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2014-10-06 20:40:00

SOUTH STREAM PROGRESS: $40 BLN

SOUTH STREAM PROGRESS: $40 BLN

The Russia-led South Stream undersea gas pipeline is still going ahead, Energy Minister Alexander Novak was quoted as saying on Saturday, following concerns the European Union might be losing enthusiasm for the project.

The natural gas pipeline, which will cost an estimated $40 billion, is designed to carry Russian gas to the centre of Europe on a route that bypasses crisis-hit Ukraine.

The project has yet to be approved by the EU, which is trying to become less dependent on Russian gas. Supplies from Russia currently account for about a third of EU gas imports.

"The South Stream project has not been stopped," Novak was quoted as saying by the Interfax news agency.

"The agreements which were signed remain in force. They can't be cancelled on a unilateral basis."

The European Commission has said South Stream as it stands does not comply with EU competition law because it offers no access to third parties.

South Stream also runs counter to the EU policy of diversifying supply sources to reduce dependence on Russia.

The project has run into problems as a European Commission working group, set up to define a mechanism for managing the pipeline, has stopped its work, Novak said.

"We hope that we will resume such work when the new European Commission is appointed," the minister added.

oilandgaseurasia.com

Tags: RUSSIA, SOUTH, STREAM, GAS, PIPELINE, EU,

Chronicle:

SOUTH STREAM PROGRESS: $40 BLN
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

SOUTH STREAM PROGRESS: $40 BLN
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

SOUTH STREAM PROGRESS: $40 BLN
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

SOUTH STREAM PROGRESS: $40 BLN
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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