Russia's Energy Minister and the EU Energy Commissioner have signed a memorandum establishing an early warning mechanism to anticipate potential gas cuts and allow time to find solutions to problems before deliveries are physically affected.  But the memorandum may be useless, suggests one analyst, as the decision to cut supplies lies with Gazprom, which has already criticized the European Union for not doing enough to head off another gas crisis this winter.  Russia may participate in the reconstruction of Ukraine's pipeline network, but Yulia Tymoshenko insists that the system will not be privatized.  Iran is not pleased with 'dishonest' Russia, after the latter said that 'technical reasons' were behind its announcement that the Bushehr nuclear plant would not be ready by the end of the year as planned.  The IAEA is continuing to press ...

Ocean Power Technologies (Australasia) Pty Ltd (OPTA), a subsidiary of Ocean Power Technologies, Inc., announced on Friday, November 6, the award of a grant from the Federal Government of Australia (FGA).

This grant to OPTA, in partnership with Leighton Contractors Pty Ltd (Leighton), is for $66.46M to build a wave power project off the Australian coastline near Victoria, expected to generate power in the 19-megawatt (MW) range.

This project is the sole wave power-based item among four renewable energy projects awarded funding by the FGA. OPTA and Leighton have formed a special-purpose company, Victorian Wave Partners Pty Ltd, via a collaboration agreement signed in late 2008, to implement wave power-based systems off Australia’s Southeastern coastal areas.

OPTT is an industry leading innovator in wave power architectures; systems which harness the tidal forces of bodies of water to generate electricity. With direct access to a $150B power generation equipment market via

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Naftogaz Ukrainy has apparently released a statement admitting that a 'dire economic situation' means that the company is struggling to pay its October gas bill.  The Moscow Times reports however that Ukrainian Energy Minister Yury Prodan has assured Russia that it will pay its $470 million bill on time - although there are hints that it will have to borrow the money - possibly from Moscow.  According to Reuters, the new gas deal between Polish and Russian companies will be approved within weeks.  Total and Statoil have both recorded a steep decline in third-quarter profits.  Lukoil will expand its trading business in the Asian zone, especially in naphtha and fuel oil, in the first six months of 2010.  A factbox on the buying and selling of European refineries here.  Gazprom has apparently made a ...

In a meeting with Italian prime minister Silvio Berlusconi, Vladimir Putin made a surprise announcement that the South Stream pipeline, a joint project between Gazprom and Italy's Eni, could be finished before its official start-up date of 2013.  Plans for South Stream's expanded volume were discussed by Russia's Energy Ministry in Bulgaria this week, as was the controversial plan to use the existing Bulgarian gas transit network to aid this expansion. Transneft says it will complete its China pipeline by the end of the year. Russia's Energy Minister is leaving the question of Rosneft's privatization open, with the possibility of selling a 75% stake not to be considered until 2011. Canada-listed mining group SouthGobi Energy Resources has secured a $300 million loan from CIC (China Investment Corp). More on Russia's surging oil industry.  ...

The Financial Times enumerates Gazprom's problems: are its ambitions to increase production any more than pipe dreams?  Competition for energy reserves in the Arctic Circle could prompt friction between Russia and NATO, a new commander at the alliance has warned.  Bloomberg reports that the holder of the world's fourth-largest gas reserves, Turkmenistan, is ready to export natural gas to European collaborators if they build a pipeline across the Caspian Sea to transport the fuel.  According to Oil and Gas Eurasia, Russia needs a total of $310 billion to fully carry out its program for the analysis and exploration of its continental shelf, a deputy natural resources minister has announced.  Energy Minister Sergei Shmatko has said that Russia has been invited as an observer to the December meeting of the Organization of Petroleum Exporting Countries.  Finnish environmental ...

The New York Times suggests that antagonism regarding issues of sovereignty over Arctic waters has had a deleterious effect on the RUSALCA Arctic Sea mission.  Bloomberg reports that BG Group will seek to recover at least $700 million in export duties from the Kazakh government at a hearing in London later on this month.  Ukrainian President Viktor Yushchenko has said that the country's gas agreement with Russia could be modified at 'any moment' and has given his backing to the idea of Naftogaz Ukrainy's repaying or exchanging $500 million of eurobonds.  Russia has said that OPEC has accepted an invitation to hold an oil summit in Moscow to discuss ways of increasing cooperation and limiting variations in oil prices.  'We agreed that Russia and OPEC are still interested in developing partnerships in the near future', Energy Minister Sergei ...

Natural Resources Deputy Minister Sergei Donskoi has said that Russia would welcome foreign companies looking to explore the country's oil and gas reserves as domestic firms lack the 'strength and money' to carry out these operations themselves.  State-run electricity companies will invest $19.5 billion next year, or 13.5% less than planned after the government approved their 2010 budget, according to the Moscow Times.  EDF may take a 10% stake in Gazprom's South Stream pipeline.  Bulgaria's Economy and Energy Minister Traicho Traikov has said Sofia will demand economic incentives from Moscow to guarantee its commitment to its major Russian-backed energy projects.  ARMZ Uranium Holding is reportedly negotiating with Areva to jointly develop deposits in Namibia and other African countries, where one-fifth of the world's uranium is to be found.  The UK is currently on a non-Russian energy push with ...

RFE/RL examines the viability of Hugo Chavez' gas OPEC idea - which, it suggests, will face obstacles in the form of pipeline infrastructure and the manifold differences between the oil and gas markets.  According to Bloomberg, the Oil Minister for Saudi Arabia says that oil prices will be influenced by economic growth rather than the volumes stockpiled.  Deputy Prime Minister Igor Sechin says Russia 'will bear' the criticism from OPEC regarding its implied lack of support.  Russia has made its first foray back into Iraq in six years: Energy Minister Sergei Shmatko has reportedly reached agreements on the building of two gas pipelines and on Russian involvement in the Yusifiyah and Dibis thermal power plants.  Gazprom's second quarter profits have fallen 45% with the drop in crude prices, as the price of Urals fell 50% to $58.41 a barrel.  ...

Russia's refusal to upgrade gas contracts with Ukraine jeopardizes gas transit to Europe, says Bogdan Sokolovsky, the representative of the Ukrainian president on international aspects of energy security.  The Ukrainian economics minister has reportedly assured Moscow that it will stick to the gas contract agreed in January.  The Kuwaiti Oil Minister, Sheikh Ahmed al-Abdullah al-Sabah, has advised that OPEC output quotas be retained - meanwhile Qatari Energy Minister, Abdullah bin Hamad al-Attiyah, has chastised Russia for not supporting the cartel more actively.  Russia may face a fall in oil production as geological prospecting significantly decreases.  The Kremlin is preparing a series of oil and gas agreements to be signed when Venezuelan President Hugo Chavez visits Moscow later this week.  Gazprom reportedly plans to increase investment in the Far East to $3.7 billion in 2010 to cater ...

Reuters examines oil prices: with an OPEC meeting imminent, crude prices have stabilized, as analysts expect to see the group agree to maintain its 'official output target stable around $70'.  Russia is surpassing Saudi Arabia in oil exports for the first time in the wake of OPEC production cuts.  'In no uncertain terms, Russia has been the biggest beneficiary of OPEC's sacrifice', says strategist Chris Weafer.  Saudi Arabian Oil Minister Ali al-Naimi believes that the current crude prices - between $68 and $73 a barrel - are acceptable for producers and customers alike.  Energy Minister Sergei Shmatko has met with Iraqi Prime Minister Nuri al-Maliki in an attempt to pursue Russia's aim of reviving Saddam Hussein era oil deals.  President Medvedev says that Russia must refuse requests for Ukraine to prepay natural gas transit fees, (with Kiev prepaying more than ...