In May, Breaking Energy covered the G7 energy ministers’ special meeting in Rome. Back on the agenda thanks to the Ukraine crisis was European energy security, which is a topic of continuous deliberation, failed attempts at improving the European status quo such as the Nabucco pipeline project and, above all, complacency. Member states discussed how… Keep reading →
Outgoing Eni CEO Paolo Scaroni sees the volatile standoff between Western powers and Russia over the Kremlin’s actions in Ukraine as a new low point for European energy security. Italian oil and gas company Eni serves as a conduit for gas sourced from Gazprom and delivered to European customers, a position that could be jeopardized… Keep reading →
The apparent strong-arm tactic may actually indicate Russian weakness. In a letter to leadership in European countries receiving Russian gas that first transits Ukraine, Russian President Vladimir Putin warned that unless immediate steps are taken to ensure Ukrainian national gas company Naftogaz pays in advance for supply, Gazprom could close the valves. The letter states:… Keep reading →
The Ukraine crisis has reinvigorated European efforts to diversify its natural gas supply sources away from Russia amid reliability concerns, but numerous obstacles stand in that path. “Added to that, Europe is contractually obliged to continue taking delivery of Russian gas. Bernstein makes the point that Gazprom has about 120 bcm of take-or-pay contracts –… Keep reading →
Skip down about halfway through this article if you’ve been following coverage of the Ukraine situation’s impact on European gas markets. The interesting stuff is towards the end where analysts discuss Gazprom’s gas pricing strategy aimed to undercut competition post-2020. It’s funny that the piece basically debunks its own headline. [Financial Times] US natural gas… Keep reading →
In a wide-ranging interview, Maria van der Hoeven, chief executive of the International Energy Agency said US oil production growth – which is heavily leveraged toward light, tight oil – is expected to plateau and decline post 2025. “The light tight oil revolution in the United States is changing the geographical map of oil trade.… Keep reading →
