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India’s retreat from Russian oil could cause global trade flow shockwaves
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
Latest EU sanctions largely toothless
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
BP’s long stay in Russia
After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve
Arbitration with Gazprom: How to collect
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award, but this is no easy task
Angola's gas breakthrough
While commerciality still needs to be fully confirmed, Azule has hailed the find as a “landmark moment” for gas exploration in the southwest African country—better known for its substantial oil production.
Power of Siberia 2: Deal or no deal?
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns around over-dependence on a single supplier and desire to drive down the price make it relatively unlikely a contract will be finalised this year
Countdown to Mozambique LNG restart
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
China creates two-tier oil dynamic
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Trump’s Russia threat rings hollow
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
Albania’s long pursuit of gas
Gas is unlikely to assume a major role in Albania’s energy mix for years to come, but two priority projects are making headway and helping to establish the sector
LNG Novatek Russia China
Alex Forbes
7 May 2019
Follow @PetroleumEcon
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Novatek targets huge Arctic gas resources

The firm intends to become one of the world's largest LNG producers by 2030 via projects in the inhospitable Arctic environment

Russia's Novatek has established itself as a major player on the global LNG stage with its Yamal LNG project. And if its Arctic LNG 2 goes ahead as planned, it will become one of the world's biggest producers, with nameplate capacity of 37mn t/yr, in the first half of the 2020s. But the firm has ambitions beyond that, as CFO Mark Gyetvay tells Petroleum Economist. PE: What projects do you see beyond Arctic LNG 2? MG: We are blessed with a huge conventional natural gas resource base that is relatively easy to extract. Russia's domestic market is not growing, so our monetisation strategy is to export this gas. Gazprom has decided to do it via pipeline. Novatek has decided to move forward with

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India’s retreat from Russian oil could cause global trade flow shockwaves
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