Major investment in European gas storage, transmission and emergency planning make a repeat of the 2009 gas shock unlikely this winter, market observers say, even if Russia trims exports to retaliate against western sanctions. That should be comforting news to EU Energy Commissioner GĂŒnther Oettinger, who is meeting with energy ministers from Ukraine and Russia (Yuriy Prodan and Alexander Novak) on Friday in Berlin. But analysts do caution that … [Read more...]
A modest proposal on South Stream â for the EUâs new VP Energy Union
Ambassador Peter Poptchev offers an ingenious compromise on the stalled South Stream project: let Russia build half of it, to be filled with only new gas. The European Commission's new Vice-President for Energy Union could make this work - if she has a convincing strategy for South East Europe. (Plus: an overview of all stakeholder positions on South Stream.) … [Read more...]
New report Carbon Tracker: Top 20 high-cost oil projects risk wasting $91 bln of investor cash
The Carbon Tracker Initiative (CTI) has come out with a new report highlighting some of the worldâs most expensive future oil projects, which the biggest publicly listed oil companies are considering for development. Some of these projects require prices far exceeding todayâs levels, and risk wasting $91 billion of investor cash over the next decade if taken into production. The projects are suggested as prime candidates for … [Read more...]
US energy independence: fact or fiction?
What do you get when you speak with four American investment analysts about the prospects of US gas and oil production, the sustainability of fracking, the risks of the crises in Ukraine and the Middle East, and the potential of nuclear energy and renewables? You get four different, but outspoken opinions, from people with different  perspectives on the world than what you usually find in Europe. A four-way interview by J.T. Long for The Energy … [Read more...]
Russian energy sector will cease to be engine of growth
The contribution of the energy sector to Russian GDP will decrease by nearly 50% over the coming decades. Although energy will continue to provide an important foundation to the Russian economy, it will cease to be an engine of growth. That is the main conclusion of Global and Russian Energy Outlook to 2040, recently published the Energy Research Institute of the Russian Academy of Sciences and the Analytical Centre of the Government of Russia. … [Read more...]
Kurdish oil will find its way out
In May, Iraqi-Kurdistan for the first time ever sold oil to international markets, defying a ban on oil exports from the central government in Baghdad. According to Friedbert PflĂŒger, the Kurdish Regional Government (KRG) will have no problems finding investors and customers to build up its potentially huge oil and gas business. With the current crisis in Iraq, Baghdad should come to terms with the KRG if it wants to share in the proceeds. … [Read more...]
The new Oil Wars in Iraq
Underlying much of the violence that has broken out in Iraq is a struggle to obtain control over Iraqâs oil resources or at least a âfair shareâ of oil revenues, writes Michael Schwartz, author of many books and articles including âWar Without End: The Iraq War in Contextâ. According to Schwartzâs analysis,the insurgents are attempting to accomplish by force what was denied to them by the central government: a portion of the proceeds from the … [Read more...]
How the EU should deal with the Ukraine gas crisis
The Russian decision, on 16 June, to halt gas supplies to Ukraine spells trouble for the coming winter. Even if the current crisis is resolved, uncertainties over Ukraine will remain. Therefore, the EU needs to prepare for another gas crisis, both in the short term, by establishing crisis mechanisms, and in the medium term, to prevent future crises. Agata Ćoskot-Strachota of the Centre for Eastern Studies (OSW) in Poland sets out the urgent steps … [Read more...]
Ten take-home messages from the new European Energy Security Strategy
On 28 May the European Commission published a new energy security strategy for the EU that sets out a long list of short-, medium- and long-term actions to reduce dependence on Russian gas. These range from regional âstress testsâ for supply disruptions to new priority gas infrastructure projects to serious examination of centralised gas purchases. For many however, it is energy efficiency that will make or break this strategy. Sonja van Renssen … [Read more...]
The Birth of a Eurasian Century
The signing of the long-awaited $400 billion gas contract between Russia and China is a sign of changing times, writes Pepe Escobar. According to the Asia-based reporter, there are many developments going on, virtually unreported by the western media, that are chipping away at the dominance of the United States in the world. A Russian-Chinese alliance is forming, which will reach out into Europe through energy and trade relations â and  perhaps … [Read more...]
South Stream âLiteâ shows it’s business as usual between EU and Russia
The agreement last week between Gazprom and OMV of Austria on South Stream shows that the EU and Russia will continue their long-standing energy partnership regardless of the crisis around Ukraine, writes Friedbert PflĂŒger, Director of the European Centre for Energy and Resource Security (EUCERS) at Kingâs College London. According to PflĂŒger, the mutual energy dependence between the EU and Russia should be regarded as a largely positive … [Read more...]
Samuele Furfari: âIf Russia cuts the gas tap, it can forget its dream of selling gas to China one dayâ
The EU has made remarkable progress in improving its security of supply over the last decade and should not worry that Russia will cut off its gas supplies, says Professor Samuele Furfari in an interview with Energy Post Brussels Correspondent Hughes Belin. A long-time senior advisor at the European Commission, Professor Furfari, author of a brandnew provocative book in French - "Vive les Ă©nergies fossiles!" - says the world has entered a new … [Read more...]
Mr Tusk, on what planet do you live (and in which century)?
The Polish Prime Minister Donald Tusk proposes to counter the EUâs dependency on Russian gas by forming an âenergy unionâ â a âsingle European body charged with buying its gasâ. According to Energy Postâs editor-in-chief Karel Beckman, this implies that we should fight the Russians by imitating the Russian command-and-control system. Apparently Mr Tusk has not understood what the EU â or EU energy policy â is about. … [Read more...]
The gas market goes global â and Europe doesnât see what is coming
Global gas trade is expected to explode â and most of the new supplies will go to Asia. Europe will lose control of markets and pricing and will need to compete at higher Asian prices. Thatâs the main message energy reporter Rudolf ten Hoedt took away from the Gastech LNG conference in Korea in March where he spoke with leading LNG traders, including market leaders Shell, Qatargas and Tokyo Gas. âEurope doesnât realise what is comingâ, they told … [Read more...]
The gas market chaos in Ukraine â and what the EU could do about it
Ukraineâs conflict with Russia has left the Ukrainian gas market in a state of chaos. Russia has turned on the screws by raising the gas price for Ukraine, putting an intolerable burden on the Ukrainian governmentâs budget and threatening the countryâs energy security, write Kinga DudziĆska and Aleksandra Gawlikowska-Fyk of the Polish Institute of International Affairs (PISM). As more of than half of gas the EU imports from Russia passes through … [Read more...]
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