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  • 22
    Oil and gas – Duma approves new tax regime for oil and gas industry at the first reading

    The new tax regime law for the oil industry was passed at the first reading in the State Duma, according to Interfax. The following parameters have been approved. Additionally, the gas export to Turkey via Blue Stream is subject to a 30% excise tax, according to the law. Our View: The parameters of the proposed new tax law are close to the draft law which was proposed by the Ministry of Finance in August. The overall impetus ...

  • 21
    Oil & Gas – Ministry of Finance publishes draft tax manoeuvre

    ... growth in tax collection – can be explained by the fact that these tax changes are to be sponsored by third parties. That is first and foremost Belarus, independent refineries, other buyers of crude oil condensate and, of course, the consumers of gas oil in Russia, as well as independent bunkering and jet fuellers, etc. There are no new tax parameters for gas condensate, so it is unclear what the potential impact on gas companies would be. On the back of the currently available information, among ...

  • 3
    Oil and gas – production statistics for June

    CDU TEK has published its Russian oil and gas production for June. Crude production slightly rose 0.2% YoY to 10.5mmb/d, with Bashneft (+12.4% YoY) and Gazprom Neft (+4.7% YoY) among the leaders. Bashneft’s production growth YoY figure continues to rise, while Gazprom Neft’s production is ...

  • 2
    Russian Oil And Gas – Tax Manoeuvres Episode III: The Phantom Menace

    We have published Russian Oil & Gas – Tax manoeuvres Episode III: The Phantom Menace. A summary is provided below. On a number of occasions, we have highlighted the risk of further potential tax amendments in the Russian oil industry. We now see these as imminent. In anticipation ...

  • 29
    China gas – the mighty moving parts and the mysteries

    Chinese gas demand increased 15.4% YoY in 2013 to 169bcm, up 22.6bcm. Domestic production increased 12.8% to 121bcm, leading to a 22.6% growth rate in the import requirement to 48bcm. However, actual imports totalled 52bcm, up over a quarter YoY, implying a build ...

  • 15
    European hub gas price remains robust despite milder-than-usual winter

    ... winter so far, as measured in terms of heating degree days (HDDs). HDDs represent the sum of temperature differentials below 18°C (65°F) over a specified period, meaning that a higher HDD represents a colder spell of weather. Despite that, European gas hub prices have been fairly robust. Only recently have gas prices eased, with the UK’s NBP month-ahead gas price down 10% from its recent peak in early December to USD 10.9/mmbtu (USD 385/kcm). Forecasts call for a continuation of the mild winter,...

  • 10
    Oil & Gas Price View - 2014 outlook, 2013 wrap

    We have published a detailed outlook on our oil and gas price forecasts for 2014 and a review of 2013 (see Oil & Gas Price View - 2014 outlook, 2013 wrap, of 10 January). We maintain our USD 100/bbl Brent forecast for 2014, as we expect OPEC will be able to manage production to around 30mmb/d, mainly as ...

  • 18
    Azeri natural gas to Europe gets go-ahead

    The members of the Shah Deniz consortium (BP, SOCAR, Statoil, Total, NICO and TPAO) have, as widely expected, reached a final investment decision (FID) over the development of Shah Deniz Stage 2, which would ultimately see Azeri natural gas delivered to Europe. The project will involve the expansion of the South Caucasus Pipeline (SCP) in Azerbaijan and Georgia and the construction of the Trans Anatolian Gas Pipeline (TANAP) across Turkey and the Trans Adriatic Pipeline (TAP) through ...

  • 27
    European spot gas price increasing

    European spot gas is showing signs of life as winter looms, and remains at multiples of the US gas price. Since the end of August, the European spot price has risen from USD 349/kcm (USD 9.88/mmbtu) to USD 370/kcm (USD 10.49/mmbtu) for a total increase of USD 21/kcm ...

  • 8
    The Duma has proposed a decrease in gas MET for certain offshore projects

    According to Kommersant, the Duma has proposed that gas mineral extraction tax (gas MET) for several types of offshore fields range between 1% and 1.3%. According to the proposal, projects in the Black Sea (with a depth of more than 100m), the North of the Sea of Okhotsk and in part of the Barents Sea ...

  • 3
    Oil and Gas taxation changes passed at the first reading in the State Duma

    Interfax reports that all the changes to oil and gas taxation recently proposed by the Ministry of Energy and the Ministry of Finance (apart from offshore oil development) have been passed at the first reading in the State Duma. These are: new excise taxes with higher rates for Euro-4-5 gasoline, tight ...

  • 2
    European Gas Market Outlook

    Despite significant reductions to our forecast for European gas demand, we also expect the supply of LNG to Europe to drop sharply and are increasing our estimate for the European call on Russian gas in 2013 by 16bcm to 160bcm. We expect future demand for Russian gas to be robust. Although we are cutting our forward ...

  • 26
    Low European gas storage levels

    European gas storage levels have been building since the trough in April but remain significantly short of normal storage levels. Gas in storage crept above the 30bcm mark in June but is below the bottom of the seasonal range and nearly 30% below the seasonal ...

  • 15
    Russian Oil and Gas

    According to Vedomosti, Sergey Shatalov, the Deputy Minister of Finance, has argued that the current gasoline prices are groundless. He also said that the federal antimonopoly service needs to look at this problem more closely. Shatalov pointed out that some 70% of gasoline and 50% of diesel sold domestically are of the Euro4 and Euro5 class, which is ...

  • 3
    European gas: Unusually cold weather continues

    European hub gas prices climbed above the USD 400/kcm (USD 11.5/mmbtu) mark in late March, the highest since late 2008, before adjusting lower at the start of April on the switch to the May contract. The recent high European gas prices likely reflect dwindling gas ...

  • 27
    Now European forward gas starts to rally

    With potentially record breaking cold weather set to continue in Europe and storage levels drained, it is perhaps no wonder that month-ahead gas prices are starting to rise. Day-ahead prices have been strengthening since mid/late February and spiked in March where they have traded above our estimate for the raw oil-linked contract price for almost half the month, and remain well above the ...

  • 4
    Russian oil and gas companies: discussion of the offshore projects perspectives

    ... Arctic offshore. The paper highlights that President Vladimir Putin has signed the Strategic Programme for Developing the Arctic through 2020, which assumes the complex exploration of offshore projects and the establishment of a reserve fund of oil and gas projects. However, Vedomosti points out that exploring such projects might be costly, technically difficult and uncertain. It recalls the unsuccessful experience of international oil majors and the delay in launching the Shtokman project. We are ...

  • 25
    Russian gas: FTS might consider 3% change in gas tariff in 2Q13

    According to Vedomosti, the Federal Tariff Service (FTS) might implement the gas tariff intra-year adjustment range. Nevertheless YoY gas tariff growth is to be equal to the planned 15%. The scheme would work as follow: gas tariffs in Russia for industrial users would be adjustable by 3% (either upward or downward) on a quarterly ...

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