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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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Absheron gas field ramps up production to supply Azerbaijan's domestic market in Q1 2024
The operating company JOCAP (Joint Operating Company of Absheron Petroleum BV) produced 400 mcm of gas from the Absheron gas condensate field in the Caspian Sea in Q1 2024, according to the Ministry of Energy of Azerbaijan.
Russian federal budget deficit falls to $6.7bn in 1Q24 on the back of higher oil prices
In 1Q24 the federal budget deficit shrank to RUB607bn ($6.7bn), according to a preliminary estimate of the Ministry of Finance, after oil and gas revenues soared by 80% y/y.
Russia struggles to repair drone-hit refineries
Russia is facing difficulties in preparing the oil refineries hit by drone attacks from Ukraine due to sanctions and shortage of components, Reuters reports citing unnamed industry sources.
Gazprom Neft overhauls management structure
Gazprom Neft, the oil arm of Russian natural gas giant Gazprom, has undergone an overhaul of its management structure which has seen the head of its upstream department quit.
SOFAZ revenues from the sale of profitable oil and gas from ACG and Shah Deniz in Q1 exceeded $1.5bn
How Chinese oil imports are helping to support the regimes in Moscow and Tehran
A new report by the Atlantic Council has suggested that China – using a so-called dark fleet in conjunction with Russian and Iran – is effectively getting around existing sanctions on oil purchases from both countries.
Ukraine's Naftogaz celebrates first heating system without gas imports
Naftogaz CEO Oleksiy Chernyshov hailed the launch of Ukraine’s first heating system without any gas imports. The company launched a record 86 wells in 2023, with 24 boasting initial flow rates exceeding 100,000 cubic metres.
Kashagan operator denies oil spill reports
Kazakhstan’s crude oil output up 0.4% m/m in March
Ukrainian drone strikes major refinery deep inside Russian territory
A Ukrainian drone struck Russia's third-largest oil refinery on April 2, hitting a unit processing approximately 155,000 barrels per day of crude, though industry sources indicated the damage was not significant.
Russia targets Ukrainian underground storage capacity for the first time
Russia has regularly targeted civilian infrastructure in Ukraine over the past two years, including energy facilities.
Rosneft resumes and extends share buyback programme
Russia’s largest oil producer Rosneft announced on April 1 that its board had approved the resumption and extension of a share buyback programme, which will now run until the end of 2026.
KMG-CNPC fuel JV sets out goals
KC Energy, a joint venture established by Kazakhstan’s national oil company KazMunayGas and China’s CNPC, aims to develop and improve the Kazakh fuel market.
Murmansk LNG not to receive NWF funding
Novatek’s Murmansk LNG and other new fuel and energy projects will not receive funding from Russia’s National Wealth Fund.
Moldova to deliver US LNG to consumers for first time
Moldova’s domestic gas supplier Energocom has said it will deliver test volumes of US LNG imported via a Greek regasification terminal on April 1-2 for the first time.
Russian oil dinosaur SurgutNG posts $14.4bn RAS profit in 2023
Russian oil company SurgutNefteGaz (SurgutNG) posted a 5% y/y decline in revenue to RUB2.22 trillion in 2023 under Russian Accounting Standards (RAS), but still posted 22-fold y/y jump in net profit to RUB1.33 trillion due to RUB846bn currency.
Kazakhstan extends preferential oil transit terms to Russia
Kazakhstan has extended preferential terms for Russian oil pipeline transits through the Central Asian country, while its own producers have to pay higher fees.
Kazakh oil falls out of favour in South Korea
Kazakh CPC Blend crude has fallen out of favour in South Korea, Asia’s third-largest oil importer, with the country taking zero cargoes in February.
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