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Energy Blast – August 19, 2009

According to Bloomberg, although Russian oil production increased this year, defying forecasts, it will inevitably decrease due to the slump in investment when crude prices dropped.  Novatek has reported a 1.6% increase in net profit in the second quarter of 2009, year-on-year, exceeding analysts’ expectations of the profitability of Russia’s second largest gas producer.  To learn some facts about Iran’s current energy partners, look here.  Exxon Mobil Corp and PetroChina have reached a $41 billion agreement on liquefied natural gas, apparently representing Australia and China’s biggest trade contract to date.  The deal for 2.25 million metric tons of liquefied natural gas every year will come from ExxonMobil’s 25% stake in the field, in which Chevron has a 50% stake and Shell the remaining 25%.  Managing to overcome diplomatic tensions regarding Rio Tinto to seal the deal has seen Australia brand itself a ‘global energy superpower’.  Deputy Prime Minister Igor Sechin has said that Venezuela’s Junin 6 oil block may hold 53 billion barrels of oil.  Tyumenneftegaz, a subsidiary of TNK-BP, has apparently drilled the first five-leg horizontal well in the Russkoe field in the Yamalo-Nenets Autonomous Area.