Caracas: Venezuela and Trinidad and Tobago have signed a deal to develop three gas fields that span their maritime border and contain reserves totaling nearly 12 trillion cubic feet.
“We’ve signed the accords for (the Loran-Manatee bloc, the largest of the three), and today we signed (the accord governing) how we’re going to operate those fields,” Venezuela’s Rafael Ramirez, who heads state-owned oil giant PDVSA, said Wednesday. Continue reading
European countries are losing out to China in their quest to source natural gas from the Central Asian states.
Moving away from dependence on Russia and Middle East hydrocarbons was a key energy objective of European countries in the 1990s, and the oil and natural gas resources along the Caspian Sea was seen as a vital alternative.
Instead, European oil dependence on Russia and the Middle East has grown from 75% in 2000 to 84% by 2010. In addition, EU reliance on gas imports has also risen from 49% to 62% during the period. Continue reading
Natural gas basins could turn the Mediterranean into a “sea of prosperity,” but there is a risk that politics may hamper economic progress, the head of the International Energy Agency (IEA) has warned.
“The biggest problem in the eastern Mediterranean is not the existence of reserves, it is the potential that politics may supersede the economy,” Fatih Birol, the IEA’s chief economist, told daily Hürriyet.
“If this settles down, I believe eastern Mediterranean gas will raise the prosperity of regional countries and could become an important alternative to Russian gas,” he said. Continue reading
Meet your new economic foundations of the European Union: Cyprus and Greece. From this point, it seems they are not likely to be kicked out of the union and could become part of the upcoming United States of Europe.
Cyprus, Israel and Greece have signed a Memorandum of Understanding (MoU) on cooperation in the fields of energy and water.
Speaking after the signing of the MoU, Cyprus Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis said “this is a monumental moment for the cooperation among the three countries”.
“The MoU is a framework which will determine the number of activities that the countries have agreed to jointly pursue, such as energy security supply, environmental concerns and a number of other issues which are common for us three”, he added. Continue reading
A group of energy companies that discovered large amounts of natural gas off Israel’s Mediterranean coast said they were in talks to export the gas to Europe via a pipeline to Turkey.
They are also studying options to export gas to Jordan, Egypt and the Palestinian Authority, Avner Oil & Gas said on Tuesday. Continue reading
These Chinese ‘geologists’ could also very likely be understating the true significance and size of the deposits. The state-run oil companies do the bidding of the CCP. Today’s CCP is still rooted in ancient Chinese history and follows the philosophy of Sun Tzu, therefore appearing weak when strong, and applying this method to any given situation. The territory dispute is another story. However, in hindsight, the Chinese wouldn’t be trying so hard to acquire this field given the fact that the deposit size will only contribute a fraction of the gas output they need.
BEIJING: Chinese state-run oil companies hope to develop seven new gas fields in the East China Sea, possibly siphoning gas from the seabed beneath waters claimed by Japan, a move that could further inflame tensions with Tokyo over the disputed area.
Beijing had slowed exploration in the energy-rich East China Sea, one of Asia’s biggest security risks due to competing territorial claims, but is now rapidly expanding its hunt for gas, a cheaper and cleaner energy to coal and oil imports. Continue reading
Last year, Russian state-controlled oil conglomerate Rosneft became the largest oil company in the world after acquiring one of its major competitors. The company has had its sights on tapping Russia’s vast, treacherous Arctic reserves, and after making a few huge deals, it looks like it now has the resources needed to do so.
Russia’s Arctic is estimated to have 25 to 30 billion tons of recoverable oil reserves, which is stunning when you consider there are around 359 billion proven reserves worldwide, including shale oil and oil sands. The only problem is that the Arctic reserves are incredibly hard to exploit, as we saw with Shell’s platform disaster earlier this year. Fields in the Kara and Barents Seas are stuck in incredibly cold and rough seas, and the huge reserves in Siberia’s Laptev, East Siberian, and Chuckchi Seas are additionally separated from population centers by thousands of miles of tundra.
Those vast oil and gas fields aren’t impossible to tap, just expensive. With oil platforms in the farthest reaches estimated to cost somewhere between $5 billion and $8 billion apiece, it should come as no surprise that the Arctic has remained quiet this long. (It’s also a reason why Soviet scientists wanted to melt the whole thing.) Continue reading
Jiaolong, the manned deep-sea submersible, is helping China tap a treasure of iron-manganese deposits that were first discovered in the South China Sea on Wednesday.
Tang Jialing, an oceanaut on the submersible, told Xinhua News Agency that although the exact area of the deposits was still unknown, he was sure that it was large. Continue reading
In a long-awaited decision to bring Azeri gas resources to Europe, the Shah Deniz II consortium opted for a pipeline running through Greece and Albania instead of a rival northwestern route, Nabucco West, running from Bulgaria to Austria.
The Trans Adriatic Pipeline (TAP) will stretch 870 kilometres from the Greek-Turkish border. Moving west, TAP is designed to extend across the breadth of northern Greece before veering northwest to Albania. From Fier, Albania, plans envision the pipeline crossing under the Adriatic to emerge in southern Italy. Continue reading
In 1998, Zbigniew Brzezinski argued that “a power that dominates Eurasia would control two of the world’s three most advanced and economically productive regions. A mere glance at the map also suggests that control over Eurasia would entail Africa’s subordination, rendering the Western Hemisphere and Oceania geopolitically peripheral to the world’s central continent”. His book The Grand Chessboard was indeed a major contribution to geopolitical studies. Depicting the new challenges for US foreign policy in a multipolar world, Brzezinski identifies the geopolitical Achilles’ heel of the 21st century in the area he designated as the Global Balkans, i.e. “the swathe of Eurasia between Europe and the Far East.” Continue reading
RUSSIA, the world’s largest crude producer, is shying away from Europe – as far as crude supplies are concerned – ramping up instead supplies to China. And as the process gains pace, new alliances are springing up on the global energy chessboard while the old ones are being discarded. The small, yet, strategic shift in target markets is providing Moscow not only with an opportunity to end its reliance on weak, saturated and somewhat fragmented European markets, but is also a major source of instant, handy cash at a time of great need. And the swap ensures Beijing long-term supply security. A win-win situation on more than one count!
Russian state-controlled oil company Rosneft will supply China with 365 million tons of oil over 25 years under a $270 billion deal, Igor Sechin, its chief executive said on Friday. A day earlier, Russian President Vladimir Putin said Rosneft planned to sign a deal to provide China with oil worth $60 billion. Russian business daily Vedomosti later said Putin was referring to an advance payment that Rosneft would receive. Continue reading
BERLIN/KIEV/MOSCOW (Own report) – The struggle between Berlin and Brussels, on the one side, and Moscow, on the other, for the predominating influence in the Ukraine is growing sharper. Since the end of 2012, the German RWE company has been systematically expanding its natural gas deliveries to this East European country. Its objective is to break Kiev’s dependence on Russian natural gas, by reversing the flow in the pipelines already in place, to deliver large quantities of the gas from the West. However, these efforts – also being supported by the German EU Energy Commissioner, Günter Oettinger – are not advancing rapidly enough. According to reports, pro-western circles in the Ukraine are complaining that Slovakia – without whose pipelines, a breakthrough would hardly be possible – is opposing the project. Brussels, therefore, should exert pressure on that country, because time is running out. The Ukrainian government signed a memorandum last week, which is considered an important step toward its integration in the Russian-dominated EurAsian Economic Community, about to be established. In Berlin, Ukrainian participation in this community is perceived as incompatible with Kiev’s integration into EU structures. This conflict, which in principle, has been going on for twenty years, is being fueled by this new accentuation. Continue reading
As new stories regarding this begin surfacing, it’s beginning to seem as if Egypt’s problem is more likely a neighboring country rising to power, as a hydro-electric dam doesn’t necessarily stem the flow of water, therefore manipulating the downstream flow. It relies on the water flowing to generate electricty.
CAIRO – Egypt will demand that Ethiopia stop construction of a Nile river dam and warned “all options are open” if it harms its water supply, advisers to President Mohamed Morsi said on Wednesday.
“It is Egypt’s right to defend its interests,” said Ayman Ali, one of Morsi’s advisers, in comments carried by the official MENA news agency.
“Other people have a right to seek their own interests. But there must be guarantees that the Ethiopian dam will not harm Egypt, otherwise all options are open,” he added. Continue reading
Germany’s largest gas supplier E.ON plans to taper its dependence on Gazprom, Russia’s state-owned gas major and Norway, instead developing ties with the Canadian company Pieridae Energy.
The contract was finalized on June 3rd, and Pieridae Energy will supply five million tonnes of liquefied natural gas (LNG) to Western Europe for an unspecified several billion euros, Deutsche Welle reported. Continue reading
Greece could very well regain its footing within the EU should this materialize. It could also serve as the cooridor to Europe for oil and gas deposits within the contested Cyprus region, which was also recently wrestled away from the Turks and Russians by the EU.
On May 23, Montenegro, Bosnia and Herzegovina, Albania and Croatia signed a memorandum on cooperation in the implementation of projects concerning the Trans-Adriatic Pipeline (TAP) and the Ionic-Adriatic Pipeline (IAP) in Tirana, the capital city of Albania. Montenegrin Foreign Minister Igor Luksic, Vice Chairman of the Council of Ministers of Bosnia and Herzegovina Zlatko Lagumdžija, Albanian Foreign Minister Aldo Bumçi and Croatian Deputy Minister of Foreign and European Affairs Joško Klisovic represented their respective countries at the meeting. Continue reading