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Russia Cuts Off Ukraine Gas Supply To 6 European Countries
Russia Cuts Off Ukraine Gas Supply To 6 European Countries
Vladimir Putin ordered the Russian state energy giant Gazprom to cut supplies to and through Ukraine amid accusations, according to The Daily Mail, that its neighbor has been siphoning off and stealing Russian gas. Due to these “transit risks for European consumers in the territory of Ukraine,”Gazprom cut gas exports to Europe by 60%, plunging the continent into an energy crisis “within hours.” Perhaps explaining the explosion higher in NatGas prices (and oil) today, gas companies in Ukraine confirmed that Russia had cut off supply; and six countries reported a complete shut-off of Russian gas. The EU raged that the sudden cut-off to some of its member countries was “completely unacceptable,” but Gazprom CEO Alexey Miller later added that Russia plans to shift all its natural gas flows crossing Ukraine to a route via Turkey; and Russian Energy Minister Alexander Novak stated unequivocally, “the decision has been made.”
Russia plans to shift all its natural gas flows crossing Ukraine to a route via Turkey, a surprise move that the European Union’s energy chief said would hurt its reputation as a supplier.The decision makes no economic sense, Maros Sefcovic, the European Commission’s vice president for energy union, told reporters today after talks with Russian government officials and the head of gas exporter, OAO Gazprom, in Moscow.
…click on the above link to read the rest of the article…
Vast reserves of fossil fuels should be left untapped
Vast reserves of fossil fuels should be left untapped
Researchers have identified the major producers of coal, gas and oil that stand to lose most financially if agreement is reached on radical cuts needed to avoid dangerous climate change.
LONDON, 8 January, 2015 − The sheer scale of the fossil fuel reserves that will need to be left unexploited for decades if world leaders sign up to a radical climate agreement is revealed in a study by a team of British scientists.
It shows that almost all the huge coal reserves in China, Russia and the US should remain unused, along with over 260 billion barrels of oil reserves in the Middle East − the equivalent of Saudi Arabia’s total oil reserves. The Middle East would also need to leave over 60% of its gas reserves in the ground.
The team from University College London’s Institute for Sustainable Resources (ISR) says that, in total, a third of global oil reserves, half of the world’s gas and over 80% of its coal reserves should be left untouched for the next 35 years.
Realistic programme
This is the amount of fossil fuel, they estimate, that the world must forego until 2050 if governments agree on a realistic programme to ensure that global warming does not exceed the 2°C increase over pre-industrial levels agreed by policy makers.
…click on the above link to read the rest of the article…
The Next Decade Will Decide Peak Oil Outcome
The Next Decade Will Decide Peak Oil Outcome
The most attention-grabbing attempts to predict oil futures have come from geologists and environmental activists, who tend to look solely at production. An overlooked doctoral thesis by Christophe McGlade,Uncertainties in the outlook for oil and gas, in contrast, focuses on how both supply and demand might be constrained in the coming decades. Peak oil researchers should take note of McGlade’s thesis because he predicted, in November 2013, that oil prices would sink, and that they will stay low throughout the second half of this decade. I found this paper on Google Scholar and have no connection with the author, but I appreciate his careful consideration of peak oil arguments, and his ability to distance himself from the more narrow-minded aspects of both economic and geological thinking. Here’s a representative quote from the middle of the thesis, p. 216:
The focus of much of the discussion of peak oil is on the maximum rates of conventional oil production. Apart from issues over how this term is defined, results suggest that focusing on an exclusive or narrow definition of oil belies the true complexity of oil production and can lead to somewhat misleading conclusions. The more narrow the definition of oil that is considered (e.g. by excluding certain categories of oil such as light tight oil or Arctic oil), the more likely it is that this will reach a peak and subsequent decline, but the less relevant such an event would be.
…click on the above link to read the rest of the article…
Obama Bars Oil Industry From Alaska’s Bristol Bay | Environment News Service
Obama Bars Oil Industry From Alaska’s Bristol Bay | Environment News Service.
President Barack Obama today designated the waters of Bristol Bay as off limits to oil and gas leasing for exploration, development or production. This action safeguards one of the nation’s most productive fisheries and preserves an ecologically rich area of the Bering Sea that is vital to the commercial fishing and tourism economy and to Alaska Native communities.
The eastern-most arm of the Bering Sea, Bristol Bay is 250 miles long and 180 miles wide at its mouth. Many of Alaska’s major rivers flow into the bay, and all five species of Pacific salmon: pink, chum, sockeye, coho and king, return to Bristol Bay to spawn in these rivers.
Bristol Bay is at the heart one of the world’s most valuable fisheries, helping to provide 40 percent of America’s wild-caught seafood and support a $2 billion annual fishing industry.
The beautiful and remote area is also an economic engine for tourism in Alaska, driving $100 million in recreational fishing and tourism activity every year.
Bristol Bay hosts the largest runs of wild sockeye salmon in the world, and provides important habitat for many species, including the threatened Stellar’s eider, sea otters, seals, walruses, Beluga and Killer whales, and the endangered North Pacific Right Whale.
Average gasoline price dips to 99 cents and falling – Business – CBC News
Average gasoline price dips to 99 cents and falling – Business – CBC News.
For the first time in 4½ years the average cost of gasoline in Canada has dropped below $1 a litre.
The actual prices vary by market, from $1.05 in Vancouver to 76.9 cents in Edmonton to 98.9 cents in St. John’s, according to the Gas Buddy website. But the average on Thursday was 99 cents a litre.
Gas price analyst Dan McTeague, founder of Gas Buddy and Tomorrowsgaspricetoday, believes that price will keep dropping into early 2015.
Oil prices have been dropping, from a high of $105 US a barrel in July to $56 US today, because of an oversupply of crude powered in part by the U.S. shale oil boom. In November, oil cartel OPEC decided not to cut back its production of 30 million barrels of oil per day, despite signs that world demand for oil is slowing amid an economic downturn.
Oil price war
McTeague believes OPEC and U.S. producers are grandstanding in an effort to keep their market share.
A Full-Blown Economic Crisis Has Erupted In Russia
A Full-Blown Economic Crisis Has Erupted In Russia.
The 8th largest economy on the entire planet is in a state of turmoil right now. The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is. Sales of oil and natural gas account for approximately two-thirds of all Russian exports and approximately 50 percent of all government revenue. So it should be no surprise that the fact that the price of oil has declined by almost 50 percent since June is absolutely catastrophic for the Russian economy. And when you throw in international sanctions, wild money printing by the Central Bank of Russia and unprecedented capital flight, you get the ingredients for an almost perfect storm. But those of us living in the western world should not be too smug about what is happening in Russia, because the nightmare that is unfolding over there is just a preview of the economic chaos that will soon envelop the whole world.
So far this year, the Russian ruble has fallen nearly 50 percent against the U.S. dollar. That is a monumental shift. And as the collapse of the ruble has accelerated in recent days, we are seeing scenes in Russia that are reminiscent of the Weimar Republic. For example, just consider the following excerpt from an article that just appeared in the New York Times…
Gulf of Mexico Crude Oil and Gas Production – Peak Oil BarrelPeak Oil Barrel
Gulf of Mexico Crude Oil and Gas Production – Peak Oil BarrelPeak Oil Barrel.
BOEM and BSEE have published in 2014 the GOM oil & gas reserves at end 2010 few months ago and at end 2011 lately.
The big change is that they now report proved and probable reserves = 2P (in contrary to SEC rules for operators reporting at the US Stock Exchange, forbidding to report probable reserves), when before they reported only proved reserves = 1P
They argue:
In order to more closely align BOEM GOM reserves definitions with the Petroleum Resources Management System definitions (SPE/AAPG/WPC/SPEE 2007), this report clarifies that Proved Reserves in this and previous reports are Proved plus Probable (2P) estimates.
The difference between original reserves estimates from previous year found little difference for discoveries before 1995
The difference between 2P 2011 and 2P 2010 is a very large decrease for Thunder Horse (-488 Mb or 573 Mboe) and the largest increase is Great White +73 Mb
…click on the above link to read the rest of the article…
Locals protest Santos Pillaga CSG expansion | Climate Citizen
Locals protest Santos Pillaga CSG expansion | Climate Citizen.
Something is happening in the Pillaga in western NSW. Coal Seam Gas exploration and drilling by Santos is under concerted attack. While the protests are not new, the profiles of those locking on or taking a stand are no longer the regular sterotype.
Yesterday a Coonabarabran mother of three young children, Nicole Hunter, locked on to a bulldozer for several hours. Mrs Hunter attached herself to a bulldozer to stop Santos clearing a patch of the forest for a new coal seam gas drill pad. She had a support crew from Coonabarabran. She was released after several hours without charge.
She is concerned about the industrialisation of the area and the impact on underground water, the mainstay of agriculture and important for recharging the Great Artesian basin. Read the story onCSG is risky business for aquifers.
…click on the above link to read the rest of the article…
‘China to avoid dangerous maritime route thanks to gas deal with Russia’ — RT Op-Edge
‘China to avoid dangerous maritime route thanks to gas deal with Russia’ — RT Op-Edge.
Most of China’s energy resources are imported via the Pacific, and is threatened by the US military presence. The gas deal with Russia allows China to minimize the risks, China-based journalist Brendan O’Reilly told RT.
Russia and China have agreed a second gas deal, the so-called western route. President Vladimir Putin and Chinese leader Xi Jinping signed a memorandum of understanding at the Asia-Pacific summit in Beijing. The deal is expected to be signed next year and secure a yearly supply of 30 billion cubic meters of gas to China.
READ MORE: Putin, Xi Jinping sign mega gas deal on second gas supply route
RT: Russia and China are inching towards their second huge gas deal. How big is this agreement? What does this deal mean for Russia, China and the rest of the world?
Brendan O’Reilly: For Russia and China obviously there is a lot of mutual interest involved in this deal. Russia has tremendous reserves of natural gas and other energy resources, and China needs this natural gas to fuel its economy which is still going quite robustly.
RT: Why is China looking to Russia, not Europe?
…click on the above link to read the rest of the article…
Russia, China Sign Second Mega-Gas Deal: Beijing Becomes Largest Buyer Of Russian Gas | Zero Hedge
Russia, China Sign Second Mega-Gas Deal: Beijing Becomes Largest Buyer Of Russian Gas | Zero Hedge.
As we previewed on Friday, when we reported that “Russia Nears Completion Of Second “Holy Grail” Gas Deal With China“, moments ago during the Asia-Pacific Economic Cooperation forum taking place this weekend in Beijing, Russia and China signed 17 documents Sunday, greenlighting a second “mega” Russian natural gas to China via the so-called “western” or “Altay” route, which as previously reported, would supply 30 billion cubic meters (bcm) of gas a year to China.
Among the documents signed between Russian President Vladimir Putin and Chinese leader Xi Jinping were the memorandum on the delivery of Russian natural gas to China via the western route, the framework agreement on gas supplies between Russia’s Gazprom and China’s CNPC and the memorandum of understanding between the Russian energy giant and the Chinese state-owned oil and gas corporation.
“We have reached an understanding in principle concerning the opening of the western route,” Putin said. “We have already agreed on many technical and commercial aspects of this project, laying a good basis for reaching final arrangements.”
…click on the above link to read the rest of the article…
Russia Nears Completion Of Second “Holy Grail” Gas Deal With China | Zero Hedge
Russia Nears Completion Of Second "Holy Grail" Gas Deal With China | Zero Hedge.
Six months ago, something few had expected would take place in 2014, or even in the coming years, happened: under Western pressure and out of a desire to diversify away from an increasingly hostile European market, Russia signed the so-called “Holy Grail” gas deal with China, pivoting away from the west and toward with Beijing.
As part of the deal, the two nations reached a $400 billion agreement to construct the Power of Siberia pipeline, which will deliver 38 billion cubic meters (bcm) of gas to China. The compromise was a lower price than Gazprom would have otherwise hoped for, however in taking a cue right out of Amazon, “Russia would make up in volume what it lost in price.” This eastern route will connect Russia’s Kovykta and Chaynda fields with China, where recoverable resources are estimated at about 3 trillion cubic meters.
And then today, with little fanfare, Russia’s president Putin – whose economy is said to be reeling as a result of a plunging currency, paradoxically something Japan would love to be able to achieve on such short notice – told the media ahead of his visit to the Asia Pacific Economic Conference on November 9-11, that Moscow and Beijing have agreed many of the aspects of a second gas pipeline to China, the so-called western route, or as some already are calling it, the “second holy grail.”
…click on the above link to read the rest of the article…
Russia-Ukraine Gas Deal Comes at Price – Truthdig
Russia-Ukraine Gas Deal Comes at Price – Truthdig.
Aid from the International Monetary Fund will enable Ukraine to pay billions in debt to Russia’s primary gas company and allow Ukraine to buy fuel through the winter. But the IMF deal entails major reforms to the country’s energy industry.
The details of those reforms were not disclosed in an article published in the Financial Times on Oct. 30. But it seems safe to assume they would involve regulations that are beneficial to western financial interests.
The Financial Times reported:
Russia has secured an 11th-hour deal to resume gas exports to Ukraine, allaying concerns that Europe would face an energy crisis this winter. Moscow severed gas exports to Kiev in June amid a payment dispute that has been overshadowed by a conflict between Ukraine’s army and pro-Russian militias in the east of the country.
For months, EU-mediated negotiations to restart gas flows have made no progress and European diplomats viewed the end of October as a deadline for a deal. With temperatures in Kiev dropping below freezing, fears have grown that a supply crunch in Ukraine would disrupt energy exports to the rest of Europe.
But after 30 hours of negotiations in Brussels, Moscow signed a deal with Kiev to guarantee supplies until March. “There is now no reason for people in Europe to stay cold this winter,” said José Manuel Barroso, president of the European Commission.
…click on the above link to read the rest of the article…
Ukraine Fighting Flares After Gas Deal as Winter Nears – Bloomberg
Ukraine Fighting Flares After Gas Deal as Winter Nears – Bloomberg.
Fighting flared in Ukraine’s easternmost regions hours after the conclusion of a natural gas deal with Russia, highlighting the challenges in reaching peace as theRed Cross warned about winter’s onset.
Ukrainian President Petro Poroshenko called on his parliamentary party yesterday to support Arseniy Yatsenyuk as prime minister, saying the country needs to be united “as never before” following Oct. 26 elections.
“Despite the cease-fire in eastern Ukraine, acts of indiscriminate shelling and security incidents continue to put civilians at risk,” the International Committee of the Red Cross said in a statement. “The approaching winter makes the situation of both residents and displaced people even more difficult.”
While the pact brokered by the European Union on Oct. 30 is designed to keep homes warm through the winter, rebels still hold large chunks of Ukraine’s east and are planning a controversial election tomorrow. Crimea remains under Russian control and the Kremlin, bristling at an EU accord Ukraine signed, is testing NATO with daily airspace violations.
…click on the above link to read the rest of the article…
Ukraine gas supplies in doubt as Russia seeks EU payment deal | Reuters
Ukraine gas supplies in doubt as Russia seeks EU payment deal | Reuters.
(Reuters) – Ukraine’s efforts to unblock deliveries of Russian gas as winter sets in were deadlocked on Thursday as Moscow’s negotiators were quoted demanding firmer commitments from the European Union to cover Kiev’s pre-payments for energy.
EU-hosted talks were adjourned after running late into the night, Energy Minister Alexander Novak and the head of Russian gas firm Gazprom (GAZP.MM) told Russian news agencies. They would resume later in the day if Ukraine and the EU had a firm financing deal in place, Gazprom head Alexei Miller said.
Ukrainian and EU officials were not available. A spokeswoman for Energy Commissioner Guenther Oettinger issued a statement cancelling a news briefing that had been tentatively set for 8:30 a.m. (0730 GMT) in the event of an agreement.
There has already been agreement on the price Kiev will pay for gas over the winter, the amount to be supplied and the repayment of some $3.1 billion in unpaid Ukrainian bills but Moscow, which cut off vital pipelines in June as the conflict with Ukraine and the West deepened, wants more legal assurances that Kiev can pay some $1.6 billion for new gas up front.
…click on the above link to read the rest of the article…
What’s Behind Lower Gas-Prices and the Bombings of Syria and of Southeastern Ukraine Washington’s Blog
Why is the Ukrainian Government, which the U.S. supports, bombing the pro-Russian residents who live in Ukraine’s own southeast?
Why is the American Government, which aims to oust Syria’s leader Bashar al-Assad, bombing his main enemy, ISIS?
This report will document that both bombings are different parts of the same Obama-initiated business-operation, in which the American aristocracy, Saudi aristocracy, and Qatari aristocracy, work together, to grab dominance over supplying energy to the world’s biggest energy-market, Europe, away from Russia, which currently is by far Europe’s largest energy-supplier.
Here are the actual percentage-figures on that: Russia supplies 38% of it, #2 Norway (the only European nation among the top 15) supplies 18%, and all other countries collectively supply a grand total of 44%. That’s it; that’s all — in the world’s largest energy-market, Russia is the lone giant. But U.S. President Obama’s team are working hard to change that, to do a huge favor for the royals of Saudi Arabia and of Qatar, and yank that business for them. (Unfortunately, the residents in southeastern Ukraine are being bombed and driven out to become refugees in Russia, as an essential part of this operation to choke off Russia’s gas-supply into Europe and transfer that business mainly to those royals. This objective against Russia and for those royals is considered to be far more important than its many thousands of victims are, and no one in the Obama Administration has provided any indication — at least publicly — that tears have been shed there for the residents in southeast Ukraine who have been mass-murdered and for the roughly million of them who have fled to refuge and safety in Russia to escape being bombed by the America’s new client-state, the Ukrainian Government.)
…click on the above link to read the rest of the article…
