FSUOGM - Former Soviet Union Oil & Gas

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Oil & Gas

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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.

FSUOGM is a fully digital publication and can be read via PDF, PageSuite or via our NewsBase App.

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Russia proposes higher fuel price benchmarks for damper subsidy

1 October 2026

Russia’s government wants to raise the fuel price benchmarks that decide whether oil companies qualify for the damper, the budget subsidy that keeps petrol and diesel cheaper at home than abroad.

Serbia's EPS, Srbijagas and SOCAR sign shareholders' agreement for 500 MW Nis gas power plant

1 October 2026

Serbia's state power utility Elektroprivreda Srbije (EPS), gas company Srbijagas and Azerbaijan's State Oil Company (SOCAR) have signed a shareholders' agreement to build a combined-cycle gas-fired power plant in the city of Nis.

Azerbaijan advances Absheron gas project to final investment decision, Azeri Light trades above $118

1 October 2026

Azerbaijan's $4.2bn Absheron full field development project has moved to the stage of a final investment decision (FID), SOCAR vice president Babek Huseynov has said.

Kazakhstan again urges Ukraine to avoid attacks on Black Sea vessels carrying its exported oil

1 October 2026

Kazakhstan has asked Ukraine once again to refrain from drone attacks on vessels carrying its crude oil through the Black Sea, as repeated incidents threaten a key export route for the country’s petroleum industry.

Kazakhstan restarts collection of $5.2bn Kashagan fine

1 October 2026

Kazakhstan has reportedly restarted enforcement proceedings to collect a KZT 2.3 trillion ($5.22bn) environmental fine from the consortium operating the Kashagan oilfield.

Kazakhstan's Tokayev, Germany's Merz discuss Ukraine, oil supplies and investment

1 October 2026

The leaders of Kazakhstan and Germany discussed the war in Ukraine, energy supplies, critical minerals and economic ties during President Kassym-Jomart Tokayev’s visit to Berlin on September 29.

Ukraine strike shuts Ilsky refinery after three key crude units hit

30 September 2026

Russia’s Ilsky oil refinery has halted operations following a Ukrainian drone strike that damaged three key crude-processing units, adding to pressure on the country’s refining system and domestic fuel supply.

Russia’s Rosneft develops mobile well pad design to cut field construction costs

30 September 2026

Russia’s Rosneft has developed a modular mobile well pad design that it says could cut construction times by two to three times and reduce capital costs compared with conventional facilities.

Russia to launch nationwide oil and gas resource reassessment in 2027

30 September 2026

Russia’s federal subsoil agency Rosnedra will begin a nationwide reassessment of the country’s oil and gas resources in 2027, with updated estimates expected to be approved in 2029.

St Petersburg exchange plans to expand polymer, synthetic rubber trading

30 September 2026

The St Petersburg International Mercantile Exchange plans to expand the range of polymers and synthetic rubbers traded on its platform under a cooperation agreement with Russian petrochemicals producer Sibur.

Germany seeks more Kazakh oil despite continued Druzhba suspension

30 September 2026

Germany wants to increase imports of Kazakh crude as part of its effort to diversify away from Russian supply.

Russian seaborne crude exports approach 4mn bpd as prices lift cargo values

30 September 2026

Russian seaborne crude exports climbed to almost 4mn barrels per day (bpd) in the week to September 27, while higher oil prices pushed the gross value of shipments to its highest weekly level since 2022.

Russia extends diesel export ban for producers through October

30 September 2026

Russia has extended its temporary ban on exports of diesel, marine fuel and gasoil by domestic producers through October 31, as Moscow seeks to keep more fuel on the domestic market amid refinery disruption and elevated seasonal demand.

Gazprom Neft and Aeroflot to work together on sustainable aviation fuel for Russia

30 September 2026

Russian oil company Gazprom Neft and Aeroflot have agreed to cooperate on the production and use of sustainable and lower-carbon aviation fuels in Russia.

Kazakhstan pushes ahead with recovering environmental fine against Kashagan operator

30 September 2026

Kazakhstan has resumed proceedings to recover a KZT2.3 trillion environmental fine from North Caspian Operating Company, operator of the giant Kashagan oilfield, after a court rejected the consortium’s attempt to block enforcement.

Oil flow through Kazakh-Russian CPC pipeline sees 4mn tonne decline this year

30 September 2026

Oil exports through the Caspian Pipeline Consortium fell by around 4mn tonnes year on year between January 1 and September 25, as lower Tengiz production.

Russia's Gazprom extends gas supply deal with Serbia to year-end

30 September 2026

Russia’s state gas exporter Gazprom has extended its natural gas supply arrangement with Serbia for another three months, maintaining existing volumes and pricing through the end of December.

Kazakhstan's QazaqGaz spuds well targeting Shalkar gas block

30 September 2026

Kazakhstan’s QazaqGaz and private local partner KOR Oil have started drilling the first exploration well at the Shalkar block in the western Aktobe region.

Gazprom sees 3.4% climb in gas output in H1

30 September 2026

Russia’s state gas exporter Gazprom increased natural and associated gas production by 3.4% year on year in the first half of this year, supported by colder weather in Russia and stronger pipeline sales, including to China.

Tehran and Baku revive Caspian energy dialogue

29 September 2026

Iran and Azerbaijan discussed ways to expand cooperation in oil and gas and energy trade during a meeting in Tehran between Iranian Oil Minister Mohsen Paknejad and Azerbaijani Deputy Prime Minister Shahin Mustafayev.

Kazakh oil producers study Trans-Caspian route as oil export alternative

29 September 2026

Kazakhstan’s major oil producers are studying an alternative export route that goes via the Caspian Sea, Azerbaijan and Turkey as disruptions to the country’s main route through Russia raise concerns over export capacity, says a report.

Kazakhstan expects record jet fuel production in 2026

29 September 2026

Kazakhstan expects jet fuel production to reach a record 825,000 tonnes in 2026, exceeding the initial target by 75,000 tonnes and marking a 13% increase from 2025.

Moldova raises regulated gas price again after import costs double

29 September 2026

Moldova raises by 30% the regulated price of natural gas for household consumers less than a month after the latest (40%) hike on September 1. The import price is expected to double compared to pre-Middle East War.

Kazakh court rejects NCOC challenge to $5bn Kashagan environmental fine

29 September 2026

Kazakhstan’s Specialised Interdistrict Administrative Court of Atyrau Region has dismissed a lawsuit brought by NCOC, operator of Kashagan offshore oil field, which challenged enforcement proceedings to collect an environmental fine of around $5bn.

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