Energy Blast – September 30, 2009

Gazprom will cut output in 2009 by 13.8%, the lowest in history, due to dwindling consumer demand domestically and in the former USSR.  The company has apparently said it is considering adding a third partner to the South Stream pipeline.  Bloomberg has an interview with the CEO of Statoil Hydro regarding hopes to join the Yamal project in northern Siberia.  Naftogaz Ukrainy apparently expects to see a recovery this year for the losses of 2008, maintaining that profit-making was prevented by currency exchange rates.  Vladimir Putin has said that although ultimately Russia plans to liberalize the gas market, a cautious approach is favorable.  According to Reuters, Russia will maintain Gazprom’s export monopoly in the medium term.  A project to transport Russian gas from North Korea to South Korea has been halted due to inter-Korean tensions.  Nigeria is in talks with several state-run Chinese oil firms wanting to buy proven reserves.  Is a Chinese presence in the African state a worry for the western majors? asks the Telegraph.  India plans to increase its nuclear capacity by 12,000% by 2050.