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 ...

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 ...

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.  ...

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 ...

Following the hydropower disaster, Vladimir Putin has instructed Energy Minister Sergei Shmatko to submit proposals for regulating the wholesale power market to prevent high increases in prices.  Anti-monopoly chief Igor Artemyev has said that oil companies should beware of a second crackdown.  The Ministry of Economic Development is apparently reconsidering its forecast for oil and gas prices in 2010.  On Medvedev's trip to Russia's second biggest trading partner, Mongolia, it is expected that joint cooperation on uranium mining will be high on the agenda.  China's state refiner Sinopec is planning 'rapid' expansion abroad after net income grew at a record rate.  Apparently Iraq needs to offer higher returns for companies bidding for control of oil fields newly opened to foreign investors, as the country still remains vulnerable to insurgency threats and security issues.  Turkish energy company ...

Energy Minister Sergei Shmatko has said that electricity prices must increase following the disaster at the Sayano-Shushenskaya hydroelectric plant as it has seen a quarter of RusHydro's power production suspended.  Clean-up efforts have begun to attempt to minimize the damage caused by an oil slick in the Yenisei river, created by the explosion at the plant.  See a video interview with Carl Larry, president of Oil Outlooks & Opinions, on Bloomberg, discussing the reasons why he thinks that oil prices will increase.  Is this the end of the oil age? wonders Bill Emmott in the Times.  As OPEC 'deliberately cut production...to keep prices high', will buyers lose patience and turn to substitutes?  Vietsovpetro, Vietnam's joint endeavor with Russia's Zarubezhneft will spend $1 billion constructing a LNG pipeline to the south of the country.  An international conference on Arctic ...

According to Energy Minister Sergei Shmatko, during Vladimir Putin's upcoming visit to Turkey it is expected that deals on energy projects will be secured.  Russia will sign an agreement with Turkey on building a pipeline to transport Black Sea Oil to the Mediterranean, bypassing the Bosphorus Straits.  'The West's propaganda campaign regarding Nabucco creates a false impression that the EU will improve its energy security by diversifying Europe's gas suppliers', suggests Tatyana Mitrova in the Moscow Times, with the pipeline capable of transporting only 10 billion to 20 billion cubic meters of gas a year.  Both Shell and BP are postponing decisions on major projects on the basis that costs may drop.  Russian helicopter maker Vertolyoty Rossii and Israel's IAI are creating a new unmanned helicopter system for Gazprom to survey the working of gas pipelines.  Russia ...

An intergovernmental transit deal for the Nabucco pipeline will be signed on July 13.  Russian Energy Minister Sergei Shmatko says, 'we have a clear understanding that Turkey doesn't perceive Nabucco as an alternative to South Stream'.  Russia and Turkey are apparently ready to discuss cooperation on gas marketing.  Lukoil is signing a $1.2 billion syndicated loan with a group of 12 banks.  Poland may prolong its gas contract with Russia until 2035.  An Irish company has apparently invented an innovative way of cleaning land contaminated by the Chernobyl disaster.  Iraq reportedly hopes that its second round of bidding for oil and gas field will be more successful than its first which 'didn't achieve the full objectives of the Ministry of Oil'.  RFE/RL looks at Germany's divisions over Nabucco and South Stream, given that Joschka Fischer, ...

Gazprom has demanded that Turkmenistan either reduce the price or the volume of its gas, as energy tensions between the two nations escalate.  The company is also apparently seriously worried by the pumping of gas into underground storage facilities in Ukraine.  Year on year, Gazprom has announced a 34% fall in production.  As Ukraine tries to settle its May gas bill, Sergei Shmatko has again threatened that failure to pay will result in Gazprom switching to 100% prepayments.  'The price of a barrel oil went past $68 during the day on Monday June 1st, the highest level in seven months': the Economist looks at the resurgence of oil prices, and the disadvantages that it may pose.  'The current oil price is the least comfortable for Russia', says an economist on how Russia's fates will change with ...