Sources say Exxon is in advanced talks about returning to Venezuela's Orinoco Belt.
ExxonMobil has been in talks to return to Venezuela. The US energy giant is interested in the huge Petromonagas project, which was previously a part of the Orinoco Belt. It also showed interest in certain areas in the Carabobo Block. If finalized, a re-entry by Exxon into Venezuela would be a stunning?reversal?
Russia extends the ban on diesel and gasoline exports until January 2027
In a statement issued on Thursday, the Russian government announced that it had extended its bans on diesel and gasoline exports until January 31, 2027. The ban was initially implemented by Russia from July 8 until July 31, as part of an overall package of measures designed to help support the domestic…
Azerbaijan summons Russian ambassador over attack on SOCAR Fuel Station in Ukraine
The 'Azerbaijani Foreign Ministry' said Monday that it had summoned the 'Russian' ambassador to protest against what they said was an attack by a Russian drone on a fueling station owned by state oil and gas firm SOCAR on Sunday in Ukraine's Mykolaiv Region. In retaliation to Kyiv's increasing?campaigns…
The Russian government has announced that the ban on gasoline imports will be implemented from April 1.
The Russian government reported that Alexander Novak, the Deputy Prime Minister of Russia, had instructed his energy ministry on Friday to draft a resolution banning gasoline exports as of April 1, 2019. The state-run TASS reported earlier that the ban will remain in effect until July 31. Novak stated that the turmoil on 'the global oil market and its products…
Sakhalin-1, a Russian oil refinery, will reduce output by 10% by 2025
The U.S. abandoned the 'Sakhalin-1' project in Russia, which was a major oil production facility. ExxonMobil's major ExxonMobil continued to decline last year. It fell by 10.3% due to planned maintenance. The production volume, which is expected to fall 9.8% by 2024, was not provided. Exxon had to take…
Novak, the Russian Minister of Energy, says that his government will discuss gas exports to Europe soon.
Minister Alexander 'Novak, the Deputy Prime Minister of Russia, said on Thursday that the Russian government would meet "soon" to discuss ending gas exports to Europe. Vladimir Putin stated on Wednesday that Russia can stop gas supplies immediately due to the spike in energy costs caused by the Iran Crisis.
Sources say that India's ONGC is moving closer to retaining 20% of the Sakhalin-1 project in Russia.
Three sources familiar with this matter have confirmed that India's Oil and Natural Gas Corp. will pay into Russia’s Sakhalin-1 abandonment fund using the frozen dividends of Indian companies to retain a 20% stake in the Sakhalin-1 project. ONGC Videsh Ltd., the overseas investment arm for India's largest explorer ONGC and other state-run Indian firms…
Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil.
UK Targets Lukoil, Rosneft, Shadow Fleet with Sanctions
Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under the Britain’s Russia sanctions laws for what London described as their role in supporting the Russian government.
Russia downgrades gas exports, production outlook
Russia's forecasts for 2025 gas and oil exports have been lowered, while projections on oil exports have increased. The fallout of its conflict with Ukraine as well as its strained relations with the West continue to impact the energy sector. While Russia's economy is still thriving despite the sanctions, signs of stress are appearing in several industries.
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for Washington to relax sanctions against Russia and to encourage the Kremlin into peace in Ukraine.
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for the Kremlin, to encourage it to accept peace in Ukraine and Washington to ease sanctions against Russia.
Exxon to return to Sakhalin-1 after Russia's decree
The Russian President Vladimir Putin signed on Friday a decree which could allow foreign investors to recover shares in the Sakhalin-1 project, including Exxon Mobil. The decree was signed on the same day that Donald Trump and Russian President Vladimir Putin met in Alaska. At the summit, opportunities…
Daily Oil Exports From Russia's Western Ports Will Drop 8% in August
Russia's daily oil exports from its western ports are set to be around 1.77 million barrels per day (bpd) in August, down from 1.93 million bpd in July's plan, amid the expected rise in refinery runs, Reuters calculations based on data from two sources show.On a daily basis oil loadings from Russia's Primorsk…
Slovakia wants to reach an agreement on the end of Russian gas supply by Tuesday
Robert Fico, Slovakia's Prime Minister, said that the country hoped to reach an agreement by Tuesday with the European Commission and EU partner countries on guarantees it would not be affected by the end of Russian supplies as well as a new package of sanctions against Russia. Slovakia has blocked the…
Source: Russian government talks tax relief for Gazprom
A government source revealed on Monday that the Russian government is considering tax reliefs for the energy giant Gazprom. These could be offset by higher taxes on gas producers in general. Novatek and Rosneft, two other major gas producers in Russia, are also listed. Moscow must balance the need for increased military spending in the face of the conflict in Ukraine…
Kremlin: Russia and US have begun talks about Russian gas flowing to Europe
A Kremlin official confirmed on Friday that the issue of Russian gas shipments into Europe was being discussed in talks between Russia, and the United States. This confirms an exclusive report from a day before. After the Nord Stream pipes under the Baltic Sea blew up in 2022, Russian gas exports into Europe were slashed.
Russian central bank expects low oil prices to continue for a while
The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S. president Donald Trump began negotiations to end the conflict in Ukraine.
Russia will continue its oil and gas projects in spite of US sanctions
New U.S. The Russian government has accused the US of attempting to destabilise global markets by sabotaging the energy sector in Moscow. It said that the country will continue with its large oil and natural gas projects. In a statement, the ministry said that Russia will also respond to Washington's actions announced on Friday as "hostile"…
In the pro-Russian region of Moldova, thousands are left without gas or heat
Authorities said that more than 51,000 households in Moldova's pro Russian separatist enclave were without gas, and 1,500 apartment blocks had no heating for winter. Moldova and Russia have been trading blame over an escalating crisis. Transdniestria (a breakaway region dominated by Russian speakers…