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Uzbekistan increased gas production by 6%
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Uzbekistan increased gas production by 6%

By the end of 2018, Uzbekistan produced almost 60 billion cubic meters of natural gas. This is reported by the State Statistics Committee of the Republic of Uzbekistan. In January-December 2018, natural gas production amounted to 59.84 billion cubic meters, which is 6.1% more compared to the same period in 2017. At the same time, Uzbekistan reduced oil production by […]

Deja vu: Bulgaria pipeline to face EU scrutiny
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Deja vu: Bulgaria pipeline to face EU scrutiny

Bulgaria is to face renewed EU scrutiny over a Russia gas pipeline, four years after its previous project failed. The European Commission would “not support it” if the pipeline did not meet conditions, Maros Sefcovic, the commission vice-president, who is in charge of EU energy policy, has said. NordStream 2 and TurkStream 2 to go around eastern Europe, including Ukraine […]

Citi: Three Scenarios of Oil Prices in 2019
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Citi: Three Scenarios of Oil Prices in 2019

Theglobal de-synchronization of economic growth today puts pressure on the oilmarket, according to the report prepared under the leadership of Citi’sCommodity Market Department in the EMEA region, Max Lighton. In 2019, there will be an imbalance between supply and demand in the global oil market, as a result of which oil quotes will be in the corridor of $ 55-65 […]

TAP and Petrofac Sign Maintenance Contract
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TAP and Petrofac Sign Maintenance Contract

The Eastern division of the British company Petrofac has concluded a contract with the consortium for the construction of the Trans-Adriatic Pipeline (TAP) for the provision of operation and maintenance services. This is stated in a message posted on the website of Petrofac. It is noted that the contract was concluded for 13 months. Services under this agreement include the […]

Price of Brent Crude Fell to $ 65 per Barrel
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Price of Brent Crude Fell to $ 65 per Barrel

Quotes on oil prices of WTI and Brent brands at the close of trading on the ICE Intercontinental Exchange on Tuesday, November 13, fell by 7.1 percent and 6.6 percent, respectively. A month ago, traders allowed a return to $ 100 a barrel, and now it’s about over-offering oil – prices have dropped to $ 55–65. A similar percentage drop […]

Italy’s new gov’t OKs construction of TAP
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Italy’s new gov’t OKs construction of TAP

Italian Prime Minister Giuseppe Conte gave Italy’s final approval to the Trans Adriatic Pipeline (TAP), Reuters reported. “It’s no longer possible to intervene in this project, which was planned by previous governments and carries contractual constraints,” Conte said in a statement. Interrupting the process would involve “unsustainable costs of tens of billions of euros,” he said. TAP worth 4.5 billion […]

Oil falls on oversupply worries despite Iran sanctions
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Oil falls on oversupply worries despite Iran sanctions

Oil prices headed for a third weekly loss on Friday after Saudi Arabia warned of oversupply, while a slump in stock markets and concerns about trade clouded the outlook for fuel demand. Brent crude oil was down 70 cents at $76.19 per barrel by 0740 GMT, on course for a weekly loss of more than 4 percent. It has fallen by close to $10 in […]

$40bn Ichthys LNG Project begins gas exports
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$40bn Ichthys LNG Project begins gas exports

France’s oil and gas major Total said on Tuesday that the first cargo of liquefied natural gas (LNG) from the Ichthys LNG project offshore Western Australia had left the port of Darwin for the first export of the US$40-billion project that began producing gas in July this year. The planned production volumes at Ichthys will be 8.9 million tons of LNG annually, 1.65 million […]

Eni withdraws from Rosneft project in Black Sea
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Eni withdraws from Rosneft project in Black Sea

Eni has withdrawn from the joint project with Rosneft in the Black Sea and is negotiating to stop its participation in projects in the Barents Sea, an employee of the Russian government apparatus said.  Report informs citing the Russian media that he spoke ahead of the meeting between Prime Minister Dmitry Medvedev and Italian Prime Minister Giuseppe Conte. Regarding the joint projects of the […]

How the world’s oil refiners plan to grapple with their fuel oil output after 2020
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How the world’s oil refiners plan to grapple with their fuel oil output after 2020

High-sulfur fuel oil (HSFO), essentially the leftovers of an oil refiner’s output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed. Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although […]

TAP Launches offshore construction works in Albania
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TAP Launches offshore construction works in Albania

On 19 October 2018, the Trans Adriatic Pipeline (TAP) marked the start of construction works for the 105km offshore pipeline section. The physical offshore pipeline installation is planned to be carried out in 2019, as per TAP’s schedule. The milestone was celebrated in a ceremony attended by Edi Rama, the Prime Minister of Albania, Damian Gjiknuri, the Minister of Infrastructure […]

Georgian Oil and Gas Corporation establishes trading company in Switzerland
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Georgian Oil and Gas Corporation establishes trading company in Switzerland

Georgian Oil & Gas Corporation, GOGC, 100% owned by the state-owned Partner Fund JSC, established a subsidiary company of GOGC Trading S.A. in Switzerland for trading in the international market. According to GOGC, the subsidiary will sell oil and oil products, as well as provide logistics for transporting oil through Georgia. “At this stage, GOGC Trading is in the process […]

PGNiG, Venture Global LNG sign 20-yr LNG agreement
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PGNiG, Venture Global LNG sign 20-yr LNG agreement

For a 20-year term, Polish Oil and Gas Company (PGNiG) will receive liquefied natural gas from the USA for domestic customers or for resale. Under the agreements, PGNiG will purchase LNG on a free on board (FOB) basis starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022, and the commercial operation date […]

Uzbekistan increases gasoline output by 6.9% in January-September
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Uzbekistan increases gasoline output by 6.9% in January-September

Uzbekistan increased gasoline production by 6.9% in January-September 2018 compared to the same period of 2017 to 873,200 tonnes, according to the data from the State Statistics Committee. In the reporting period, the volume of diesel fuel production reached 806,800 tonnes, which is 9.3% higher compared to the same period of 2017. At the same time, Uzbekistan reduced oil production […]

Naftogaz withheld over $9mn of Gazprom’s overpayment under arbitration award
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Naftogaz withheld over $9mn of Gazprom’s overpayment under arbitration award

Naftogaz yesterday notified Gazprom about setting off USD 9 million received from the Russian company for transit services in excess of contractual amount against delay interest arising from Gazprom’s debt to Naftogaz amounting to over $2.6 billion. On 22 December 2017, the Stockholm Tribunal has revised the gas price formula in the gas sales contract between the two parties. This […]