churn of silt and sea water.

“There was an ocean here, and it covered all this land,” Igor Rustamov, head of Verkhnechonskneftegaz, the TNK-BP (TNBP.MM: Quote, Profile, Research, Stock Buzz) led operator of the field, said.

Sep 9, 2011

From taiga to tank, the hard scrabble for Russia’s new oil

VERKHNECHONSK, Russia (Reuters) – Oil was discovered in 1978 deep under the forest floor in this corner of Eastern Siberia, but the challenges of drilling here were created hundreds of millions of years ago in a churn of silt and sea water.

“There was an ocean here, and it covered all this land,” Igor Rustamov, head of Verkhnechonskneftegaz, the TNK-BP led operator of the field, said.

Aug 18, 2011

Crude gains cause gas headache at Russian oilfield

IRKUTSK, Russia (Reuters)- By speeding up output growth at one of Russia’s newly-tapped East Siberian oilfields the operators have given themselves a headache — they are producing much more gas and have little choice but to flare it.

New oil from Verkhnechonsk, launched in 2008, has helped Russia maintain modest crude output growth over the past two years and secure new markets in Asia, even as declines accelerate in the Soviet-era oil heartland of West Siberia.

Jun 28, 2011

BP resists export cuts to Poland, Belarus

MOSCOW (Reuters) – TNK-BP (TNBP.MM: Quote, Profile, Research), Russia’s No.3 oil firm, is pushing back after its temporary exclusion from the pipeline export route to Poland and cuts in crude volumes it can ship to Belarus, its chief oil trader said on Tuesday.

TNK-BP clawed back some volumes but the allocations it got for the third quarter remain below previous levels, Jonathan Kollek, senior vice president for sales, trading and logistics, told Reuters.

Jun 27, 2011

Oil consumers risk “war of attrition” with OPEC – BP

MOSCOW (Reuters) – Oil consuming nations risk a long conflict with a trenchant OPEC by challenging the producers’ club on its own turf with a supply response to high prices, and the strategy could backfire, BP’s chief economist said on Monday.

Christof Ruehl, chief economist at the British oil major, said the International Energy Agency’s decision to launch a coordinated release of emergency oil reserves could create upward pressure on prices if OPEC cuts supply in kind.

Jun 21, 2011

Gazprom tells customers to compete for Eastern gas

MOSCOW, June 21 (Reuters) – Russian gas export monopoly
Gazprom’s renewed eastwards push will start next year
with the launch of a new field at the Pacific island of
Sakhalin, company officials said on Tuesday.

“Who pays the most will get the gas,” Gazprom Deputy Chief
Executive Alexander Ananenkov told a news conference, where he
laid out plans to tap new fields across Russia’s eastern half to
fuel domestic industry and supply growing Asia-Pacific markets.

Jun 17, 2011

Russia courts oil investors with warning on OPEC

ST PETERSBURG, Russia (Reuters) – Russia, keen to parlay credentials as the world’s top oil producer into new investment in its offshore oil riches, told investors on Friday the best guarantee of supply was cooperation on new fields.

Following the collapse of OPEC talks on a potential supply increase to help struggling consumer economies, Russia’s powerful oil tsar Igor Sechin warned against reliance on the the oil club’s capacity to ramp up production in times of need.

Jun 16, 2011

IEA ready to act to ensure extra oil supply-Tanaka

ST PETERSBURG, Russia, June 16 (Reuters) – The International
Energy Agency, the West’s energy watchdog, stands ready to
release strategic reserves of crude oil to ensure adequate
supply and support the global economy, Executive Director Nobuo
Tanaka said on Thursday.

“We are ready to act at any time if necessary,” Tanaka told
a news conference in the Russian city of St Petersburg.