Category: Europe

Russia sets terms for $1.7 billion Schlumberger-Eurasia deal

Russia’s commission on foreign investment will meet the U.S. oil-services company to go through the conditions in the next 10 days, Igor Artyemev, head of Russia’s anti-monopoly service, said Thursday in Moscow.  More »

Shell cuts staff numbers in North Sea operations

The price of Brent crude, an international variety of oil, dropped about 50 percent last year and the industry is scrambling to figure out how to address the price shock.  More »

Norway on bubble watch as anxiety over oil plunge recedes

Threats from Norway’s hot housing market have trumped anxiety that forced Governor Oeystein Olsen, 63, to deliver a surprise rate cut in December, when oil sank to about $63.  More »

Russian exports could be the next biggest threat to global crude oil prices

Russia may increase oil exports by as much as 250,000 barrels a day this year, according to the Oxford Institute for Energy Studies.  More »

Siemens drops as oil price slump hurts profitability, sales

Siemens is in the midst of cutting 9,000 jobs to save 1 billion euros in costs by 2017.  More »

Norway has an $18 billion plan to shift away from oil

Western Europe’s biggest crude producer is facing what central bank Governor Oeystein Olsen calls a “period of restructuring” amid plunging oil prices.  More »

How Europe’s oil companies are profiting from the slump

Although better known for their oil fields, refineries, and petrol stations, BP Plc, Royal Dutch Shell Plc and Total SA are also the world’s biggest oil traders.  More »

Europe refiners’ gasoline profit at 10-month high on exports

Gasoline’s crack, or premium to Brent crude, rose to $13.46 a barrel on Tuesday, the highest since April 29, according to PVM Oil Associates Ltd, one of the largest brokers for the fuel, before falling to $13.13 at 1:21pm London time.  More »

U.S. lifts sanctions on Belarus energy company

The U.S. announced online that it was lifting sanctions against Belorusneft that were implemented in 2011 in response to the company’s announcement that it would begin work in Iran.  More »

Balkan states seek gas partnership that may cut Russian reliance

Balkan nations on the Adriatic sea plan to build a new gas pipeline and connect their networks in a move that may help reduce Europe’s dependence on energy imports from Russia.  More »

Exxon now has more exploration holdings in Russia than in the U.S., despite sanctions

While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.  More »

Lukoil profit drops 39 percent after impairments, oil-price slump

The results come after OAO Gazprom Neft posted a 31 percent decline in profit on Monday as oil prices plunged and a weaker ruble led to foreign-exchange losses, while OAO Novatek last week said earnings dropped 66 percent.  More »

Russia, Ukraine hold emergency gas talks as cutoff looms

The European Union, which is mediating the talks in Brussels hoping to keep gas flowing despite the dispute, imports around 40 percent of its gas from Russia, half through conflict-torn Ukraine.  More »

How much more economic pain can Vladimir Putin take?

It looks like the one-two punch of sanctions and cheap oil are about to wreck Russia.  More »

Cash-strapped Ukraine struggles to keep Russia gas supplies

With Ukraine’s economy on the brink of collapse and money from a 15.5 billion-euro ($17.5 billion) bailout deal from the International Monetary Fund that has not yet reached Ukrainian coffers, it is unclear how capable — or how willing — Kiev is to strike a long-term deal with Moscow.  More »
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