at port Burgas, Bulgaria, Sept 2014, image courtesy South Stream Transport B.V.
Saipem has just been given the go-ahead by South Stream Transport BV to commence construction of a multi-billion dollar 931 kilometer subsea gas pipeline that will connect Russia to Europe through the Black Sea. Water depths for this pipeline will reach up to 2200 meters.
South Stream Transport B.V. is wholly-owned by Gazprom.
Russian natural gas also flows via a land-based pipeline to Europe via Ukraine, but as the graphic above shows, the South Stream Offshore Pipeline intentionally skirts the Ukrainian exclusive economic zone which will allow unimpeded natural gas to flow to Europe. At the same time, this pipeline will provide Russia a means to restrict the flow of natural gas that enters Ukraine, should there be political reasons to do so, without affecting European deliveries.
The SSOP will consist of four pipelines that will provide up to 63 billion cubic meters of gas per year upon completion in 2018.
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U.S. strikes on several Iranian nuclear sites represent a meaningful escalation of the Middle East conflict that could lead Tehran to disrupt vital exports of oil and gas from the region, sparking a surge in energy prices. But history tells us that any disruption would likely be short-lived.
Sellers of Iranian oil to China are offering deeper discounts this month as they look to reduce inventories and as independent refiners slow their buying due to a jump in crude prices, traders and analysts said.
Britain has issued tougher new environmental rules for fossil fuel projects with implications for the development of two vast North Sea oil and gas fields by Shell and Equinor.
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