OMV: I'M BACK
Commenting on a statement by Gazprom on February 2 that Austria had imported 76.2% more gas this January than it had in January 2015, the country's dominant supplier OMV said that was because deliveries last year had been low for unspecified "technical reasons." "We are however back to normal levels this year," a spokesperson said. Gazprom said exports to Austria in 2015 were up by 11.5% in 2015 on the year but gave no volumes for either period.
Gazprom issued its statement after Austria's vice-chancellor Reinhold Mitterlehner visited Moscow and met Gazprom CEO Alexei Miller. The meeting covered other projects of common interest, including Nord Stream 2 in which OMV is a shareholder; and the increase of storage capacity at Haidach.
In 2015 the aggregate working capacity rose by 150mn m³, or about 5% to 2.98bn m³, making it the third largest in Europe. At the same time, its peak daily withdrawal capacity grew by 1.55mn m³/d to 29.9mn m³/d.
This was achieved at no extra cost, Gazprom said. Gazprom owns 66.7% of the plant but the operator is Austrian RAG.
Haidach's chief function is to secure the reliability of Russian gas exports towards Austria's Baumgarten hub, which is the delivery point for gas sales to Slovenia, Croatia, Hungary, Austria, Germany, Slovakia and Italy.
Other buyers are also taking more gas from Russia, although for different reasons. For example, Italian Eni in January apparently agreed to take more gas than the minimum it had to under its take-or-pay commitments. Gazprom said at the time: "The companies confirmed their intention to continue closely cooperating in the Italian gas market and expressed their readiness to increase Russian gas sales under the existing long-term contracts."
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.