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Posts Tagged ‘European energy crisis’

From an excellent FT article:

BP owns almost a fifth of Russia’s largest oil producer Rosneft. UK-listed rival Shell controls 27.5 per cent of Gazprom’s huge Sakhalin-2 offshore gas project in Russia’s far east. Exxon has been operating in Russia for 25 years and producing oil and gas in eastern Russia since 2005 in a partnership involving two Rosneft affiliates.

Financial Times

More than 20 European countries import gas from Russia. The Czech Republic and Latvia import 100% of their gas from Russia. Hungary, Slovakia, Bulgaria, Finland, Germany, and Poland import more than half of their gas from Russia.

Clumsy sanctions could send oil and gas prices soaring to Russia’s benefit and the West’s detriment. We should first remove the sanctions that have intentionally and inadvertently been imposed on our own producers, including leasing blockades and permitting obstacles. The Ukraine crisis and its side effects will be with us for years, as will the demand for oil and gas. We need both immediate and longer term supply solutions.

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European power prices have spiraled to multi-year highs on a variety of factors in recent weeks, ranging from extremely strong commodity and carbon prices to low wind output.

CNBC

Equinor and its partners have received permission to increase gas exports from two fields on the the Norwegian continental shelf to supply the tight European market. Production permits for the Oseberg and Troll fields have each been increased by 1 billion cubic meters (bcm) for the gas year starting 1 October.

Equinor
Oseberg field centre in the North Sea
Equinor’s Oseberg field, North Sea.

I hope the folks organizing the 10/28 congressional hearing are paying attention, but somehow I doubt it.

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