Construction contract signed for second string of TurkStream’s offshore section

Oil production companies recorded positive earnings from their upstream (exploration and production) operations in the third quarter of 2016 for the first time since the fourth quarter of 2014.

Gazprom has terminated a shareholder agreement for Nord Stream 2, a joint venture to build a pipeline between Russia and Germany, circumventing Poland and other countries, Russian press agency TASS has reported.

The warming relations between NATO member Turkey and Russia comes as both countries are dealing with troubled economies and strained ties with the West.

“This important contract is a key milestone for the Nord Stream 2 project: It will provide the logistical back-bone for the construction phase and is fully in line with our project schedule,” said Nord Stream 2 chief project officer Henning Kothe. “We are also pleased that Wasco will be co-operating with the ports, which successfully participated already in implementation of the existing Nord Stream.”

Enbridge Inc. and Spectra Energy Corp. have entered into a definitive merger agreement under which the two companies will combine in a stock-for-stock merger transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, the companies said, based on a pro-forma enterprise value of roughly $127 billion.

Russia’s president Vladimir Putin said there were no doubts that Turkish Stream will happen and work could start soon. He was speaking at a joint press conference with Turkey’s president Recep Tayyip Erdogan August 9.

Turkey is Gazprom's second biggest export market after Germany. In 2015 Gazprom exported about 27bn m3 of gas to Turkey. Currently Russian gas is exported to Turkey via the Blue Stream gas pipeline and the Trans Balkan gas pipeline.

Gazprom will send some of the gas from its controversial Nord Stream 2 pipeline through Slovakia, the Russian state-controlled company said, in a move that may soften Slovak opposition to the project.

Eustream said June 30 that it welcomed assurances from Gazprom at the meetings that the Slovak and the Czech gas transmission systems will be used in long term even if NS2 is built. Eustream said also it “highly appreciates the understanding between both parties that the entry point from Ukraine to Slovakia shall remain fully functional even if NS2 is commissioned.”