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Energy Blast – April 3, 2009

In March, Gazprom’s production had fallen by 18.5% on last year’s January-March rate.  Oil output, contrary to expectations, increased by 1% in March.  An article in the Moscow Times highlights debate around the part-sale of MOL as the Croatian government has announced that if MOL is subject to a ‘hostile’ takeover, it can buy back the company’s stake in INA Industrija Nafte.  Hungarian watchdog PSZAF will investigate if the purchase of the OMV stake by Surgutneftegaz breached market law.  Poland’s state-owned gas company PGNiG has come to an agreement with Gazprom that will last to the end of this year.  Norway’s StatoilHydro may bypass Turkey in its plans to transport natural gas from Azerbaijan to Europe.  CPC Corp. will reduce the wholesale price of LNG as of today.  Bloomberg says that BP Pic and Eni SpA are among the oil companies who prefer replacing reserves through purchasing from competitors to exploring new fields.  Discussions are being held in the Duma to implement TNK-BP’s plans to raise energy efficiency of oil production by 7% in the next three years.