Gazprom will buy Uzbek gas
Gazprom’s main partner in Uzbekistan is Uzbekneftegaz National Holding Corporation, focused on oil and gas prospecting, production, processing, transportation, storage, and marketing. In 2002, Gazprom and Uzbekneftegaz signed the Agreement of Strategic Cooperation providing for Gazprom's participation in natural gas production projects within Uzbekistan under PSA conditions. Since 2004, Gazprom has taken part in the PSA-based gas production recovery process at the Shakhpakhty field. In 2006, Gazprom and Uzbekneftegaz inked an agreement on the basic principles of geological exploration at investment blocks in the Ustyurt region of Uzbekistan. Gazprom International was appointed as the project operator. In 2009, the Dzhel gas and condensate field was discovered within the Shakhpakhty block.
Oil prices dropped to a three-week low
04-03-2017Oil prices dropped to a three-week low on Thursday following a bearish data release from the EIA. Crude inventories broke a new record at 520.2 million barrels, and U.S. oil production figures jumped to 9.032 million barrels per day, a gain of 31,000 bpd from the previous week. Rising production and inventories weighed on prices. However, a weaker dollar buoyed WTI and Brent towards the end of the week.
Russia’s oil production in February will be lower
28-02-2017Russia’s oil production in February will be lower than the January output, with Moscow cutting more than the 117,000 bpd cut it made last month, Russia’s Energy Minister Alexander Novak said on the sidelines of an event in Sochi on Monday. It’s still early to talk of specific figures for February, but the cut would be more than the 117,000 bpd reduction in January, Russian news agency RIA Novosti quoted Novak as saying to reporters, answering a question about how much oil Russia is cutting this month.
Global oil output is dropping
Some 1.5 million of an agreed upon 1.8 million barrels per day of oil has been taken out of the market in January, Saudi Arabian Energy Minister Khalid al-Falih said Friday, noting, however, that at the same time, shale oil is estimated to grow this year at 200,000 to 300,000 barrels per day. At the World Economic Forum in Davos, Falih said that there had been «very strong compliance» by OPEC and non-OPEC oil countries to the production cuts agreed on in December, and that the producers had gone «extra miles», with the majority exceeding their commitments.«A very high level of data available» shows higher compliance in the first part of January, he said. Al-Falih also noted that the International Energy Agency (IEA) estimate that shale oil production would increase by 500,000 barrels per day was exaggerated.