Gazprom bought control of the $22 billion project after a prolonged crisis that forced Royal Dutch Shell, the project's former leader, and its partners to reduce their holdings. Analysts had expected that the battle would lead to delays. Shell is now a minority shareholder along with Japan's Mitsubishi and Mitsui.
Posts Tagged ‘Sakhalin 2’
Gazprom to Open First LNG Plant
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Shell Chief Bets Big Despite Downturn
"To invest or not to invest. We are convinced that it is better to keep on investing. You have to replace easier oil with more difficult oil. You can do that best with long-life projects that you can do for years," said van der Veer, singling out as an example Shell's $20 billion investment in Russia's Sakhalin 2 project.
Hundreds of birds die in oil spill into Aniva Bay from the Sakhalin II plant
The oil spill is believed to have occurred on Sunday after a tanker left the liquefied natural gas plant which is still under construction. The plant is owned by Sakhalin Energy which is the operator and investor for the $20 billion Sakhalin II project.
Shell in U.S. Gov. Sex, Drugs and Corruption Scandal
In the hard commercial world, Shell is, as always, prepared to do whatever it takes to meet its objectives, whether in the USA (bribery and corruption), Nigeria (fuelling corruption and violence, with no end to the gas flaring), the North Sea (production and profit before offshore worker lives) or in Russia (bribery and corruption on the Sakhalin-2 project).
Gazprom, Once Mighty, Is Reeling
Investors are now fleeing Gazprom stock...
Russia look to control world’s gas prices
The Russian national anthem blared over the loudspeakers as dozens of oilmen and officials braved the freezing cold to watch the tanker come in, celebrating the launch of year-round oil production from Sakhalin-2, the largest oil and gas project in the world.
Sakhalin Energy CEO to keep post in 2009 – Gazprom
A contract with the chief executive of Sakhalin Energy, the operator of the Sakhalin II oil and gas project off Russia's Pacific Coast, has been extended for 2009, a Gazprom executive said Thursday.
The Big Gas Troika: A Lot of Hot Air
This article was originally published in the December 2008 issue of the IAGS Journal of Energy Security
SUNDAY, 14 DECEMBER 2008 00:00 WARREN WILCZEWSKI
Russias efforts to create within the Gas Exporting Countries Forum (GECF) a more focused “Big Gas Troika” composed of Iran, Qatar, and Russia have been identified as a serious threat to European, and global energy security. Following an October 21st, 2008 meeting in Tehran between representatives of the three countries, a Gazprom press release suggested this producers group (also referred to as a “Gas G3”) could be expanded, and include other GECF countries in what Alexei Miller calls an “Energy Pole.” Parallels with OPEC, which at its inception also functioned as a consultative body, are clear; the proposed organization bears the hallmarks of a nascent cartel an Organization of Gas Exporting Countries (OGEC), with Russia in the drivers seat. In the short term, prospects of such a cartel have remained a marginal concern for EU Energy Commissioner Andris Pielbags, who finds Norways categorical opposition to membership in such an organization reassuring. A recent IEA report, however, suggests such a cartel may indeed emerge within ten years, further empowering its members in their dealings with major gas importing countries.Motivations behind the recent flurry of activity vary. With crude (and thus prices of gas exports linked to it) currently below Russias $70 budget break-even point, the Kremlin needs a catalyst to bring prices up again. In this sense the aftermath of the Georgia conflict must have been a disappointment. Despite reports of Russian bombs landing just meters away from the Baku-Tbilisi-Ceyhan oil pipeline, energy prices continued dropping throughout August. Simultaneous saber-rattling rhetoric from Tehran, and suggestions by Revolutionary Guard General Mohammad Ali Jafari of a possible strike on US forces in the Strait of Hormuz, also failed to slow this downward slide. As prices continued to fall into September Russian Deputy Prime Minister Igor Sechin, attending OPECs Vienna meeting as an observer, suggested closer cooperation with the oil cartel, and proposed holding a meeting of the group in Moscow. After even this move failed to halt the decline in oil prices, to which most of Russias gas supply contracts are linked, a new approach was required.
Sakhalin II operator begins oil exports via new terminal
YUZHNO-SAKHALINSK, December 12 (RIA Novosti) - Sakhalin Energy launched year-round oil export deliveries on Friday via a new oil terminal as part of the Sakhalin II oil and gas project off Russia's Pacific Coast, the company said in a statement.
Mismanagement of Russian Economy Could Lead to Social Unrest
Foreign investors were given some serious lessons, when the state took over the Shell-led Sakhalin-2 project...
Sacked Russian environmental official Oleg Mitvol goes to court
Mitvol was appointed deputy head of the environmental regulator in April 2004, but came to international attention in late 2006 when he led a campaign against oil major Shell that resulted in a lucrative project being sold to Gazprom.
Sakhalin Energy’s Pipeline
Friday, November 07, 2008 Updated at 07 November 2008 0:11 Moscow Time.
Gazprom’s Sakhalin Energy venture began filling an oil pipeline from Sakhalin-2 that may allow it to start year-round crude production this year.
Sakhalin Energy expects the first tanker loading at the port of Prigorodnoye by the end of 2008, said Marina Makarova, the firm’s pipeline development manager.
(Bloomberg)
Shell’s new chief executive needs to deliver the jam tomorrow
Shell's traditional rival BP is a safer short-term bet. Its production growth will be faster in the short term, and the projects offer higher margins. It is also spending less to deliver that growth. This gives investors greater comfort that falling oil prices won't endanger its dividend, and might explain why BP shares have outperformed Shell's by 7pc in since the beginning of September.
Shell’s hilarious attempt to beef up email security
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By John Donovan
7 October 2008
Shell employees will need to be even more on their guard when communicating by email or using instant messaging systems. Shell Global Security managed by Ian Forbes McCredie OBE, a former senior officer of the British Secret Service, will now have access to an archive of all such communications.
The new security monitoring systems are thought to be an attempt to stem the flow of leaked emails to what Reuters has described as the unofficial Shell website, royaldutchshellplc.com
Shells Sakhalin influence
CampaignWatch October 2008
Did Shell breach the rules?
Shells input into the Sakhalin environmental audit is questioned
US-based Pacific Environment, an environmental group that focuses on the Pacific rim, says Royal Dutch Shell influenced a supposedly independent environmental audit to determine whether its controversial Sakhalin II energy project would get finance. Campaigners say dozens of emails released by the UK government under the Freedom of Information Act show Shell officials in London attempted to downplay criticisms of the environmental impact of the $22bn oil and gas project off the east coast of Russia. Shell says its input into draft reports of this kind is routine and designed to ensure accuracy, but did not affect the findings in this case. AEA Technology, which conducted and then published the audit in November 2007, says that although Shell and various banks made suggestions on the draft, it was under no pressure to accept them. It maintains the audit was an accurate, balanced and independent view of the project. Campaigners such as WWF are concerned about the effect continuous drilling at Sakhalin II, which has now received finance, will have on the endangered western grey whale.Related Articles
» Sakhalin-2 project – Russias new-found environmental fears » Shell in Russias far east – Courting controversy » Russian Shell subsidiary considers impact on whalesOriginal Article
Gazprom Chief Optimistic Despite Share Price Plunge
Gazprom's consolidated debt stood at 1.2 trillion rubles ($48 billion) at the end of 2007, up 52 percent on a year earlier, after the company acquired control both of the major Sakhalin-2 offshore project and of Moscow utility Mosenergo.
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