sanctions

Blocked by sanctions from obtaining Western technology, Tehran has turned to its domestic service industry to expand production as Chinese demand reaches new highs.

The US Department of Justice also announced the seizure of almost 1 million bbl of Iranian crude oil.

Novatek is reporting a 6.3% jump in 2022 LNG exports, driven by Europe which has shunned Russian pipeline gas while increasing its purchases of Russian LNG.

After showing an unexpected degree of resiliency, the brunt of embargoes and economic contraction are set to impose yet another big hit to Russia's output.

The Russian president has signed a decree that appears to nationalize the Sakhalin-2 offshore oil and gas production-sharing agreement and related LNG facilities to squeeze out its foreign partners.

The EU has voted to immediately ban Russian oil imports supplied by tanker, a two-thirds cut in deliveries, while member states aim for a 90% import shutdown by yearend when Germany and Poland have pledged to phase out their Russian pipeline supplies.

The US has extended Chevron’s waiver to maintain its assets in sanctioned Venezuela through the end of November 2022 under the same limited terms as the previous extension.

ExxonMobil has declared force majeure on its Sakhalin-1 operations in the Russian Far East as risk-averse shippers fearing sanctions refuse to transport Sakhalin crude and production starts to fall.

Schlumberger, Baker Hughes warn of an uncertain future for their work in Russia while Halliburton prepares for a full wind down. In turn, all look to North America for revenue growth.

The US oil and gas company's exit from Russia amid the ongoing military conflict freezes the Russian Far East LNG project and cripples Rosneft’s ambitions to become a competitive global LNG supplier.