UPI Energy Watch

Estonia, U.S. to research oil shale

The United States hopes to sign a cooperation agreement with Estonia on oil shale in the summer, a top U.S. official said.

"High oil prices have raised the interest of countries having oil shale deposits toward the exploitation of these deposits," said Jeff Kupfer, deputy secretary at the U.S. Department of Energy. "Estonia's longtime experience in this field makes us a good partner for cooperation in research and business alike."

The comments, which came after a meeting with Estonian Minister of Economy and Communications Juhan Parts on Friday, were reported by BNS.

According to the report, the United States could and should be involved in the work of the Estonian center for oil shale research. Kupfer said he promised to support Estonia's aspiration to join the 21 countries that are members of the Global Nuclear Energy Partnership.

Iran courts Gazprom for deal on deposits

Iran is looking to finalize talks with Russian gas giant Gazprom on its participation in the development of Iranian gas deposits, Iranian Minister of Petroleum Gholamhossein Nozari said Tuesday.

The two sides held talks to discuss the development of phases of South Pars and North Azadegan deposits, local media quoted Nozari as saying.

He said he hopes the two sides will complete their talks in the near future.

Earlier, Iranian Deputy Minister of Petroleum Hossein Noghrekar-Shirazi said Gazprom's delegation would visit Iran in May when the two countries will discuss issues, including development of the 19th, 20th and 21st phases of South Pars deposit.

During a visit by Gazprom officials to Tehran Feb. 19, the two sides agreed the Russian gas monopoly would take part in the development of two or three blocs of South Pars and its subsidiary, Gazpromneft, will take part in a project for the extraction of Iranian oil.

The two sides confirmed each other's interest in the enhancement of mutually beneficial long-term partnership between Gazprom and Iran in the energy area.

Currently, the field facility is producing and refining 20 billion cubic meters of natural gas annually.

Romania, Serbia, Croatia ink deal on oil pipeline

Romania, Croatia and Serbia secured an agreement Tuesday to set up a company to develop the Pan European Oil Pipeline linking the Romanian Black Sea port of Constanta to Trieste, Italy, Rompres reported.

"The project company will be registered in 45 days in London, where it will have its social headquarters," said Viorel Palasca, the state secretary at the Romanian Economy Ministry.

Under the agreement, Romania will hold one-third of the interest in the company.

Romania will do this through the two companies that were appointed to represent Bucharest in the PEOP project -- Conpet and Oil Terminal. Also, each holding one-third, Serbia is represented by Transnafta and Croatia is represented by Janaf.

"We await the involvement in this company of Slovenia and Italy, which are yet to appoint the companies to represent them in this project. Italy, most likely, will give us an answer after the new government is made up, so that we have positive signals from them," Palasca said.

He said the role of the development company would be to promote the PEOP project, so as to attract investors.

"We discussed with representatives for Kazakhstan and Azerbaijan and they said they are interested in being at least suppliers in this project, and even investors and participants," he noted.

--

Closing oil prices, Apr. 23, 3 p.m. London

Brent crude oil: $115.00

West Texas Intermediate crude oil: $117.27

--

(e-mail: energy@upi.com)