Cuba and Russia Sign MoU for Russian Oil Majors to Develop Cuba’s Offshore Shelf

On June 18, 2014, Rafael Ten­reiro Perez, head of the explo­ration depart­ment of Cuba’s Union CubaPetroleo, dis­closed the sign­ing of sev­er­al mem­o­ran­dums of mutu­al under­stand­ing with Ros­neft and Zarubezh­neft (two of Rus­si­a’s lead­ing oil majors).  These agree­ments are for the joint devel­op­ment of Cuba’s off­shore shelf.  Mr. Perez not­ed, “I am almost sure of sign­ing new con­tracts with oth­er Russ­ian ...

Ukraine Gas Pipeline Explosion

There was an explo­sion along a nat­ur­al gas pipeline in the Polta­va region of Ukraine on June 17, one day after a gas pric­ing dis­pute between Ukraine and Rus­sia led Moscow to halt gas exports to Ukraine for the third time since 2006.  The fire was quick­ly extin­guished and report­ed­ly will not impact the flow of gas to con­sumers.  Ukraine’s Inte­ri­or Min­istry said it was inves­ti­gat­ing a num­ber of pos­si­ble ...

South Stream Pipeline Construction Halted

Russia‘s actions in Crimea and Ukraine have called into ques­tion the via­bil­i­ty and eco­nom­ic sound­ness of the South Stream pipeline, which con­nects Russ­ian gas pipelines with Europe via Bul­gar­ia, Ser­bia, Greece, Italy, Hun­gary, Slove­nia and Aus­tria.  That said, many of the coun­tries involved in the project (either as promi­nent gas cus­tomers or as tran­sit coun­tries for the pipeline itself) are sup­port­ive ...