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Overview
Russia and the other former Soviet republics are often viewed as remote and obscure, but FSU OGM sheds light on the vital role these countries play in world energy markets. It explains the region's status as a key player in the EU's energy planning, while also focusing on the progress of efforts to expand deliveries to Asia.
Leading commentaries in recent years have covered the economic consequences of political unrest in Ukraine, efforts to open the Southern Gas Corridor between the Caspian Sea Basin and the EU, competition between Russia and Central Asia for access to the Chinese gas market and the continued rise in Russian liquids production.
Our journalists on the ground have a wealth of local experience and are proficient in Russian and other languages in Central Asia, allowing us to provide an unparalleled level of industry coverage.
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International arbitration court rejects $12bn of Kazakhstan’s Kashagan cost claims
An international arbitration court has reportedly dismissed about $12bn of Kazakhstan’s claims over disputed costs at the Kashagan oil field, while allowing a further $8bn in claims to proceed.
Black Sea Petroleum says Georgia refinery running on non-Russian crude, seeks removal from EU sanctions list
Company says feedstock is now Libyan oil.
Dragon Oil intends to extend PSA with Turkmenistan to beyond 2035
The UAE's Dragon Oil (LON: DGO) will reportedly seek to agree an extension to beyond 2035 of its partnership-based work in Turkmenistan with the country's government and state concern Turkmennebit.
Azerbaijan oil fund's ACG income rises 6% to $3.9bn, Shah Deniz falls 19%
Azerbaijan's State Oil Fund (SOFAZ) earned AZN6.57bn ($3.87bn) from the Azeri-Chirag-Gunashli (ACG) oilfield block in the first nine months of 2026, up 6.3% y/y.
Analyst warns of pressure on Russian oil exports and predicts global oil surplus by 2028
Russia faces mounting energy risks from Ukrainian attacks, dependence on Chinese influence and the prospect of a global oil surplus, while Ukraine prepares for a difficult winter, says analyst.
Azerbaijan oil fund net profit rises 240% to $15.8bn in 2025
The State Oil Fund of Azerbaijan (SOFAZ) ended 2025 with a net profit of AZN26.91bn ($15.83bn), a 240% increase from 2024, according to its financial statements.
Azerbaijan's crude exports drop 6.9% by volume but earn 13% more in nine months
Azerbaijan exported 15.83mn tonnes of crude oil and petroleum products from bituminous minerals in January-September, worth $10.10bn, according to State Customs Committee data.
Uzbekistan revokes Saneg’s oilfield licences over unmet conditions
Uzbekistan has revoked licences held by oil and gas company Sanoat Energetika Guruhi (Saneg) for the use of oilfields after the company failed to meet licencing conditions, according to the head of the State Assets Management Agency (Sama).
Azerbaijan oil output falls 3.9% y/y in nine months as Azeri Light trades at $119
Azerbaijan's crude oil and gas condensate output reportedly fell 3.9% year on year to 19.86mn tonnes in January-September, while Azeri Light traded at $119.04 a barrel.
Uzbekistan signs $4.7bn of energy deals, names Saida Mirziyoyeva to tackle investor hurdles
Uzbekistan has signed six energy project agreements worth a combined $4.7bn, covering 3,000 megawatts (MW) of new power generation and 400 MW of energy storage, according to the presidential press service.
Ukraine builds gas stocks to 16bn cubic metres as exports resume
UK-based Nostrum Oil & Gas completes $304.6mn sale of Kazakhstan operations
UK-based Nostrum Oil & Gas (LON: NOG) has completed the sale of its Kazakhstan operations for $304.6mn and fully redeemed its Senior Secured Notes due in 2026, marking the end of nearly three decades of operating activity in the country.
US has not eased sanctions on Russian oil, energy secretary says
The US has not relaxed existing sanctions on Russian crude oil, with recent exemptions applying only to diesel supplies.
Russia's diesel production capacity double domestic demand, Novak says
Russia has sufficient diesel production capacity to meet domestic demand and maintain exports despite ongoing refinery disruptions caused partly by Ukrainian drone attacks.
Russia considers LPG export ban to ease domestic fuel shortages
Russia is considering banning exports of LPG by non-producers until the end of 2026, as the government seeks to bolster domestic fuel supplies amid continued refinery disruptions.
Russia’s RusGazDobycha transfers 49% stake in HMS Group to CEO
Hydromash MSK, a company established by Molchanov in April 2026, acquired the stake in Hydroindustria on October 14.
Russia expects Power of Siberia gas exports to China to reach 39 bcm in 2026
Russia expects to deliver 39 bcm of natural gas to China through the Power of Siberia pipeline in 2026.
US urges Europe to resume Russian gas imports as part of Ukraine peace deal
The US administration has proposed that European countries resume large-scale imports of Russian natural gas as part of a potential agreement to end the war in Ukraine.
Russia prepares tax incentives as hard-to-recover oil reaches 63% of production
Russia is preparing new tax incentives to stimulate the development of hard-to-recover oil and gas reserves, which are becoming increasingly important to maintaining domestic hydrocarbon production.
US extends sanctions exemptions for Lukoil's overseas assets until April 2027
The US has extended sanctions exemptions allowing Lukoil to continue operating its overseas fuel retail network and Bulgarian refining assets until April 24, 2027.
EU weighs strategic gas reserves as storage crisis exposes market weaknesses
Brussels is considering strategic gas reserves as low storage levels and disrupted LNG supplies expose Europe's vulnerability to future energy crises.
Ukrainian drone strike reportedly hits Gazprom condensate plant in Western Siberia
A Ukrainian drone attack sparked a fire at an industrial facility near Surgut in Russia's Khanty-Mansiysk region on October 16, with independent reports identifying the target as a major Gazprom gas condensate processing plant.
Russia, Indonesia discuss Northern Sea Route trial voyage in 2027
Russia and Indonesia are discussing a pilot shipment along the Northern Sea Route (NSR) in 2027, as Moscow seeks to attract more Asian cargoes to the Arctic shipping corridor.
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