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Archive for December 11th, 2006

Russia set up state giant to develop shelf

Last Saturday, the Russian Security Council discussed the new state strategy of developing the continental shelf. This is expected to be the main resource base for the Russian energy sector in the 21st century. The key points of the strategy are a rejection of product-sharing agreements, and the use of Russia's own resources. With this [...]

Monday, December 11th, 2006

Putin’s Resource Nationalism Forces Shell to Sell

The unexpected news that British-Dutch oil and gas major Royal Dutch Shell has offered to cede control over its Russian venture in Sakhalin does not bode well for the international investment community in the country. International news sources have reported that Shell has offered the Russian government to cede control of the $22 billion Sakhalin-2 [...]

Monday, December 11th, 2006

Shell to cede control of ?10bn Russian gas project

Shell and its partners have bent to mounting pressure from the Russian government and offered to hand over a controlling interest in the $20bn Sakhalin-2 energy project to the state-owned energy group, Gazprom.
The proposal being considered by Gazprom could leave Shell with a quarter holding in the world's largest liquefied natural gas (LNG) project, which [...]

Monday, December 11th, 2006

Shell waves a white flag in Sakhalin fight

Royal Dutch Shell PLC and Kremlin-controlled OAO Gazprom are discussing how the Russian company will participate in a $20 billion natural gas project.
The project, known as Sakhalin-2, is based near a Pacific Ocean island and envisioned as a liquid natural gas venture. It also is the largest Russian energy project controlled by non-Russian groups. Moscow [...]

Monday, December 11th, 2006

Sakhalin sets production record

Russia's Sakhalin field has set a new oil production record with more than 5.2 million tons being of crude extracted since Jan. 1.
The Itar-Tass news agency said Monday most of the increase was because of production at Sakhalin-1, which is operated by Exxon Neftegaz Ltd. the news agency cited the Russian Federal Statistical Service as [...]

Monday, December 11th, 2006

Russia wins with the hardline

Royal Dutch Shell's decision to hand over control of the $22 billion energy project in Sakhalin to Russia's state monopoly Gazprom is a victory for Russia's new hardline policy on energy. It is also a warning to Western business that investment in Putin's Russia still carries real risks.
Shell's decision to reduce its 55 per cent [...]

Monday, December 11th, 2006

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