• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 6 hours Can the World Survive without Saudi Oil?
  • 19 hours Sears files Chapter 11
  • 1 hour WTI @ $75.75, headed for $64 - 67
  • 19 hours Natural disasters and US deficit
  • 16 hours China Is the Climate-Change Battleground
  • 6 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 1 hour Saudis Threaten Retaliation If Sanctions are Imposed
  • 16 mins $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 1 day Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 1 day Saudi A Threatens to Block UN Climate Report
  • 1 day Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 1 day German Voters Set to Punish Merkel’s Conservative Bloc
  • 7 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Global Energy Advisory 22nd December 2017

Putin

While Washington was busy saber-rattling, Russia was busy deploying soft power to strengthen its hold on Venezuela. Russia’s Rosneft is expanding its presence in Venezuela: the company recently signed contracts for the development of two offshore gas blocks, with CEO Igor Sechin saying this is the first time Caracas has awarded a foreign company 100% of the exploration and operation rights to a hydrocarbons block. Under the terms of the contract, Rosneft will have the right to market overseas all the gas it extracts from the blocks.

The two blocks have combined reserves of 180 billion cubic meters, and Rosneft will develop them for 30 years. It is possible that the deals have something to do with the $6 billion Caracas owes the Russian company. Then again, it may be eager to allow one of its very few remaining allies to get something in return for agreeing to restructure a debt owed to Moscow that Caracas is finding it impossible to pay as per the original schedule.

In the same week as the Venezuela deal became public, Rosneft also said it had plans to start exporting natural gas to Europe. Naturally, this won’t be Venezuelan gas but the fact Rosneft is eyeing the European market is indication enough that whatever the EU thinks about Nord Stream 2 and Russian gas in general has very little to do with market realities, which come down to who will offer the lowest prices. For now, this is Russia and it would do the EU well to try and accelerate alternative…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News