UPI Energy Watch

May 7, 2008 at 3:27 PM
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Kazakhstan increases output

Kazakhstan increased production of oil and gas condensate 5.9 percent year-on-year in the first four months of 2008 to 23.568 million tons, a government official told Interfax.

Condensate production fell by 5.3 percent to 2.238 million tons.

Kazakhstan produced 5.896 million tons of oil and gas condensate in April, including 588,994 tons of condensate.

Gas production grew 11.1 percent in the four months to 11.182 billion cubic meters, including 6.631 bcm of natural gas, up 15.7 percent.

Kazakhstan produced 2.46 bcm of gas in April.

Surgutneftegaz net proceeds grow by 19 percent in 2007

Surgutneftegaz, a major Russian oil and gas joint stock company, increased net proceeds by 19 percent in 2007 to reach $25 billion, Itar-Tass reported.

The company's profit increased by 15 percent to $3.7 billion.

The volume of oil production for the reported year reached 64.5 million tons, the increase in the recovered oil reserves of the C1 category -- about 77 million tons. In 2007 the company started the development of three new fields -- Severo-Tonchinskoye, Yuzhno-Soimlorskoye and Novonadymskoye, and opened two oil deposits -- the Vostochno-Alinskoye and Severo-Talakanskoye.

The Open Joint Stock Company Surgutneftegaz is one of the largest oil companies in Russia.

China, Japan work to resolve East China Sea Resources issue

Chinese President Hu Jintao said he believed the issue of joint exploration of oil and natural gas resources in the East China Sea, lying between China and Japan, could be resolved.

Hu made the remarks during an interview with reporters from 16 Japanese media outlets stationed in Beijing, ahead of his coming state visit to Japan May 6-10.

"I believe, with joint efforts, we can definitely find a solution accepted by both sides and the issue can undoubtedly be resolved properly," said Hu.

He said China attaches great importance to the issue and has made great efforts to resolve it. He said the foreign ministries of both countries have had in-depth, useful consultations in accordance with the consensus of both countries' leaders and had made real progress.

China and Japan announced a consensus on the East China Sea issue in a joint communique issued after talks between Chinese Premier Wen Jiabao and Japanese Prime Minister Shinzo Abe during Wen's visit to Japan in April 2007.

According to the communique, the two sides said they were committed to efforts to make the East China Sea a "sea of peace, cooperation and friendship."

The two sides would conduct joint development in accordance with the principle of mutual benefit as a temporary arrangement, pending the completion of a demarcation of sea borders. They agreed to conduct joint development in a "relatively wide area" that is acceptable to both sides.

China and Japan have held 11 rounds of negotiations on the East China Sea issue.


Closing oil prices, May 7, 3 p.m. London

Brent crude oil: $120.49

West Texas Intermediate crude oil: $122.01


(e-mail: energy@upi.com)

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