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Energy Blast – Oct 27, 2011

Shell’s profits this quarter, year-on-year, have doubled to $7.2 billion.  Despite higher taxes, Rosneft is reporting a 10% profit boost for this quarter, to $2.8 billion.  Turkey and Azerbaijan have signed a gas supply deal under which Turkey will buy and transport gas from the Shah Deniz-2 field, boosting the EU’s Southern Corridor project which seeks to bypass Russia.  Gazprom has already discussed the possibility of joining Japanese power projects, part of a drive to diversify away from Europe.  Ukraine says that it will not contest its 2009 gas contract with Russia at international courts, but hopes to reach a suitable agreement through negotiations.  Between BP and the Gulf of Mexico, no further barriers remain.  BG Group has signed a long-term agreement to buy LNG from the Gulf Coast.