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New analysis shows sanctions regime. 72%. The company is also set to pay out an
extra RUB416bn in mineral extraction tax this
Maduro was speaking after an official from
‘worrisome’ jump in methane the Macron administration called for oil- year, under a draft bill that Russian lawmakers
producing countries to increase output and
approved on June 30.
emissions with Turkmenistan, suggested specifically that Iran and Venezuela, for the upcoming heating season, although
The company will also focus on preparing
which are both under sanctions, should be
Algeria showing steep increases allowed to return to the market. Speaking Russia’s underground gas storage facilities are
during the G7 summit in Germany, the official already well-stocked for the time of year, given
A new analysis has shown that global said: “We need the oil-producing countries reductions in supply to Europe.
emissions of methane from oil and gas basins to produce more in an exceptional way” and Gazprom also faces pressure over the
have shown a “worrisome” jump since the noted that there were “resources elsewhere coming years to invest in new infrastructure
beginning of 2021, with steep increases in that must also be explored.” to access new gas customers, as its largest
Turkmenistan and from Algeria’s top gas The official, who has not been named market, Europe, aims to cease all Russian gas
producing basin. publicly, also called for “diversification of imports by 2027. Its flagship project is Power
However, there were apparent declines in supplies” and said: “There is a knot to untie of Siberia 2, which will lay a second pipeline
both absolute emissions levels and methane if necessary [between the US and Iran] … so to China, through Mongolia, carrying up to
intensity in Kuwait and Iran compared with that Iranian oil … and Venezuelan oil can also 50bn cubic metres of gas annually. But Russia
2019 levels. be able to be put back on the market.” first needs to sign a gas supply agreement with
Upstream reported on the analysis He did not say, though, exactly how China underpinning its construction.
produced by US-based geo-analytics company obstacles to Venezuelan oil exports might be
Kayrros, a specialist in analysing satellite data. eliminiated.
It studied emissions of the potent climate- These comments came ahead of revelations Gas delivery on Turkish Stream
warming gas in several onshore US basins that Sheikh Mohammed bin Zayed al-
as well as in producing fields in countries Nahyan (MbZ) of the United Arab Emirates pipeline to Hungary back to full
including Iran, Kuwait and Turkmenistan. had mentioned the hard limits on his own
Algeria’s giant but ageing Hassi R’Mel gas country’s spare production capacity, as well capacity
basin was also covered by the analysis. as that of Saudi Arabia, during a call with
Last November, around 110 countries Macron. MbZ reportedly told the French Gas deliveries to Hungary resumed from the
signed up to a commitment to reduce leader that his country was producing oil at south on Monday evening after scheduled
methane emissions at the United Nation’s full tilt and had no spare capacity – and that maintenance work was completed on the
COP26 climate talks held in Glasgow. The Saudi Arabia, OPEC’s swing producer, also Turkish Stream pipeline, Minister of Foreign
initiative, led by the US and European Union, faced major constraints. Affairs and Trade Peter Szijjarto announced
pledged to cut methane emissions by a on June 28.
minimum of 30% by the end of the decade. Hungary is receiving the full amount
Gazprom opts against 2021 of natural gas to be supplied under the
long-term agreement it concluded last year
Maduro hails French dividend, triggering slump in with Gazprom, but the country is currently
receiving about half the usual amount of gas
officials’ call for lifting curb share price via Austria.
Reduced Russian gas deliveries to Western
on Venezuelan oil exports Russia’s Gazprom announced on June 30 Europe in the recent period are due to
it had decided not to pay a dividend on its
“maintenance difficulties on Nord Stream 1,”
Venezuelan President Nicolas Maduro has record profit last year, triggering a steep fall in Szijjarto said.
responded positively to French government its share price. The missing 1.3 mcm of gas daily can be
officials’ call for allowing his country, along The company, whose main owner is easily procured from the spot market, he said.
with Iran, to resume crude oil exports to the the Russian state, said that “in the current Russia offered assurances that Gazprom
world market. situation” its shareholders had decided it would make up for the delivery shortfall,
In an address broadcast by the state was “not advisable” that it pay dividends on complying with the conditions of Hungary’s
television channel on June 27, Maduro said its 2021 income, which came in at a record long-term gas delivery contract signed in
that Venezuela was not only ready to start RUB2.09 trillion ($29bn) on the back of October. The 15-year contract with the
supplying oil again but would also welcome soaring gas prices. Russian gas giant guarantees the annual
investment from French firms. “I would tell Gazprom earlier this year pledged to pay supply of 4.5 bcm of gas through Serbia and
[French] President [Emmanuel] Macron: out RUB1.244 trillion in dividends from this Austria, bypassing Ukraine.
Venezuela is ready to receive all the French income, or RUB52.53 per share. Talks are still ongoing with Gazprom
companies that want to come to produce The announcement led Gazprom’s share about diverting the amount missing from
gas and petrol for the European market, for price to plunge 27%, although it caused the the Austrian route to the southern transport
the global market. You are welcome to come ruble to strengthen further, given that foreign route, according to Szijjarto.
whenever. The road is paved. We are prepared, investors typically convert Gazprom’s ruble- Hungary is also ahead in filling up its gas
ready and happy to do it.” denominated dividends into other currencies. storage facilities, with reserves already on
The president did not say whether The ruble is currently priced at about 54-55 to stock up at 23% of annual demand as against
the national oil company (NOC) PdVSA the US dollar, compared with a record low of 15% on average in European Union member
had received proposals from any French nearly 136 to the dollar on March 10. states, he said.
investors. TotalEnergies, France’s largest oil Gazprom’s focus will instead shift to Crude deliveries are also secure and stable
operator, exited Venezuela in June 2021, Russian regional gasification, in line with its through the Druzhba pipeline, he added.
when it transferred its 30.32% stake in the commitment to invest some RUB526bn by Szijjarto touched on the upgrade of the
Petrocedeño joint venture to a subsidiary 2025 in expanding the share of Russians with Paks nuclear power plant, saying the cabinet
of PdVSA, citing concerns about the US access to pipeline gas supply from the current was working “full steam” to prepare the

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