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Energy Blast – June 25, 2010

‘We regret that a conflict erupted’, says Prime Minister Putin on the Russia-Belarus gas spat.  Reports confirm that Russia has paid Belarus its gas transit fees, and has resumed supplies.  A factbox on Russia’s relations with oil and gas transit states here.   In the biggest energy auction for Russia in five years, the government plans to sell the rights, worth approximately $225 million, to develop the Naulsk oil fields in the Arctic.  Is Lukoil eyeing electricity?  The company has apparently approved borrowing $3.23 billion in bonds to foster growth.  It does not expect its strategic partner ConocoPhillips to exit entirely from the Russian company, despite the US oil major’s plans to halve its stake after a spate of disappointing projects.  Bloomberg has an interesting report on Eastern Europe’s renewed interest in nuclear energy.   Gazprom reportedly plans to increase its underground gas storage facilities abroad to 6.5 billion cubic meters by 2016.  The gas giant will have an early start on production at the Kirinsky gas condensate field under the Sakhalin-3 project.