Rosneft and Essar Agreed on Key Terms of Oil and Oil Products Supplies to Essar Refineries

The last 48 hours witnessed a frenzy of diplomatic activities by Balkan and Southeastern countries with both Russia and Europe, underlining the importance of this area for the ongoing if relatively silent confrontation between Moscow and Brussels/Berlin.

Mexico has unveiled long-awaited initial contract terms for the first 14 oil and gas areas it is auctioning in a historic tender round starting next year. They impose a ban on oil majors teaming up to bid and a five-block limit on bids from any company or consortium.

Rosneft wants to step up gas production and become the second largest gas company in Russia.

EAST EUROPE SCRAMBLES FOR ENERGY AFTER PUTIN KILLS SOUTH STREAM

The recent confidence in shale gas was likely premature, according to several new reports published in the US. In particular a study from the University of Texas claims the US boom will tail off by 2020 and not keep going to 2040 as previous less thorough analyses have predicted.

Europe is betting on the acceleration of the Southern Gas Corridor, which has been defined a key project along with the Vertical Corridor from Greece to Romania through Bulgaria.

Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows, potentially curbing supplies by the end of the decade.

Heavily indebted US shale companies are facing financial pressure as a result of the fall in the price of oil but may find their lenders are inclined to “go easy” on them, according to Fitch, the rating agency.

Romania's energy sector needs about 100 billion euros ($123 billion) worth of investment in power, oil and gas production, mining and related infrastructure by 2035 to be more self-sufficient, a draft energy ministry document showed.