In Budapest, Mr. Šefčovič reported that, in the wake of the cancellation of South Stream last December, all parties in Europe have been paying attention to statements from Russia, as a gas supplier, and Europe's stance on infrastructure has been altered.
BP could be close to a $700 million deal with Russia’s Rosneft for a 20% stake in a Siberian oilfield, the company led by Igor Sechin further showed how national companies can cope with sanctions, maintaining ties with Western companies and progressively switching to Asian markets.
"Uncertainty is the rule of the game in this industry," the head of France's Total Patrick Pouyanne said this month. "We are in the long-term business. This is why at Total we are keen to maintain our commitment to Russia."
Europe’s biggest oil groups are extending business deals with their Russian energy partners despite this month’s EU vote to continue imposing sanctions, highlighting how western companies are learning to live with the restrictions placed on Moscow.
Exxon is the world’s largest listed energy group, and like all big international oil companies it is facing structural challenges that make it difficult for it to grow. Stability while throwing off a lot of cash may be the best they can do.
The US and EU sanctions are primarily targeted at the country's oil industry, for very obvious reasons. Russia provides about 30% of Europe's gas, so it's simply not in the EU's interests to compromise Gazprom's ability to produce and export gas.
Through a series of deals with Rosneft, the Russian state-controlled oil company, Trafigura exported almost 9m barrels of crude in April, worth more than $500m, according to port data compiled by Nefte Compass, an industry publication.
Russia is developing non-dollar financing and ties with China in the face of U.S. and EU sanctions
Russia is preparing to sell his recently purchased North Sea gas fields.
Condensate is especially important now because it’s not covered by sanctions on Russia’s oil industry that have targeted Arctic drilling and shale projects. Production of the ultra- light crude will swell as much as 17% this year, according to estimates by Gazprombank. That makes it a key factor driving growth, said Alexander Nazarov, an analyst at the country’s third biggest lender.
A flagship Russian gas project may soon test Moscow’s newfound willingness to cede greater control of its energy assets to Beijing in exchange for much-needed Chinese financing.
Brussels will on Wednesday accuse Russia’s Gazprom of illegal abuse of its dominant position in Europe’s gas market, unveiling antitrust charges that threaten to inflame already difficult relations with Moscow.
The UK is to force Russian billionaire Mikhail Fridman to sell a dozen North Sea gas fields owned by his $10bn energy fund L1 Energy, giving him just three months to comply or lose operating rights.
The rebalancing of the global oil market may still be in its early stage with the outlook “only getting murkier”, according to the International Energy Agency, as uncertainties remain about demand and supply responses to the steep drop in prices.
Relations between Greece and Russia appear to be strengthening after Tsipras confirmed his opposition to Western sanctions on Russia. He claimed that the Greek government helped block European proposals to increase the scope of the sanctions.