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Energy Blast – March 24, 2010

President Medvedev is in Khanty-Mansiysk today to focus on issues of energy consumption and to launch a new line of gas turbine power stations.  OGK-3 is planning to sell various assets, including a stake in the Kovytka gas field, in response to the Energy Ministry’s orders that it return misspent funds and Vladimir Putin’s accusations of delayed investment. Rosneftegaz will likely be the new owner of the entire Kovytka field after it is sold by TNK-BP, which is bowing out at the end of this year.  ‘The Russian state has had its eye on the enormous Kovytka gas prospect in Siberia for many years,‘ says The Telegraph.  The Energy Ministry’s new GEOLRO-2 power plan calls for 25% less capacity than originally planned.  BP should reap at least 100,000 barrels of oil a day from its new Brazilian energy assets.  Russia has apparently coordinated a diplomatic approach to Iran with China, and is calling for a change in approach to the nuclear issue. Ukraine, thus far unable to secure lower gas prices from Russia, intends to restore the transit of Kazakh Crude along its Druzhba pipeline.