Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Oil And Gas Producers To Break New Cash Flow Records
Soaring power prices across Europe…
Russian crude oil volumes to…
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
Russia is flaring natural gas at the Portovaya plant near the Finnish border while drastically cutting gas flows via the Nord Stream pipeline to Germany, a Rystad Energy analysis shared with BBC News showed on Friday.
The plant northwest of St. Petersburg is flaring an estimated around $10 million worth of natural gas per day—gas that would have gone to Germany otherwise.
The Portovaya plant is near the compressor station of the same name where the Nord Stream route to Germany begins. Since June, Russia has significantly cut flows via Nord Stream, first to 40% of the pipeline's capacity and then to just 20% of Nord Stream capacity after a ten-day regular maintenance period ended on July 22.
At the same time, analysts, residents, and satellite imagery have detected and seen more heat from the Portovaya plant. Researchers tell the BBC they think the jump in heat coming out of the plant was the result of gas flaring.
"They don't have other places where they can sell their gas, so they have to burn it," Miguel Berger, the German ambassador to the UK, told BBC News, commenting on the possible reason for the significant increase in flaring.
According to Dr. Jessica McCarty, an expert on satellite data from Miami University in Ohio, "Starting around June, we saw this huge peak, and it just didn't go away. It's stayed very anomalously high," she told BBC News.
Meanwhile, gas prices in Europe hit fresh records this week after Russia's Gazprom said last week that it would halt all deliveries via Nord Stream to Germany for three days. The reason for the 3-day suspension of gas flows via the pipeline would be due to maintenance work at the Trent 60 gas compressor station, which would be carried out with Siemens, according to Gazprom.
This announcement raised renewed concerns in Europe that supply via the pipeline could be further cut or halted altogether after the three-day unplanned maintenance at the end of August.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
Join the discussion | Back to homepage
BP Looks To Restart The Midwest’s Largest Refinery
UK Household Energy Bills Will Triple On New Price Cap
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
Goldman Sees $5 Gasoline, $130 Brent By Year End
Gazprom Will Halt Nord Stream Gas Flows On Aug 31
Europe’s Newest Gas Pipeline Could Come Online Within 9 Months
China Claims First Offshore Shale Oil And Gas Discovery
Russia Says It Can't Help With Nord Stream Gas Turbine Repairs
Today’s Energy Crisis Spells Disaster For The Global Economy
What’s Really Happening With Gasoline Demand?
Big Oil Looks To Capitalize On The $1 Trillion Offshore Wind Boom
OPEC+ To Boost Production Target By 100,000 Bpd In September
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com