Gazprom has traditionally sold gas to its European customers under long-term, oil-indexed contracts. However, in recent years it has been forced to adapt to changing market rules in Europe and an increasingly competitive global gas market. As part of this adaptation, Gazprom launched its Electronic Sales Platform (ESP) on the 20th of September 2018. From […]
Thanks to Argus Media, we updated our “LNG tightness” metric that measures the spread between the US Gulf Coast LNG FOB and the Henry Hub price. It is interesting to keep track of this ‘LNG tightness’ in a fast-changing energy world. A period of oversupply leads normally to behavioural changes to adapt to a new […]
Trilateral talks between the EU, Russia and Ukraine on gas transit through Ukraine after 1 January 2020 – that is, after the expiry of the current transit contract – are due to resume in late May. Gazprom’s transit diversification projects, Nord Stream 2 and Turkish Stream, will not be operating at full capacity by that […]
The concept that Russia has a huge amount of spare gas production capacity has been a key theme for the European gas market since 2012, when Gazprom’s long-anticipated launch of the Bovanenkovo field on the Yamal peninsula coincided with a fall in demand for its gas at home and abroad. The result was that Russia had at maximum […]
Gazprom’s pipeline projects that aim to diversify transit away from Ukraine, Nord Stream 2 and Turkish Stream, are very unlikely to be operating at full capacity by 31 December 2019, when the current transit contract between Gazprom and Naftogaz expires. New contractual arrangements must therefore be agreed – and are being negotiated in an atmosphere […]
The final decision in the commercial arbitration between Gazprom and Naftogaz Ukrainy, on multiple disputes over their gas supply and transit contracts for 2009-19, was issued late last month. The total claims in the case, which started in 2014 at the Arbitration Institute of the Stockholm Chamber of Commerce, were reported to be higher than […]
This article, published in Gazprom Export Blue Fuel Magazine, examines the consequences of record Russian exports into the EU. If Gazprom’s market share is too high in the future, could this allow the EU to push its new policy agenda?
Gazprom has confounded many expectations by enjoying two record years of gas sales in Europe in 2016 and 2017. External factors have certainly played a role in its success, with overall European demand rebounding, indigenous production continuing to fall and alternative sources of imports failing to deliver at the expected levels (especially LNG). In addition, […]
The sale and purchase of Russian gas in the post-Soviet era has been dominated by the need for Gazprom, the dominant player, to sell to consumers at a regulated price. Since 1998 other producers, known in Russian legal terminology as the independents, have been able to sell gas at market prices, but these prices have […]
Thierry Bros on the impact of the arrival of a new competitor (US LNG) on European prices where Gazprom has a sizeable market share and hence real market power, at the November 2017 Energetika Conference in St Petersburg.
In a world of low commodity prices the potential for conflict between hydrocarbon producers and governments over tax revenues is exacerbated. In Russia this is even more true because the state relies so heavily on taxes from the oil and gas sectors and because producers are increasingly having to invest in new more remote assets […]
In the first of our OIES Energy Podcast series David Ledesma interviews Tatiana Mitrova, an OIES Visiting Research Fellow, on the topic of Russian Gas. They discuss Gazprom’s export strategy, the current state of the domestic market in Russia, the politics of Russian gas in Europe and the potential impact of Russian gas on the […]
New OIES paper on China-US trade war and the short and long-run implications on energy flows and energy policy: LPG… https://t.co/WoE4A26tbx
US-China: The Great Decoupling https://t.co/7qoQivxfTW
New OIES paper on IOCs and energy transition: IOCs face dual challenge of accelerated transition to decarbonised wo… https://t.co/kou9YHgKiy
New OIES paper on Gazprom’s sales via its Electronic Sales Platform (ESP): ESP sales focused on NW Europe since lau… https://t.co/Dz9EcbYsyb