Hristo Rusev

** Entry flows at Baumgarten only dip slightly over weekend, with Gazprom Italia understood to be picking up majority of former OMV volumes ** Russian deliveries to Ukraine at Sudzha, the last Russian-Ukrainian interconnection point still in use, dipped only slightly to 439 GWh/d on 16-17 November from 452 GWh/d earlier in the month. And entry flows at Velke Kapusany, where Russian transit gas through Ukraine enters Slovakia, averaged 440 GWh/d over these two days, unchanged from 15 November and barely below the 1-15 November average of 445 GWh/d. Flows from Slovakia to Austria at Baumgarten fell by slightly more, to an average of 242 GWh/d from 288 GWh/d on 1-15 November. The news that OMV would be cut off, leaving a large amount of gas available to other buyers, came slightly too late in the day for some buyers to fully nominate for the weekend and Monday, Argus understands, which may have contributed to the lower flows. Instead, most of the remaining gas stayed in Slovakia, which in turn allowed the country's storage withdrawals to fall. Net withdrawals dropped to 37 GWh on 16 November, GIE data show, well below 112 GWh/d over the previous seven days. The 46 GWh/d drop from earlier in the month in physical entry at Baumgarten is well below the 178 GWh/d no longer being allocated to OMV. Gazprom Italia picked up the majority of the volumes left by OMV over the weekend and Monday, Argus has been told by multiple sources. Full paywalled article here: https://lnkd.in/edAQ2izi #TTF #gas #Austria #trading #OMV #Gazprom #Italia #Baumgarten

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Aphrodite on Hold: Cyprus Seeks More Detailed Development Plan, Eni's Cronos Eyes First Gas: - Cyprus rejected the new proposal by Chevron, NewMed Energy, and BG Cyprus (Shell) to develop the ‘Aphrodite’ natural gas field in block 12 of the exclusive economic zone (EEZ). - The government deemed the proposal inadequate and requested specific actions within six months from the consortium to develop the gas field. - Chevron, the operator of the field, proposed to optimize the Development and Production Plan, which was received by the energy ministry on April 2. - The partners were required to confirm their consent to commence performance of the Front-End Engineering Design (FEED) within six months. - Chevron's proposal, based on a Floating Production Unit (FPU), was considered inadequate and lacking specific timeframes. - The consortium, given six months to respond, includes Chevron (35%), BG Cyprus (Shell) (35%), and NewMed Energy (30%). - The Aphrodite gas field, discovered in 2011, holds an estimated gross mean of 4 trillion cubic feet of natural gas. - Previously, in August 2023, the energy ministry rejected a proposal by Chevron to change the initial Development and Production Plan. - The government has granted several extensions to the consortium to find common ground on the development of the gas field.

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Apollo partners with bp in Trans Adriatic Pipeline   bp and Apollo today announce an agreement for Apollo-managed funds (the “Apollo Funds”) to purchase a non-controlling stake in bp Pipelines TAP Limited, the bp subsidiary that holds a 20% share in Trans Adriatic Pipeline AG (TAP) in a transaction valued at approximately $1 billion. Read More: https://lnkd.in/gcntP4i3 🔽 Find more info in comments below 🔽 #OffshoreRenewableEnergy #ORECatapult #WindEnergy #OffshoreWind #OilandGas #RenewableEnergy #GreenEnergy ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

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**Austria forming committee to examine OMV-Gazprom contract** Austria will form a committee to examine the long-term gas supply contract between OMV and Gazprom, including the political situation when the contract was extended until 2040 back in 2018. "The dependence on Russian gas supplies remains a major threat to our energy supply. We must derive two things from this fact: promote independence and learn from the mistakes of the past," said Climate Protection Minister Leonore Gewessler, who sees a responsibility to "do better in the future," to which the Commission should contribute. The ministry has previously said that it will examine ways in which it could end the contract early, in order to reduce dependence on Russian gas. In May, Russian gas made up 90% of imports, as the German storage levy continues to make imports from north-west Europe uneconomic in comparison to Russian gas. #gas #Austria #OMV #Russia #Gazprom #trading #CEE #supply #demand #contract

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Another major step in positioning NewMed Energy as a leading and highly regarded international energy corporation.

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There is "no reason" for the gas market monopoly given to state-owned Cygas to continue given sufficient private-sector interest in investing, CEO of Cyfield Group George Chrysochos told me. Read full interview free in the comments! Cyprus gave Cygas the monopoly thinking that it was the only feasible way to cover the large cost of developing the Vasilikos LNG import terminal, but the government has since been "extremely slow and inefficient in completing the terminal", Chrysochos said. And since 2019, private investors — notably regional producer Energean — have shown increasing interest in Cyprus' gas market, "indicating that there is no reason for the monopoly to exist", he said, adding that a competitive liberalised market would reduce the price of gas imports and therefore also domestic electricity production. The Vasilikos project is currently under investigation by national and European authorities on suspicion of procurement fraud, misappropriation of EU funds and corruption. The project's shared liability between disparate companies made it "impossible for many parties to show interest", Chrysochos said. Completing the project is a priority for Cyprus and that can be done in one of two ways, he said. Either state-owned developer ETYFA could issue a new construction tender using EU and Cypriot funds, which could potentially be completed within a year, or ETYFA could "give the terminal as a concession" to a new operator that finances all remaining work, operates the facility and pays annual rights to Cygas, Chrysochos said. The "ideal scenario" for bringing gas to Cyprus would be to build a pipeline directly to existing Israeli offshore fields, and if funding for a pipeline to Israel's Karish field were available, that would "definitely bring cheaper gas to Cyprus", he said. "All redundancies are welcome," he added. But with Vasilikos already 80pc complete and its floating storage and regasification unit (FSRU) purchased, completing the terminal is the "most reasonable option", Chrysochos said. Cyprus has made several large gas discoveries in its exclusive economic zone, but has been unable to develop them commercially. "Cyprus is a small market and cannot serve as a starting point that will make this extraction feasible," Chrysochos said, meaning that "the viability of the project depends 100pc on the sale of these quantities abroad." Because of this, the only "feasible way" for Cyprus to utilise its discoveries is to pipe the gas to Egypt, where it can be liquefied and then exported back to Cyprus or elsewhere, he said. Alternatively, a pipe could be built to bring gas directly to Cyprus from the Aphrodite field. The consortium developing Aphrodite submitted plans to pipe processed gas to Egypt in September, with similar plans for production at Cronos. #gas #LNG #Cyprus #power #CCGT #trading #Med #Karish #Energean #Israel #Greece

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D.TRADING signed a comprehensive Heads of Agreement (#HOA) for the supply of #LNG to Eastern Europe with #Venture Global (USA). The document presupposes support near to medium term energy security needs for Ukraine and the broader Eastern European region as well as cooperate on opportunities to access regasification terminal capacity and gas pipeline capacity that provide an integrated and flexible transport path to support the energy security of the region. My gratitude to the Venture Global partners for moving froward with ensuring energy security in the EU. At D.TRADING we believe that this Heads of Agreement marks a significant milestone in our commitment to support Ukraine and the EU in the process of decarbonization, as well as energy security for Europe. This partnership underscores a strong dedication to ensuring access to sustainable energy today and in the future. #LNG #HoA #EnergySecurity #Partnership #VentureGlobal #Gas #Collaboration

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Russia's #StateDuma has reduced to zero taxes on the production of gas for the purposes of #liquefaction: a new incentive for Yamal (northwest Siberia). A zero rate of mineral extraction tax (#MET) will be introduced for the production of so-called 'hard-to-recover' gas and gas condensate found in the deep #Achimov formation and #Jurassic deposits of the Yamal-Nenets Autonomous Okrug. The gas is to be used for #LNG production. This was reported by the press service of the #StateDuma. The new amendments also target the tax deduction for #MET for gas condensate used in processing to obtain a wide fraction of light hydrocarbons (#NGLs) for the period from 2025 to 2029. A zero rate of #MET on 'hard-to-recover' gas and gas condensate reserves will be introduced for the #Achimov and #Jurassic productive formations located on the Yamal Peninsula, provided that the gas is used for #liquefaction. The adoption of the law assumes zeroing the tax from 2028 until the cumulative volume reaches 130 billion cubic meters of gas and 15 million tons of condensate in all sub-surface blocks, but no later than December 31st 2037. Currently, there is only one natural gas #liquefaction plant operating on the Yamal Peninsula - #YamalLNG, which actively produces gas from the #Jurassic deposits of the South Tambeyskoye field, which serves as the resource base for the project. The initiative to introduce a tax deduction for the #MET on condensate used in the production of #NGLs was put forward by #SIBUR, which uses condensate purchased from gas companies, including #NOVATEK. In addition, #Gazprom also processes produced condensate to obtain #NGLs. Russian Deputy Minister of Finance Aleksey Sazanov previously reported that additional budget revenues from the new tax legislation could amount to about 40 billion rubles. https://lnkd.in/gfYGb6VK

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Top speakers on Budapest Geothermal Energy Summit. Do not miss it, if you want to learn, network on the leading #geothermal conference of the #cee region. Save the date: 20 September. #sustainability, #greenenergy #energytransition

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Gazprom's recoverable gas reserves exceed 27 trillion cubic meters of gas. Most of Gazprom's reserves are concentrated in the Yamal and offshore fields. Gazprom's recoverable gas reserves currently exceed 27 trillion cubic meters, and liquid hydrocarbons - more than 1.5 billion tons, said Deputy Head of the Department of the gas concern Sergei Neresov at the session of the Eastern Economic Forum. He noted that most of the reserves are located in the depths of Yamal - 44% of all the reserves of the concern are in the Yamal-Nenets Autonomous Area. Another 31% are in offshore fields, 12% are in the eastern part of the Russian Federation. At the same time, Gazprom's geological gas reserves are estimated at almost 7 trillion cubic meters, according to liquid hydrocarbon reserves - at 1.1 billion tons. According to Neresov, the growth point for the resource base of the gas giant now is becoming hard-to-recover reserves (HTRs), the development of HTR production technologies in the conditions of declining production in the northwestern part of Siberia is especially important. https://lnkd.in/ewG8VPbq

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It is not often that we hear news about #NOVATEK's long-proposed #ArcticLNG1 Project. This piece of news relates to the project's marine logistics strategy. For those of us who follow #NOVATEK's projects closely, it is not too surprising and, in fact, not entirely new news! Several years ago, if I recall correctly, a tender was issued for offshore geotechnical surveys for a planned cargo terminal at the Geofizicheskoye gas field on the Gydan Peninsula's west coast. Geofizicheskoye lies to the south of #ArcticLNG2's Utrenneye / Salmanovskoye gas field, as shown in the article's main map (the yellow gas field, partly onshore and partly offshore close to the bottom of the map). Geofizicheskoye lies within the Geofizicheskiy license block, one of several blocks held by #ALNG1 in the southwestern and central parts of the Gydan Peninsula - a number of them are shown on the map. It was reported on May 25 that Russian PM Mikhail Mishustin had signed order No. 1250-r, which expands the legal boundaries of the seaport of #Sabetta in the Yamal-Nenets Autonomous Okrug to include an "artificial land plot" that will be adjacent to the Gydan Peninsula. The site will accommodate a remote cargo terminal, most likely the one noted above, required for the development of the nearby Geofizicheskoye gas field. The terminal will be able to handle up to 1.6 million tons/year of various cargoes. Construction could begin in mid-2026. Meanwhile, development of project documentation continues. I'll add that we shouldn't see this as a sign that #ALNG1 will proceed any time soon. If it does proceed, it will likely follow #ObskiyLNG and #MurmanskLNG. One other thing to note. There are currently thee 'terminals' that are legally part of the port of #Sabetta. These include #Sabetta itself (#YamalLNG) and #Utrenniy (#ALNG2). The order signed by the PM indicates that the Geofizicheskoye terminal will become another legal part of the port of #Sabetta. https://lnkd.in/gAcThq-u

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Hear about proven solutions from our collaboration with OMV, a leading global energy company in Austria. Ovation's data management solutions empowered them to: 🚀 Streamline data access 🔒 Enhance data security 📈 Boost staff productivity By migrating OMV's seismic data to a new system and implementing a data catalog, they overcame challenges with data accessibility and usability. This enhanced data security and freed up valuable time for OMV's staff. OMV's success story exemplifies the transformative power of data management solutions. ➡️ Link to the case study: https://lnkd.in/dGWpCexJ #yourdatamanaged #PreserveProtectShare #datascience #digitization

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Bloomberg: Arctic LNG 2 Reduces Gas Processing in June to Lows Since February. Gas processing at Arctic LNG 2 fell to a 5-month low in June, to just over 8 billion cubic meters. In June, NOVATEK reduced the processing of blue fuel at its largest project, Arctic LNG 2, to the lowest levels since February — to just over 8 billion cubic meters, Bloomberg sources say. It is not entirely clear what Bloomberg means by gas processing, given that it is a liquefaction plant, not a gas processing plant or gas chemical plant. It is likely that this is gas preparation for further liquefaction. And NOVATEK did not provide any comments to the agency. 8 billion cubic meters is about half the May level, the agency calculated. Gas production at the fields that support the project, according to sources, fell to 34 million cubic meters in June — also to a minimum since February. Some of this gas went to meet the plant’s energy needs. It is not known whether LNG was produced from these 8 billion cubic meters, but indirect data show that it was, the agency notes. Arctic LNG 2 has been subjected to strong sanctions from Washington, all of NOVATEK's main partners in the project have declared force majeure. However, the Russian producer is not putting the project on hold. Another issue is that LNG supplies have not yet begun: NOVATEK has no gas carriers, since foreign shipyards are not delivering the ordered vessels due to sanctions. https://lnkd.in/ech8_UAK

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Despite all the talk about market saturation, a Net Zero electricity system will need more reserves than system operators procure today. With common principles and harmonised products, countries can share their reserves to reduce the cost to consumers. That was an objective of the 2017 European regulation establishing the electricity balancing guidelines, along with helping to increase security of supply and limiting emissions. When we first starting tracking progress towards pan-European flexibility markets, the target implementation date seemed a long way away. But although most countries have missed even the derogated extension to the deadline, you can see the progress made during a challenging year:

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Gazprom Neft CEO Dyukov is against spontaneous OPEC+ decisions. Gazprom Neft CEO Dyukov: Oil prices will stabilize soon, there is no need to rush to change OPEC+ policy. OPEC+ should not make spontaneous emotional decisions regarding production quotas at the moment, it is necessary to wait until next month for a more in-depth analysis of the market situation, said Gazprom Neft CEO Alexander Dyukov. It is worth noting that Bloomberg and Reuters have already reported on the alliance's condemnation of the cancellation of production growth by 180 thousand bpd in October of this year. The agencies explained that oil exporters are being pushed by the fall of a barrel below $73. Dyukov believes that the current decline in oil prices is due to a possible increase in production in Libya by 500 thousand bpd, as well as poor economic performance in a number of large countries. At the same time, he is confident that the influence of these factors will soon weaken and will be recouped by the market, and the price will stabilize. https://lnkd.in/eBMKzn3d

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