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Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2015-05-13 21:00:00

RUSSIA & NORWAY: GAS FOR BRITAIN

RUSSIA & NORWAY: GAS FOR BRITAIN

Britain's largest energy supplier Centrica (CNA.L) has signed new gas contracts with two of the world's largest producers, Russia's Gazprom and Norway's Statoil, reflecting the UK's growing dependence on gas imports as its production declines.

The Gazprom deal give Britain a much higher exposure to Russian-sourced gas and comes despite European Union pressure to reduce the region's dependence on Russian gas due to frosty relations with President Vladimir Putin over the conflict in Ukraine.

Gazprom's supplies to Centrica will rise to 29.1 billion cubic metres (bcm) until 2021, compared with 2.4 bcm agreed in a three-year deal in 2012. On average of the six-year deal, Gazprom will provide roughly 9 percent of Britain's gas needs, according to Reuters calculations.

"Whatever we might want as Europe, we need to be very careful about being pragmatic about the realities of it," Centrica Chairman Rick Haythornthwaite at the company's annual general meeting two weeks ago. "I think it's unrealistic to think that Russian gas is going to be replaced in the near-term."

Gazprom, Russia's top natural gas producer, meets a third of EU gas needs.

Gas production in Britain, which was self-sufficient at the turn of this century, has fallen nearly 70 percent since a peak in 2000. Dependence on imports leave it heavily exposed to production risks that are beyond its control.

The gas will be sourced by Gazprom's London-based marketing and trading arm, which takes gas from a variety of sources, a Centrica spokeswoman said.

Centrica's agreement with Statoil adds another 2.3 bcm per year to a ten-year 50-bcm deal signed in 2011, with supplies starting from this October. Statoil covers around 20 percent of Britain's gas needs.

"This is a gas-indexed type of contract and of course the details negotiated remain confidential between Centrica and us, but it's not an oil-indexed contract," said Ann-Elisabeth Serck-Hanssen, acting senior vice president for marketing and trading at Statoil.

The shift away from traditional oil-indexed contracts shows gas suppliers are proving more flexible in providing spot-based contracts that more accurately reflect changes in gas prices.

The additional gas volumes contracted by Centrica are worth more than 8 billion pounds, according to Reuters calculations based on the average forward prices of seasonal British gas contracts until 2018.

Centrica said all of its global gas and electricity supply deals, which include liquefied natural gas contracts and cross-border electricity flows, now have a value of over 50 billion pounds.

reuters.com

Tags: RUSSIA, NORWAY, BRITAIN, GAS, GAZPROM, CENTRICA, STATOIL
RUSSIA & NORWAY: GAS FOR BRITAIN September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

RUSSIA & NORWAY: GAS FOR BRITAIN September, 20, 09:00:00

GAS PRICES UP TO $3.146

RUSSIA & NORWAY: GAS FOR BRITAIN September, 20, 08:55:00

ЦЕНА URALS: $51,81591

RUSSIA & NORWAY: GAS FOR BRITAIN September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

RUSSIA & NORWAY: GAS FOR BRITAIN September, 20, 08:45:00

RENEWABLE'S FUTURE

RUSSIA & NORWAY: GAS FOR BRITAIN September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

RUSSIA & NORWAY: GAS FOR BRITAIN
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

RUSSIA & NORWAY: GAS FOR BRITAIN
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

RUSSIA & NORWAY: GAS FOR BRITAIN
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

RUSSIA & NORWAY: GAS FOR BRITAIN
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00