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Energy Blast – April 15, 2008

It is being reported that Gazprom was “handed” one of Russia’s biggest oil and gas fields in Yakutia without an auction, “acting on orders from President-elect Dmitry Medvedev”. The win marks “the first time in post-Soviet Russia that a company has received a field without having to fight off rival bids”. It is also being reported that Prime Minister Viktor Zubkov, who approved the handover at a Cabinet meeting, has been nominated by the government for Gazprom’s board. Turkmenistan has agreed to supply the European Union with 10 billion cubic meters of natural gas from next year, helping the EU “reduce its reliance on gas imported from Russia.” Serbian power monopoly EPS and Russia’s electricity trader Inter RAO have signed a wide-ranging strategic partnership deal that could see them build power plants together, and possibly join forces abroad. Lukoil’s vice president says Russian oil production has peaked and may never return to current levels. Baghdad signaled it was prepared to sign five oil field services agreements covering its biggest fields.