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Posts on ‘September 19th, 2006’

ENS-Newswire: Russia Revokes Permit for Sakhalin Energy Project

September 19, 2006     MOSCOW, Russia, September 19, 2006 (ENS) – Russian environmental officials have withdrawn a key permit for a massive oil and gas project off the coast of the Sakhalin Island, citing concerns that work on pipelines was harming salmon runs. The decision was praised by environmentalists, but drew sharp criticism from Japanese and […]

UPI: Russia busting Sakahlin contracts: virtual takeover of a Royal Dutch Shell PLC project

MOSCOW, Sept. 19 (UPI) — The Kremlin has begun what observers say is a virtual takeover of a Royal Dutch Shell PLC oil and natural gas project in Russia’s far eastern region. The government’s environmental agency annulled the company’s approval to operate the Sakhalin-2 venture, one of the world’s largest, MosNews said. The move comes […]

International Herald Tribune: An outcry over fate of gas project in Russia

Agence France-Presse, Bloomberg News, Reuters Published: September 19, 2006 Russia’s decision to revoke environmental approvals for one of the world’s biggest energy projects caused widening concern, as Shinzo Abe, the next Japanese prime minister, warned of a chill in diplomatic relations and the European Commission said it was closely watching Moscow’s actions.   Gazprom, the […]

Dow Jones Newswires: Russian Ministry Cancels Sakhalin Environment Permit

19 September 2006 / 17h24      MOSCOW -(Dow Jones)- Russia’s Natural Resources Ministry has approved the cancelation of a key environmental permit for the Sakhalin-2 oil and gas project, Oleg Mitvol, the deputy head of Russian’s environmental watchdog, Rosprirodnadzor said Tuesday. The move confirms a decision first aired Monday and will likely delay work on […]

Reuters: Russian pressure on Shell alarms UK

Tue Sep 19, 2006 4:20 PM BST By Dmitry Zhdannikov and Elif Kaban MOSCOW (Reuters) – Russia stepped up the pressure on Royal Dutch Shell (RDSa.L: Quote, Profile, Research) and its Japanese partners on Tuesday over a $20-billion (10.6 billion pounds) oil and gas development in the Far East, sparking protests from Tokyo, Brussels and […]

Daily Mail: Russia fuels foreign oil firms’ fears

Lucy Farndon, 19 September 2006 RUSSIA flexed its muscles again, adding to fears that foreign oil firms will be sidelined as its prize oilfields are developed. Its Natural Resources Ministry has revoked environmental permits allowing Royal Dutch Shell’s consortium to proceed with its £11bn Sakhalin-2 gas project. Meanwhile, the Kremlin-supported gas monopoly Gazprom is tipped […]

Financial Times: Russia’s stance on Shell sends a chilling message

By Neil Buckley in Moscow Published: September 19 2006 03:00 | Last updated: September 19 2006 03:00 The Russian authorities’ withdrawal of a key permit for a Shell-led natural gas project follows months of pressure on three large foreign energy investments in the country that has come to a head in recent days. The three […]

Financial Times: Russia cancels Shell permit for Sakhalin-2

By Neil Buckley in Moscow Published: September 19 2006 03:00 | Last updated: September 19 2006 03:00 Russian authorities cancelled a key environmental permit for a $20bn (£10.7bn) energy project led by Royal Dutch Shell, in a move that could halt work on one of the world’s biggest oil and gas ventures. The cancellation by […]

Message from Ian Craig, CEO, Sakhalin Energy

Action taken by Ministry of Natural Resources Update: Developments regarding the Russian Ministry of Natural Resources’ decision to revoke the SEER 600 – the environmental permit for the Phase 2 Project. On Saturday 16 September, a public statement was issued by the General Prosecutor’s (GP) Office of the Russian Federation concerning the opinion of the […]

Financial Times: Lex Column: BP/Shell/Russia

Published: September 19 2006 03:00 | Last updated: September 19 2006 03:00 The latest delay to its Thunder Horse project in the Gulf of Mexico will heighten investors’ concerns about BP’s US business. Unfortunately, further uncertainty is building on the other side of the globe. In Russia, Gazprom is said to be interested in taking […]

RIA Novosti: Russia says to honor PSAs, as Sakhalin energy project woes mount

14:47 | 19/ 09/ 2006 MOSCOW, September 19 (RIA Novosti) – Russia may stop using production-sharing agreements for mineral deposits but will honor contracts being implemented, the economic development and trade minister said Tuesday. German Gref also said the government could not support all the proposals made by foreign companies on spending on the Shell-led […]

Platt’s: Gazprom, Shell halt Sakhalin-2 asset swap talks for over a year

Moscow (Platts)–19Sep2006 Talks between Russian Gazprom and Shell over a stake in the Dutch company’s Sakhalin-2 project stalled over a year ago because of economic uncertainties with the project, not the cancellation of an environmental permit Monday, a Gazprom spokesman said Tuesday. “The decision of the natural resources ministry [to revoke the permit] has not […]

Financial Times: Japan rebukes Russia over Sakhalin-2

By David Pilling in Tokyo Published: September 19 2006 11:02 | Last updated: September 19 2006 11:02 Japan on Tuesday rebuked Russia for suspending a huge natural gas project 45 per cent owned by Japanese trading companies, saying it “may hurt the overall relationship between the two countries”. Moscow’s decision to withdraw an environmental permit […]

UpstreamOnline: Japan warns against Sakhalin delay

By Upstream staff Japanese Chief Cabinet Secretary Shinzo Abe has warned that diplomatic relations with Russia could be hurt by Russia’s revocation of environmental approvals for Shell’s Sakhalin 2 project. He spoke after Russia stripped the development of its environmental approval. “I am concerned that major delays might have a negative influence on overall Japan-Russian […]

UpstreamOnline: Piebalgs’ concern at Sakhalin moves

By Upstream staff The European Commission said today that it took “very seriously” a decision by Russia to revoke environmental approvals for the $20 billion Sakhalin 2 oil and gas project led by Shell. “I take this announcement very seriously indeed,” Energy Commissioner Andris Piebalgs said in a statement, adding that Shell should be given […]

UpstreamOnline: Gref claims production sharing ‘outdated’

By Upstream staff Russian Economy Minister German Gref said today production sharing deals were an outdated mechanism to attract foreign investment but added that all existing deals should be respected. The move follows weeks of tensions between the government and Shell, which climaxed yesterday when the Resources Ministry revoked ecological approvals for the second, main […]

UpstreamOnline: Gazprom walks away from Shell swap

By Upstream staff Russian gas monopoly Gazprom has suspended asset swap talks with Shell due to uncertainty surrounding the Anglo-Dutch supermajor’s Sakhalin 2 development. Gazprom had planned to swap half of a giant Siberian gas field for a 25% stake in Sakhalin 2, the world’s biggest liquefied natural gas project off Russia’s Pacific coast. “We […]

MarketWatch: Sakhalin-2 woes hit Mitsui, Mitsubishi shares

By Ilya Garger, Last Update: 3:33 AM ET Sep 19, 2006 HONG KONG (MarketWatch) — A Russian government decision to withdraw environmental approval for the Sakhalin-2 oil and gas project has strained relations with Japan and caused shares in two Japanese firms with stakes in the project to fall. Japanese cabinet secretary Shinzo Abe, who’s […]

The Wall Street Journal: Russia Makes Partners Uneasy But Likely Won’t Torpedo Oil Deals

September 19, 2006 It’s a tough time to be a foreign oil company in Russia. Just ask Royal Dutch Shell. Russia’s resources ministry has canceled its environmental approvals for Shell’s Sakhalin-2, which could effectively halt the $20 billion oil and gas project. Exxon Mobil, too, is running into problems with Russia’s government over its own […]

The Wall Street Journal: More Companies May Dig Deeper In Search for Oil

Gulf of Mexico Discovery Fuels Prospects of Finding New Supplies; Lack of Resources Could Slow Push By RUSSELL GOLD September 19, 2006; Page C1 The successful production of oil from the five-mile-deep Jack well in the Gulf of Mexico is likely to spur more deep-water exploration around the world — and that prospect is helping […]

The Wall Street Journal: No Bounds to Moscow’s Bullying

By MICHAEL CONNOLLY September 19, 2006 Moscow’s cancellation Monday of an environmental permit for the $20 billion oil-and-gas project led by Royal Dutch Shell PLC on the island of Sakhalin raises questions about how far the standoff between Russia and the international oil majors might escalate. It seems about as defensible as the country’s seizure […]

The Wall Street Journal: Russia Cancels Royal Dutch Shell PLC Permit, May Seek Better Deal

By GREG WALTERS September 19, 2006; Page A17 MOSCOW — Russia’s Ministry of Natural Resources said it would cancel an environmental permit for a $20 billion oil and natural-gas project led by Royal Dutch Shell PLC on the Far East island of Sakhalin. The move was seen by Western observers as a negotiating tactic aimed […]

The Wall Street Journal: Oil News Roundup: September 18, 2006 5:51 p.m.

THE WALL STREET JOURNAL ONLINE September 18, 2006 5:51 p.m. Crude-oil futures rose for the second consecutive session on the New York Mercantile Exchange, closing at nearly $64 a barrel on news that a key BP platform will stay out of commission longer than expected. Here is Monday’s roundup of oil and energy news. * […]

The Scotsman: Russia builds pressure on Royal Dutch Shell, Exxon projects

By Dmitry Zhdannikov MOSCOW (Reuters) – Russia launched a new broadside on Monday against Royal Dutch Shell and Exxon Mobil , showing the Kremlin’s resolve to regain control of huge oil and gas projects they run off the Pacific island of Sakhalin. The Resources Ministry said it had revoked its own ecological approvals for Shell’s […]

The Times: Analysts dismiss possibility of Royal Dutch Shell pursuit of BG Group

September 19, 2006 By Nick Hasell SUMMER may be over, but City speculators appear to have lost none of their appetite for circulating the sort of low- credibility bid tales more commonly aired in the dog days of August. The latest hot-money favourite is BG Group, which bounced off its lows last week as analysts […]

The Times: Russia may force Shell’s hand in Sakhalin project

September 19, 2006 From Julian Evans in Moscow   THE Russian Government has revoked the environmental approval for phase two of the $20 billion (£10.6 billion) Sakhalin-2 oil and gas project in the far east of Russia, in which Royal Dutch Shell is the main investor. Analysts say that the move is an attempt by […]

The Guardian: Russia tries to rein in foreign oil firms

· State withdraws approval for Shell’s Sakhalin project · Gazprom rumoured to want half of BP venture Terry Macalister and Michael Mainville in Moscow Tuesday September 19, 2006 Shell and BP were facing legal wrangles and upheaval in Russia last night, raising doubts about the involvement of foreign companies in the country’s oil and gas […]

Bloomberg: Russian Gas Project Annulment May Hurt Japan Ties, Abe Says

By Megumi Yamanaka and Shigeru Sato Sept. 19 (Bloomberg) — Russia’s decision to cancel approval for the $20 billion Sakhalin-2 natural gas project, earmarked to supply Japan, may hurt relations between the countries, Japan’s Chief Cabinet Secretary Shinzo Abe said. “I’m concerned that any major delay in the project, which is a symbol of the […]