OGZPY
PJSC Gazprom ADROTCPK - Current
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  • Fri, Nov. 25, 10:11 PM
    • Russia's Gazprom (OTCPK:OGZPY) is pushing ahead with the Nord Stream 2 natural gas pipeline project to Germany, calling on bids for the project, WSJ reports.
    • The two pipelines would bring a combined capacity of 55B cm of gas, boost Germany’s importance as a transit hub for Russian gas into Europe, and allow for a bypass of Ukraine; Germany supports the pipelines, but the U.S. and some European Union countries are strongly opposed, seeing a Russian plan to deprive Ukraine of gas-transit fees and limit eastern European access to gas.
    • Swiss-headquartered Allseas and Italy's Saipem (OTCPK:SAPMY) are expected to bid on the project, and shallow water specialists such as France's Technip (OTCQX:TKPPY) likely would be involved in some capacity, according to the report.
    | Fri, Nov. 25, 10:11 PM | 5 Comments
  • Fri, Oct. 28, 1:39 PM
    • The European Union confirms it has lifted limits on Gazprom's (OTCPK:OGZPY) use of the key Opal connector from its offshore Nord Stream pipeline to Germany, allowing Russia to pump more gas supplies to Europe bypassing traditional routes through Ukraine.
    • The decision allows Gazprom to bid for an additional 7.7B cm and 10.2B cm more volumes at auction on top of its existing access to half of the Opal pipeline's capacity.
    • The EU's decision modifies a proposal by German regulators in May that would have given Gazprom almost full access to the pipeline, with only 4%-8% reserved for rivals.
    | Fri, Oct. 28, 1:39 PM
  • Wed, Oct. 26, 4:58 PM
    • Gazprom (OTCPK:OGZPY) and the European Union’s competition watchdog say they are close to settling the longstanding antitrust case against the Russian energy group, with legally binding pledges to change behavior rather than a big fine or imposed terms.
    • Financial Times reports that Gazprom will yield to EU demands on how it sells gas in Europe in order to escape a penalty for past anti-competitive behavior, a bargain that likely will anger eastern and Baltic states that have campaigned for a tougher approach.
    • If the EU finds Gazprom guilty of breaking its competition rules, it could impose fines of up to 10% of the company’s annual revenue.
    | Wed, Oct. 26, 4:58 PM
  • Tue, Oct. 25, 7:24 PM
    • The European Commission has authorized Russia’s Gazprom (OTCPK:OGZPY) to ship more gas through the key Opal connector pipeline in Germany, WSJ reports.
    • The deal on the pipeline comes as the commission nears a settlement of its antitrust charges against Gazprom, on which a preliminary agreement could be announced as early as Friday, according to the report.
    • Opal stretches nearly 300 miles from the German Baltic Sea coast to the Czech-German border, and is the one link between Gazprom’s Nord Stream pipeline, which ships gas directly from Russia to northern Germany and central and eastern Europe, markets the company can otherwise only reach via Ukraine.
    • The apparent deal shows that Russia and the EU are taking pragmatic steps to ease some of their business ties, especially on the energy front, despite growing tensions concerning Russia's bombing campaign in Syria.
    | Tue, Oct. 25, 7:24 PM | 4 Comments
  • Fri, Oct. 14, 7:41 AM
    • Gazprom (OTCPK:OGZPY) is close to a settlement with European Union antitrust authorities over charges of engaging in unfair pricing and activities that harm competition, and could reach a deal as soon as the end of October, WSJ reports.
    • The Russian government, which controls more than 50% of Gazprom's shares, has been actively involved in the discussions, according to the report, as an agreement could help avoid billions of dollars in fines.
    • The EU says Gazprom breached antitrust rules in eight countries where it is the dominant gas supplier: Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland and Slovakia.
    | Fri, Oct. 14, 7:41 AM | 3 Comments
  • Mon, Oct. 10, 1:52 PM
    • Turkish Pres. Erdogan signs an agreement with Russian Pres. Putin to accelerate development of the TurkStream natural gas pipeline project with Russia and plans for a Russian-built nuclear power plant in Turkey.
    • The long-delayed pipeline project would allow Russia to reach European markets with its gas at a time when its government is struggling with sanctions against parts of its economy following its incursion into Ukraine.
    • Gazprom (OTCPK:OGZPY) leader Alexei Miller says the deal envisions the construction of two lines; it was reported earlier that the capacity of each line would total 15.75B cm/year.
    | Mon, Oct. 10, 1:52 PM | 3 Comments
  • Thu, Sep. 29, 12:42 PM
    • Gazprom (OTCPK:OGZPY) says it plans to launch a third liquefied natural gas production train at the Sakhalin-2 LNG plant in 2021, possibly fed by a newly drilled field.
    • Sakhalin-2, Russia's sole LNG plant and run by Gazprom, Royal Dutch Shell (RDS.A, RDS.B), Japan's Mitsui and Mitsubishi, operates two production lines with a combined capacity of 10M metric tons/year of LNG, and the third train should add another 5M tons.
    • An obstacle to expansion is the resource base; the group is considering buying gas from the Sakhalin-1 project led by ExxonMobil and Rosneft, developing new resources, or a combination, but Sakhalin-1 is aiming for its own LNG plant.
    | Thu, Sep. 29, 12:42 PM
  • Mon, Sep. 26, 11:32 AM
    • Russian energy producers Rosneft (OTC:RNFTF) and Gazprom (OTCPK:OGZPY) are raising the share of production from hard-to-recover reserves to counter declining conventional output, Reuters reports.
    • Rosneft tells Reuters it expects the share of hard-to-recover oil production to rise to 11% of its total crude output by 2020 from 7% this year, adding that the cost of production of such crude was $10-$35/bbl, making it feasible to develop even in the current downturn with prices below $50/bbl.
    • Gazprom says it is raising its share of output of hard-to-recover oil by tapping more reserves at the Messoyakha project and other assets.
    • While any deal on a global production freeze likely would be short-term, the Rosneft and Gazprom plans demonstrate the complexities of global cooperation, as countries including top producers Russia and Saudi Arabia seek to protect their long-term market share.
    | Mon, Sep. 26, 11:32 AM | 1 Comment
  • Thu, Sep. 22, 6:19 PM
    • Gazprom (OTCPK:OGZPY) says it discovered a new gas deposit during exploration at the Kirinskoye field in the Sea of Okhotsk near Russia's Sakhalin island, a find that could prove crucial for its plans to raise liquefied natural gas production at its Sakhalin-2 plant on the island.
    • Royal Dutch Shell (RDS.A, RDS.B), which also has a stake in the plant which produces 10M metric tons/year of LNG, may also get a share in the Kirinskoye field as part of an asset swap deal with Gazprom, although the prospects are uncertain because of sanctions for Russia's role in the Ukraine crisis.
    • Gazprom has not disclosed the reserves of the newly discovered deposit.
    | Thu, Sep. 22, 6:19 PM | 3 Comments
  • Wed, Sep. 21, 2:26 PM
    • Russian Pres. Putin officially launched production at the new Vostochno-Messoyakhskoye oil field on the Yamal Peninsula today, a day after the country's production touched a record high 11.75M bbl/day.
    • The new field, which is being jointly developed by Gazprom (OTCPK:OGZPY) and Rosneft (OTC:RNFTF), should add ~12K bbl/day to Russia's production this year, with another two fields planned for start-up later this year.
    • Russian oil output is expected to reach 10.95M bbl/day this year, up from the previous record high 10.72M bbl/day in 2015.
    | Wed, Sep. 21, 2:26 PM | 8 Comments
  • Fri, Sep. 16, 10:59 AM
    • Russia's Gazprom (OTCPK:OGZPY) and its European partners in the Nord Stream-2 gas pipeline project say they have submitted a permit application to Sweden, starting a process aimed at gaining official approval for the 1,200-km pipeline.
    • The group says it plans to submit permit applications in the four other relevant jurisdictions - Russia, Finland, Denmark and Germany - in early 2017.
    • Nord Stream-2, due to open in 2019, would double the amount of gas directly shipped from Russia to Germany; critics say it could limit supply routes and the energy security of the European Union, which already gets a third of its gas from Russia.
    • Gazprom's Nord Stream-2 partners include Royal Dutch Shell (RDS.A, RDS.B), E.ON (OTCQX:EONGY), OMV (OTC:OMVJF), Engie (OTCPK:ENGIY) and Wintershall.
    | Fri, Sep. 16, 10:59 AM | 1 Comment
  • Tue, Sep. 13, 11:48 AM
    • Pipes to build Russia's Nord Stream-2 are expected to start being supplied in December or January, in a sign the gas project designed to double the capacity of the existing pipeline on the Baltic Sea floor from Russia to Germany is going ahead.
    • The head of the Russian pipemakers association told the Reuters Russia Investment Summit that he expects construction of Nord Stream-2, which was due to start in 2018, to go ahead as planned as production of the pipes had already begun.
    • Last year, Gazprom (OTCPK:OGZPY) and its European partners, including Royal Duthc Shell (RDS.A, RDS.B), E.ON (OTCQX:EONGY), OMV (OTC:OMVJF), Engie (OTCPK:ENGIY) and Wintershall, agreed on the project which will double the 55B cm/year of the existing pipeline.
    | Tue, Sep. 13, 11:48 AM | 6 Comments
  • Mon, Sep. 12, 11:36 AM
    • Russia plans to sign an agreement next month with Turkey on the implementation of the TurkStream gas export pipeline project, Russian Energy Minister Novak reportedly said over the weekend.
    • Talks on the project were stopped last year after Turkey shot down a Russian air force jet but the two countries have since made progress in mending relations, and Turkish Pres. Erdogan said last month that building the pipeline quickly was a priority.
    • Project operator Gazprom (OTCPK:OGZPY) said last week that it had received first regulatory approvals from Turkey, allowing the project to move into implementation phase.
    | Mon, Sep. 12, 11:36 AM | 2 Comments
  • Tue, Sep. 6, 11:46 AM
    • PetroChina (PTR -0.3%) parent China National Petroleum says it will sell $11.3B worth of financial assets to a listed unit as part of a reform plan to restructure its non-core businesses.
    • Jinan Diesel Engine, a unit under CNPC and listed on the Shenzhen exchange, says it plans to buy certain financial assets in CNPC for 75.5B yuan ($11.3B) via cash, asset swaps and a share issue.
    • Separately, Russia's Gazprom (OTCPK:OGZPY) said on Sunday that it signed a contract with CNPC to build a section of the Power of Siberia gas pipeline under the Amur river.
    | Tue, Sep. 6, 11:46 AM
  • Fri, Sep. 2, 3:13 AM
    • Japan will propose a broad cooperation in the energy sector with Russia today that could include a nearly $10B investment in state-owned oil giant Rosneft (OTC:RNFTF), the Nikkei reports.
    • In other Russian news, companies building a multi-billion dollar bridge to link the mainland with annexed Crimea have been targeted by the U.S. in an updated sanctions blacklist, including several subsidiaries of Gazprom (OTCQX:GZPFY).
    • ETFs: RSX, RUSL, RUSS, ERUS, RSXJ, RBL
    | Fri, Sep. 2, 3:13 AM | 6 Comments
  • Tue, Aug. 30, 11:21 AM
    • Gazprom (OTCPK:OGZPY) says its Q2 net income fell 17% Y/Y to 244.9B rubles ($3.8B), but that's a less than expected reduction as a strengthening ruble helped ease the debt burden at the world’s biggest natural gas producer.
    • Q2 revenue rose 4.9% Y/Y to 1.33T rubles, while net debt fell 15% from the start or the year to 1.76T rubles, mostly because of the currency strengthening.
    • “The second quarter was the worst for Gazprom this year, [but] the results are better than expected,” says an analyst at Raiffeisen Bank in Moscow. "Gazprom even has a chance to see a positive cash flow - close to zero but still positive - if oil remains at about $50 a barrel and depending on the cold season.”
    • The average gas price for Europe and other countries fell 18% to nearly 13K rubles per thousand cm during H1, while supply volumes grew to 109.4B cm from 80.4B cm in the year-earlier period.
    | Tue, Aug. 30, 11:21 AM | 6 Comments