Hungary declares that the issue of Russian gas payments has been resolved
Hungary's foreign minister announced on Friday that it had found a way to pay for Russian gas via the Turkstream pipe from Bulgaria, while avoiding the U.S. sanction. He did not provide any details about the agreement. The U.S. On Nov. 21, creating a barrier for European gas buyers. Gazprombank has been used by buyers to pay for their purchases, including a currency conversion scheme to roubles. Turkstream, which runs through Bulgaria from Turkey, is the main pipeline used by Hungary to receive its Russian gas, 7 billion cubic meters so far in this year.
Hungary asks for an exemption from US sanctions on gas payments to Gazprombank
Hungary's Foreign Minister said that the United States should exempt Russia's Gazprombank when it comes payments for natural gases, as these sanctions could adversely affect some U.S. Allies. On Nov. 21, President Joe Biden stepped up measures to punish Moscow before he leaves his office in January. The sanctions prohibit the state-controlled bank from handling new transactions involving energy that are part of the U.S. Financial System. Szijjarto cited Anthony Blinken, the U.S. Secretary for State, as having said that he would "be willing to consult with any allies who had problems due to sanctions".
Chernyshov, CEO of Naftogaz Ukraine, appointed as deputy PM for new ministry
The Ukrainian parliament approved Oleksiy Cernyshov, the CEO of state-owned oil and gas company Naftogaz as deputy premier to head a newly created ministry for national unification as the third anniversary of Ukraine's full-scale war against Russia approaches. Chernyshov is a 47-year-old man who has been leading Naftogaz since 2022. He was also the minister for regional development from 2020 to 2022. No other candidates were considered. Several lawmakers claim that 237 members supported Chernyshov. The company involved in gas transit would be temporarily headed by the interim chairman.
Ukraine's Shmyhal talks energy security with Slovakian Fico
Denys Schmyhal, Ukrainian Prime Minister, began Monday talks with Robert Fico of Slovakia. He said the discussions would be centered on infrastructure co-operation, energy security and Kyiv’s peace plan. Fico, along with the Hungarian prime minister Viktor Orban, has been a strong critic of Western military assistance to Ukraine. The location of the meeting was not immediately known. "We will discuss the roadmap" Included in this is cooperation on infrastructure projects, economy and energy security. Shmyhal, on Telegram Messenger, said that Slovakia has always been willing to assist Ukraine in importing electricity.
Russia aims to counter West’s climate agenda by using gas and nuclear power
Pavel Sorokin, deputy energy minister of Russia, said that the country will set its own climate goals and make proposals to combat global warming in an effort to counter the agenda promoted by Western countries. His remarks could be a preview of potential clashes during the COP29 U.N. Climate Summit, due to take place November in Azerbaijan. The Ukraine conflict has strained relations between Russia and the west, and they differ on many issues including climate. Russia, with the largest natural gas reserves in the world, is developing a new strategy for energy through 2050.
China increases coal mining to provide winter power: Kemp
China's coal production has reached record levels, and its imports have also risen. However, the surge in power generated by solar farms and hydro dams has reduced thermal generation. The reliability of electricity is dependent on coal-fired power generation, especially during the winter when solar and hydro output are lower and the system relies more heavily on fossil fuel. Even though wind and solar power have been deployed in record numbers, coal is still the most common source of electricity generation, with winter months seeing a rise to over 75%.
China increases coal mining to provide winter power: Kemp
China's coal production has reached record levels, and its imports have also risen. However, the surge in power generated by solar farms and hydro dams has reduced thermal generation. The reliability of electricity is dependent on coal-fired power generation, especially during the winter when solar and hydro output are lower and the system relies more heavily on fossil fuels. Even though wind and solar power have been deployed in record numbers, coal is still the most common source of electricity generation, with winter months seeing a rise to over 75%.
Namibia plans to complete its sovereign wealth fund by 2025
Namibia's Finance Minister said on Tuesday that the government expects to approve its first offshore oil project in 2025 and complete the creation of its sovereign fund. Namibia, which is yet to produce oil or gas, became a hotspot for exploration after TotalEnergies, Shell and offshore discoveries. Shiimi, Namibia's Minister of Finance, said that Namibia does not expect to see income from the fund until oil production begins, which may take four to six years. He added that TotalEnergies, Qatar Energy and other companies would likely be the first to approve oil exploration off Namibia by 2025.
Oil Hits Highest Since September
Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by analysts.Brent crude, the global benchmark, reached $67.83 a barrel, the highest since Sept. 17, and by 1438 GMT was up 39 cents at $67.59. U.S.
Norway's Snow Crab Ruling Boosts Oil Claim
A court delivered a painful nip to European Union fishermen on Thursday by tightening Norway's grip on snow crab catches in the Arctic, a ruling that may also let Oslo claw more control of oil and gas from other nations.Fishermen from the European Union must ask permission from Oslo to catch snow crab — whose meat is a delicacy for gourmets from Canada to Japan — in Arctic waters north of Norway, the Norwegian Supreme Court said in a unanimous ruling.The court dismissed an appeal by a Latvian fishing firm and its…
Iran Will Not Comply with 'Illegal' US Sanctions -Oil Minister
Iranian Oil Minister Bijan Zanganeh said on Thursday U.S. sanctions against his country were "fully illegal" and Tehran would not comply with them.Zanganeh, speaking at a joint news conference in Baghdad with Iraqi Oil Minister Thamer al-Ghadhban, said Iran would not discuss the volume or destination of its oil exports while it remained under U.S. sanctions.Ghadhban said Iraq had not yet reached an agreement with Iran to develop joint oilfields. He also said the decline in global oil prices had stopped and that he expected them to improve gradually.(Reporting by Ahmed Rasheed; writing by Raya Jalabi Editing by Gareth Jones)
Oil Rises to $51 After Steep Slide
Oil rose to $51 a barrel on Wednesday on perceptions that a price slide to 2017 lows prompted by economic worries had been overdone amid an OPEC-led effort to tighten supply.Crude has been caught up in wider financial market weakness as the U.S. government shutdown, higher U.S. interest rates and the U.S.-China trade dispute unnerved investors and exacerbated worries over global growth.Brent crude, the global benchmark, was up 70 cents at $51.17 at 1120 GMT. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2 percent slide in the previous session.U.S.
Oil Surrenders Some of its OPEC Gains as Stock Markets Soften
Oil eased on Monday, echoing the weakness in global stock markets and erasing some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January to prevent oversupply.Brent crude oil futures fell 90 cents on the day to $60.77 a barrel by 1510 GMT, while U.S. futures fell $1.06 to $51.55 a barrel.Prices closed 3 percent higher on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia…
Turkey Says Other Countries Cannot Drill In Its Waters
Turkey will not allow the exploitation of gas reserves in Turkish and north Cypriot waters of the eastern Mediterranean, President Tayyip Erdogan said on Sunday.The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece, which has a defense protection pact with the internationally recognized Greek Cypriot government.Turkey and Cyprus have overlapping claims of marine jurisdiction and both plan to carry out exploratory drills this year.
Xodus Appoints Dr. Tao Zhao
Xodus Group, an energy consultancy, appointed Dr. Tao Zhao as its new advanced engineering lead.With more than 15 years’ experience in subsea pipeline and riser design and analysis, Dr. Zhao joins Xodus from Heerema Marine Contractors. Throughout his career, he has provided a range of analysis for offshore contractor and engineering consultants in both Thailand and the UK.The appointment of Dr. Zhao follows the recent additions of David Livermore and Gareth Jones.Livermore joins as a technical safety and human factors consultant, who specializes in the human element of risk.
Seadrill Bondholders Propose Alternative Debt Restructuring
An unofficial committee of Seadrill's unsecured bondholders has submitted a binding alternative proposal for the company's restructuring, two sources familiar with the proposal told Reuters on Tuesday. Norwegian-born billionaire John Fredriksen and a group of hedge funds proposed on Sept. 12 to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value. "Total investments (in the alternative plan) are on par with the official restructuring proposal, but it's not a copy paste.
Putin Okays Loading Start at Yamal LNG
President Vladimir Putin on Friday launched the first loading of liquefied natural gas at the Novatek-led Yamal LNG project in the Arctic, which will further expand Russia's global energy reach. The Yamal project, which required investments of $27 billion, will allow Russia to fulfil a plan to double its share of the global LNG market by 2020 from around 4 percent now. The LNG was loaded onto the ice class tanker "Christophe de Margerie", named after the former head of France's energy major Total, who died in a plane crash in Moscow in 2014. Total holds a 20 percent stake in Yamal LNG. "The loadings will be carried out all year round...
Hopes Lifted for Norway-Scotland Power Cable Project
The prospects for a planned 1.4 gigawatt (GW) power interconnector linking Norway and Scotland have improved following the re-election of Norway's right-wing government this month, the project's chief said. NorthConnect's 650-km subsea cable could meet about a quarter of Scotland's peak demand with clean energy from Norwegian hydroelectric dams and wind turbines. Opposition Labour leader Jonas Gahr Stoere had said before the election he would not back the NorthConnect concession application if his party took power. "The election result is a positive result for NorthConnect," project chairman Odd Oeygarden told Reuters.
Turkmenistan Limits Natural Gas Supplies to Iran
Turkmenistan has limited natural gas supplies to Iran since Jan. 1 over unpaid past deliveries, the Turkmen Foreign Ministry said on Tuesday, a day after Iran said supplies through a cross-border pipeline had been cut off. The ministry said Ashgabat, which exports to Iran about 9 billion cubic metres of gas a year, made the move after trying unsuccessfully to collect debts from the National Iranian Gas Company (NIGC) since 2013. It did not disclose the amount owed. However, Iran's National Gas Company (NIGC) condemned the move by Turkmenistan as a violation of a bilateral accord.
Saudi Aramco CEO Expects Oil Price Rise in H1 2017
Saudi Aramco expects oil prices to rebound in the first half of 2017 and for demand to remain healthy following two years of painfully low prices, the state-owned producer's CEO Amin Nasser said on Tuesday. "The gap between supply and demand is closing ... Our anticipation now is that it will be balanced by the first half of 2017," Nasser told reporters. Nasser also said that preparations for an initial public offering (IPO) for a more than $2 trillion stake in the company were "going very well". "We are in the process of preparing all segments of the company in terms of issuing our quarterly results starting hopefully next year…
