EUROPE HAS TO RELY ON RUSSIA
Europe can't avoid imports of Russian oil and natural gas in the short term, Zsolt Hernádi, chief executive and chairman of the board of MOL Nyrt., said Thursday.
Possible gas imports from alternative sources such as Azerbaijan or liquefied natural gas from the U.S. would not be ample enough to support growth and would only make up for a shortfall in imports from North Africa.
Mr. Hernádi, speaking at a press conference after the company's annual general meeting, added that regional transport links must be developed to ensure supply security.
"Too sad there has to be a crisis in order for such development to gain enough focus," he said, referring to the political tensions between Russia and Ukraine.
Separately, MOL said it's set to spend $1 billion in acquisitions with an upstream focus this year.
MOL is aiming to boost its oil and gas production in Iraq's Kurdistan region, in the North Sea in Europe, as well as in Croatia and Hungary, József Molnár group chief executive said at the company's annual general meeting.
MOL expects daily hydrocarbon output at 105,000 to 110,000 barrels in 2015 compared with between 91,000 and 96,000 this year, Mr. Molnár said, but organic growth and the planned acquisitions could boost this to 130,000 barrels a day in five years.
Mr. Hernádi is at the company's helm on the strategy front and looks after corporate and legal affairs, while Mr. Molnár is responsible for exploration, production, sales, supply, finance and internal audit.
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.