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Energy Blast, March 4, 2008

Gazprom promised western European countries they would not be affected by the latest escalation in its ongoing row with Ukraine, as it cut supplies to the country by 25%. The company RosUkrEnergo said Gazprom’s decision to reduce gas supplies by 25% would only affect Naftogaz Ukrainy. Gazprom now says it will halve gas supplies to Ukraine from 1700 GMT on Tuesday, and that no progress has been made in talks thus far. Total will make an initial estimate of the cost of developing Russia’s giant Shtokman gas field in the coming months and make an investment decision before the end of 2009. Russia’s envoy to the UN said after a UN Security Council meeting that new sanctions imposed against Iran would give Tehran a chance to review its controversial nuclear program.

LUKOIL will likely not supply crude to Germany in March for a second month in a row due to a pricing dispute.WORLD ENERGYHugo Chavez has warned that Venezuela and Ecuador, Latin America’s members of the Organization of Petroleum Exporting Countries, could end up in a war against Colombia, spelling further trouble for oil relations.