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Archive for September 24th, 2006

Oil’s big beasts dive for cover

Not so long ago, it was the best of times to be an oil company. There may have been the dark cloud of environmental issues, but that alone could not dent the cheerful corporate mood. Demand was high, prices were soaring and profits gushed.
Yet last week demonstrated just how much tougher things are getting as [...]

Sunday, September 24th, 2006

Russia’s partners in Sakhalin-2 should fulfill obligations

Russia wants its partners in the Sakhalin-2 oil field development project to fulfill their obligations to this project and not violate them, Russian Foreign Minister Sergei Lavrov said on Saturday.

He pointed out that "many environmental obligations were violated."
"The initial cost of the project was doubled. Higher the costs, later Russia will be able to get [...]

Sunday, September 24th, 2006

ONGC denies talking to Gazprom on Sakhalin-1 stake

Oil and Natural Gas Corp. Ltd. denied a report on Sunday that it was in talks to sell its stake in the Exxon-led Sakhalin-1 project to Russian gas monopoly Gazprom.

"There are no talks with Gazprom on this issue," ONGC Chairman R.S. Sharma told Reuters.
The unsourced report in Britain's Observer newspaper said that Gazprom had confirmed [...]

Sunday, September 24th, 2006

Frozen Assets: Russia revokes an oil-drilling licence for Sakhalin Island

Drilling for oil and gas around the harsh, remote island of Sakhalin in Russia's Far East was never going to be easy, but a political chill has put some of the world's biggest energy projects in an unexpected deep freeze. In the decade since they negotiated separate drilling agreements with Russian authorities, ExxonMobil and Royal [...]

Sunday, September 24th, 2006

Sakhalin dispute risks Russia’s Asian ambitions

Russian government pressure on a Shell-led consortium developing vast oil and gas fields in the Pacific Ocean could set back Moscow's hopes of becoming a key energy exporter to Asia, observers have said.

The possibility that the dispute could delay planned deliveries from the fields to Asia beyond 2008 is "the understatement of the year", said [...]

Sunday, September 24th, 2006

Blair wades in to Russia oil crisis

Tony Blair has made clear to Russian President Vladimir Putin his deep concern over threats to strip Shell of its licence to operate the $20bn Sakhalin-2 oil and gas project off the east coast of Russia.
It has also emerged that Gazprom, the giant Russian state-controlled energy group, is in negotiations to buy into the neighbouring [...]

Sunday, September 24th, 2006

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