Month: February 2023

Russian Prime Minister Mikhail Mishustin has signed an agreement demanding that all Russian oil companies comply with a previous order that disallows any exports of Russian crude oil or crude oil products to any buyer that adheres to the price cap mechanism. It should be noted that Russian companies failing to comply will face no penalties, according to Upstream. Mishustin’s resolution, signed this week, bans Russian oil producers from signing sales contracts with any buyer engaged in the price cap clause imposed by the G7. The resolution calls on producers…

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UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea. The announcement comes as Azerbaijan imports gas from Iran and Russia to meet both growing domestic demand and existing export contracts. Baku has also pledged to double exports to Europe within five years. One of the wells will reach a depth of 7,000 meters, BP said this month, to tap a gas reservoir believed to lie below the existing Shah Deniz gas field, which currently provides the bulk of Azerbaijan’s gas…

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The UK’s oil and gas industry should have taken the chance to invest in new projects instead of fighting the windfall tax, the boss of a North Sea oil and gas producer has said. Steve Brown, chief executive of Orcadian Energy, told City A.M. that the Energy Profits Levy (EPL) created a “big incentive to invest” with the 91 percent tax relief for fossil fuel producers prepared to develop new projects in the North Sea. This includes Orcadian’s proposed Pilot development in the central North Sea, which is projected to produce up to 79m…

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Prior to the unwitting boost that Russia’s ongoing failure in Ukraine has given the U.S., NATO, and Europe, Washington’s intentions regarding Iraq were mixed. On the one hand, the reasons why the U.S. invaded Iraq – to secure oil supplies that would lessen its reliance on Saudi Arabia, to control the centre ground in the Middle East, and to counteract Iran’s growing influence in Iraq and in the region – still stood. On the other, though, it had long been clear in Iraq, Afghanistan and indeed Saudi Arabia, among many…

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