Russian Prime Minister Viktor Zubkov and Economic Development and Trade Minister Elvira Nabiullina have been approved as candidates for a new Gazprom board of directors. Kazakhstan has raised its price for shipping gas to Gazprom by 27%. Rosneft and state-run Vnesheconombank have signed a Memorandum of Cooperation, which outlines joint participation in projects aimed at the development of infrastructure, innovative technologies, and diversification of operations.
14.9 million metric tons (109 million barrels) of crude were produced off Sakhalin Island in the Russian Far East in 2007 – a record level. The Sakhalin projects are controlled by Exxon and Gazprom.The viability of a planned 3,200-kilometer natural gas pipeline from eastern Turkey to Austria is in doubt because of a halt to gas exports from Central Asia. The planned $7.4 billion Nabucco pipeline would get its gas from Azerbaijan and possibly Turkmenistan, Iran, Egypt and Iraq.World Energy“The international oil giants are supposed to be expanding their production, not shrinking it. They are not supposed to be leaving the technically less well-equipped national oil companies such as Saudi Aramco and Pemex to carry the burden of expanding production to match global demand.”