Noble Energy Inc. (NBL) posted adjusted earnings per share of $1.10 for the third quarter, which surpassed the Zacks Consensus Estimate of 81 cents. However, earnings was substantially lower than $2.08 recorded during the corresponding period of last year. The better-than-expected results in the quarter were driven by increased sales volumes and reduced costs compared to the second quarter and the year-ago period.   Consolidated sales volumes improved 3% to 20 million BOE, i.e., 217 thousand BOE per day, primarily driven by increased volumes in the United States and West Africa. Volumes rose in the U.S. supported by ongoing development activity at Wattenberg, the return to full production of Ticonderoga, and the impact of the Raton gas project in the deepwater Gulf of Mexico. Reduced facility maintenance downtime helped increase natural gas volumes in West Africa. However, volumes declined in North Sea due to the Dumbarton performance. Daily ...

Gazprom has expressed an interest in acquiring a U.S. shale-gas producer, to access the know-how to develop similar resources domestically, says the Moscow Times.  GDF Suez has said it has discussed a 10-20% increase in its Russian gas supply with Gazprom, as part of broader negotiations to usher the French company into the Nord Stream gas project.  Electricite de France may acquire a stake in Gazprom's South Stream pipeline to supply its increasing number of power plants.  Turkey's government has apparently approved geological exploration work for South Stream in its Black Sea economic zone.  The partnership behind the Nabucco pipeline project is, says Bloomberg, 'confident' it will have enough fuel, including gas from the Azeri Shah Deniz field.  Russian oil and petrochemical exporters reported a 45% decrease in revenue in the first nine months of 2009 to ...

Total (TOT) and GdF-Suez recently signed a Heads of Agreement (HOA) partnering with KazMunaiGas (KMG), Kazakhstan’s state oil company, for the development of the Khvalynskoye field. Following the agreement, Total and GdF-Suez are holders of 25% interest (Total 17%, GdF-Suez 8%) in the field, from the initial 50% stake held by KazMunaiGas. Lukoil (operator) is the owner of the remaining 50% interest in the project.   Khvalynskoye is a conventional gas condensate field located offshore in the Caspian Sea on the border between Kazakhstan and Russia. The gas produced from this field will be transported to Russia.   Through this agreement Total increased its presence in Kazakhstan (especially Caspian Sea) – a region that is expected to play an important role in counterbalancing Organization of Petroleum Exporting Countries’ (OPEC’s) dominance of world oil markets in the coming two decades. The company is already a partner of KMG developing ...

At yesterday's meeting between Dmitry Medvedev and Hugo Chavez, Venezuela's PdVSA state oil firm and a consortium of major Russian producers signed a memorandum of understanding on cooperation in Orinoco and on joint development of the Junin-6 field.  PdVSA also made a deal with Transneft to build infrastructure in the Orinoco belt and another deal with Rosneft.  OPEC is apparently 'not encouraged' by Russia's lack of output cuts.  'We never had any obligations (to OPEC). When we were communicating, we never promised anything', an unfussed Sergei Shmatko has responded.  Ukrainian Prime Minister Yulia Timoshenko is hoping to hold the government to $770 million of loans in 2010 to improve coal mines, as an alternative energy source to natural gas.  If Norway's labor majority coalition lose next week's elections, it could be good news for oil majors as the ...

'The project is rich in geopolitical significance, not least because Russia is quick to use its huge energy reserves as a political tool': the Times reports on Nabucco.  United States special energy envoy Richard Morningstar has said that Russia is 'certainly free to participate' in supplying gas to the pipeline and that it must be accepted as a partner.  The project has had a boost as Turkey has abandoned its demand to buy 15% of gas from it and Turkmenistan has announced that it is ready to sell gas to it.  Viktor Vekselberg's Integrated Energy Systems may face state criticism for delaying deadlines without official sanction.  Kazakhstan has finished construction of its part of the pan-Central Asian pipeline that will help China tackle its increasing energy requirements.  Reuters reports on troubles ahead for Gazprom's Shtokman gas project due ...

Ariel Cohen has a piece on Eurasian pipelines in today's New York Times:

Despite the recession, Russia is moving with the Blue Stream and South Stream projects across the Black Sea to Turkey and Bulgaria in order to keep market share. Gazprom is enhancing its influence in Ankara at the highest levels.

Much-ignored, the role of Turkey in Eurasian energy transit is also crucial. Turkish intransigence has delayed and reduced in size the development of the Caspian off-shore Shah Deniz gas project.

Ankara has also placed daunting conditions of the construction of the proposed Nabucco gas pipeline from Turkey to Europe, which is meant to provide an alternative to Russian-controlled gas, linking the project with Turkey's membership in the European Union, acquiring large amounts of Azeri gas for re-export and using the line for Russian and Iranian gas.

Despite all these factors, the United States and Europe should not lose sight of the strategic ...

How much does it cost to think?

The real cost of ambitious gas projects is surely unknown

Grigory Pasko, journalist

On Lenta.Ru I read: «The cost of construction of the "Nord Stream" pipeline is measured at 7.4 billion euros, while that of "South stream" - up to 25 billion euros». I got to thinking about these numbers. And not only because one of the head employees of the company Nord Stream, Gerhard Schroeder, had cited the cost of Nord Stream at 9 bln euros ( while in the mass media there have been mentions of a number of even 12 bln euros), and his friend, Russian premier Putin, has named a cost of construction of the «South Stream» of 10 bln euros. (In so doing, Putin

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Gazprom’s bid to become the major shareholder in Repsol, Spain’s biggest oil company, has made the Spanish finance minister ‘uncomfortable’, and according to this earlier report, the offer has already been rejected. The EU is still trying to manage its dependence on Russia for energy security. The US has criticized Russia’s European energy projects, saying that the South Stream gas project is too expensive and difficult to build. VTB has financed a loan for Stockholm-listed West Siberian Resources to help it modernize. KazMunaiGaz is in talks with Transneft to increase its holding in the Caspian Pipeline Consortium, having been surprised to find that Oman had sold the 7% stake it had initially wanted to buy. Gazprom is looking on the bright side of the financial crisis, suggesting that conditions could cut building costs. Read The Economist on ...

Gazprom’s bid to become the major shareholder in Repsol, Spain’s biggest oil company, has made the Spanish finance minister ‘uncomfortable’, and according to this earlier report, the offer has already been rejected. The EU is still trying to manage its dependence on Russia for energy security. The US has criticized Russia’s European energy projects, saying that the South Stream gas project is too expensive and difficult to build. VTB has financed a loan for Stockholm-listed West Siberian Resources to help it modernize. KazMunaiGaz is in talks with Transneft to increase its holding in the Caspian Pipeline Consortium, having been surprised to find that Oman had sold the 7% stake it had initially wanted to buy. Gazprom is looking on the bright side of the financial crisis, suggesting that conditions could cut building ...