Rosneft‘s profits jumped an overwhelming 80% following its purchase of Yukos assets. Gazprom is to attend talks with Ukraine’s high-level energy delegation as Ukraine’s new government seeks to revise the terms of agreements with Moscow. It is thought that Prime Minister Yulia Tymoshenko, who promised to eliminate all intermediaries in gas trade with Moscow last year, will seek “tough action”. World Energy An economist from BP says that world oil production may peak in the coming years “because of a decline in demand for petroleum rather than constraint on supply.”
Norwegian oil and gas producer StatoilHydro will shut its only oilfield in China, Lufeng 22-1, around the end of 2008 as the South China Sea field comes to the end of its production life.Reliance Energy, India’s second-largest utility by market value, said third-quarter profit rose 50% as record economic growth spurred demand for power. High oil prices and subsequent subsidies in India have created economic problems.