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Companies & Finance

Shtokman Development considers Paris cuts to slash costs

Shtokman Development is considering the possibility of closing its Paris office in order to reduce costs, an industry source told Interfax

16 April 2012
Exploration & Production

Norway’s answer to declining oil and gas production

The Norwegian Petroleum Directorate has released a report on the country’s production for 2011, laying out how it plans to combat dwindling petroleum production. Astrid Madsen reports.

13 April 2012
Exploration & Production

Team boards Elgin for top-kill operation

A team of 11 people has boarded the Elgin wellhead in the UK North Sea, to prepare the site for a top-kill operation, Total has announced.

13 April 2012
Companies & Finance

EIB approached for Spanish power network upgrade

The European Investment Bank has been approached for debt financing to help fund the reinforcement and expansion of the electricity transmission network in Spain leading up to 2014. Up to €600 million ($495 million) is being sought for the €1.5 billion ($1.24 billion) project, being sponsored by Red Electrica De Espana.

13 April 2012
Supply & Demand

Minority stake in Slovakian state utility up for sale

A minority stake in Slovakia's national gas transmission and distribution company Slovenský plynárenský priemysel (SPP) is up for sale amounting to 49%, with both French firm GDF Suez and Germany's E.On pulling out, according to the country's Prime Minister.

13 April 2012
Global Markets

Spain seeks clarity from Argentine government on YPF saga

Spain’s foreign minister Jose Manuel Garcia-Margallo has called for an urgent meeting with Argentina’s ambassador in Madridto seek clarity on the Argentine government’s intentions regarding YPF, according to Reuters on Friday.

13 April 2012
Global Markets

Goldman Sachs cuts UK 2012 gas price forecast

Goldman Sachs has cut its UK gas price forecast for 2012 by almost 5% to 69.7 pence per therm because of high storage inventories after a mild winter, according to a Reuters report on Thursday.

13 April 2012
EU Energy Policy

EU ETS needs urgent structural reform – Deutsche Bank

A structural reform of the EU Emission Trading Scheme (ETS) is urgently needed as the proposed set-aside of allowances is unlikely to be enough to boost prices in the long term, Deutsche Bank said in a report published on Friday.

13 April 2012
EU Energy Policy

EU rules on insider dealing yet to be harmonised

The extent of the overlap between different EU regulations that aim to stamp out insider dealing in energy and financial markets is still undecided and more work needs to be done to clarify how the rules apply under each framework, a senior member of the European Parliament told Interfax on Thursday.

13 April 2012
Exploration & Production

BasGas shale gas exploration licence revoked by Czech ministry

The Czech Republic's minister for the environment, Tomas Chalupa, has revoked provisional shale gas exploration licences granted to a subsidiary of Australia's Hutton Energy, BasGas Energia, citing local opposition and procedural errors.

13 April 2012
EU Energy Policy

Confusion reigns over Market Abuse Regulation

The EU wants to clamp down on market manipulation by strengthening the framework of the Market Abuse Directive, but the Parliament’s latest amendments to the proposed Regulation has raised many questions amongst stakeholders in the energy industry.

11 April 2012
Policy & Regulation

Bulgaria aims for new Gazprom contract this summer - Minister

Bulgaria hopes to resolve a new long-term gas contract with Gazprom by the end of the summer in a bid to secure supplies for the six years leading up to the entry of Caspian supplies to Europe, the Balkan state’s new Minister for Energy Delyan Dobrev said this week.

11 April 2012
Policy & Regulation

Elgin incident may hasten new EU safety rules

The recent gas leak at the Elgin platform in the North Sea may speed up the adoption of new European Union rules that would strengthen safety requirements for offshore drilling, according to Fitch Ratings.

11 April 2012
Companies & Finance

Gazprom makes preliminary offer to buy DEPA

Gazprom has made a preliminary offer to buy the Greek gas monopoly DEPA, Gazprom Deputy Chief Executive Alexander Medvedev told the press on Saturday.

10 April 2012
Policy & Regulation

Windy weather prevents leak relief efforts at Elgin

Efforts to stop the gas leak on Total's Elgin North Sea oil and gas platform were thwarted by poor weather in Scotland on Tuesday, Reuters reported.

10 April 2012
Supply & Demand

Ukrainian govt to let Naftogaz buy gas without tenders

Ukraine's Cabinet of Ministers is proposing that national oil and gas company Naftogaz Ukrainy be permitted to acquire services connected to gas trading without the usual tender process being applicable.

10 April 2012
Policy & Regulation

EU negotiations to bridge disputes over Energy Efficiency Directive

The three major EU institutions will hold their first round of negotiations on the draft Energy Efficiency Directive on Wednesday, after member states approved the main elements of the negotiating mandate prepared by the Danish presidency of the EU Council on Tuesday.

10 April 2012
Supply & Demand

Spanish LNG projects put on hold

Spain’s over-investment in import and storage capacity means that the country has much more gas than it can use. Last weekend this led the government to defer plans for new LNG regasification terminals.

5 April 2012
Pipelines, Storage & Power

Study to be conducted for Poland-Slovakia

A feasibility study contract has been awarded for the development of a gas interconnector linking the Slovakian and Polish networks, as part of a plan to connect LNG import terminal projects on the Baltic and Adriatic coasts of central Europe.

5 April 2012
Policy & Regulation

Environment ministers to debate ETS price crisis

Lower-than-expected EU greenhouse gas emissions data for 2011 and the subsequent drop in pollution prices has placed the issue of improving the bloc’s emissions trading scheme (ETS) firmly on the agenda of the informal meeting of EU environment ministers, which will be hosted by Denmark later this month.

5 April 2012

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