2015

After Russia dropped the construction of the South Stream gas pipeline, Serbia is ready to look for new supply sources, and the priority according to Serbian officials, will be the interconnection with Bulgaria.

Japan’s Ministry of Economy, Trade, and Industry announced that Tokyo imported 26 percent more oil from Iran in 2015. According to a report released by the ministry, Japan’s crude imports from Iran amounted to 1086 million kilo liters or 243,000 barrels per day, which shows a 26-percent increase compared with the previous month.

Further to its exclusive talks on possible cooperation, JSC Gazprom Neft and PetroVietnam have set October as a tentative deadline for prioritizing prospects and terms for their partnership at Dolginskoye field and the Severo-Zapadnyi (North West) blocks in Russia’s Pechora Sea.

Currently the project is moving forward, as Moscow and Ankara have signed the MoU, approved the new pipeline route and agreed upon the 10.25% gas discount for Turkey. On the EU side there are many questions, including the one on infrastructure that would have to be in place to transport gas from the Turkish-Greek border, envisaged as the new pipeline’s gas delivery point.

Russian gas imports into Western Europe could rise to a record this summer as utilities increase purchases from Russia, taking advantage of lower prices for oil-indexed gas contracts, analysts said.

European gas prices started the summer season at a five-year low, signaling easing concern about disruptions to Russian supply and below-average reserves.

Monthly average crude oil prices continued to fall in January. The average domestic crude oil first purchase price declined $11.76 (21.4 percent), to $43.10 per barrel. The average free-on-board (f.o.b.) cost of imported crude oil dropped $9.77 (19.5 percent), to $40.29 per barrel. The average landed cost of foreign crude oil fell $11.26 (20.5 percent), to $43.75 per barrel.

Preliminary dry gas production for January 2015 was 2,287 billion cubic feet (Bcf), or 73.8 Bcf/day, down from last month's record high of 74.8 Bcf/day. January's production was a 6 Bcf/day increase from 67.8 Bcf/day in January 2014, an 8.8% rise from year to year.

India cut the price of locally-produced natural gas by 8% for six months beginning Wednesday as global energy costs slump.

Chevron abandoned Australian shale exploration and said it will sell its 50% stake in that nation’s largest oil refiner. Chevron notified Beach Energy, its partner in the central Australian shale project, that “the opportunity does not align strategically” with the US explorer’s portfolio, according to a statement from Beach. Selling its half of refiner Caltex Australia is expected to yield about A$4.7 billion ($3.7 billion.)