Russia is likely to get increased European approval for its intention to diversify gas exports routes as the current stand-off between Russia and the Ukraine on gas exports aggravates. That will benefit the Nord Stream pipeline project across the Baltic Sea.

Russian shipping major Sovcomflot considers to acquire hydrocarbon assets on the Russian shelf, company leader Sergey Frank said when meeting with Prime Minister Vladimir Putin last week.

Fingrid, the Finnish transmission system operator, has made agreements with three electricity importers on electricity transmissions from Russia to Finland in 2009. The commercial capacity of the Russian cross-border connections is 1,300 megawatts.

The experienced Norwegian oil and gas expert and former leader of the Statoil company, Mr. Arve Johnsen, believes northern Norway faces a golden age as the petroleum activities in the Barents Sea pick pace.

In a meeting between representatives of the Kola Nuclear Power Plant and the Murmansk regional Ministry of Industry, Transport and Energy last week, the power plant leaders expressed special interest in power supplies to the Shtokman project.

The Melkoye LNG plant serving the Snohvit field in the Barents Sea is more than 90 percent close to full-scale production, a representative of operator company StatoilHydro confirms.

In its crisis meeting today, the Gazprom Board of Directors left the company’s 2009 budget and investment programme unchanged. The company intends, however, to “optimize” spending and buy more Russian-produced technology.

Gazprom-leader Aleksey Miller yesterday met with Total’s Christophe de Margerie in Paris to discuss the development of the Shtokman project. The same day, the company had an internal Shtokman meeting in its Moscow headquarters. The hectic meeting activity came just few hours before today’s anti-crisis meeting in the company board.

Russian gas major Gazprom has signed an agreement with state nuclear energy company Rosatom on cooperation in the Shtokman project, as well as in fields in the Yamal Peninsula.

The Rolls-Royce company has won a contract on the delivery of gas pumping units to the Nord-Stream project.

The Murmansk-based AMIGE company has been given green light for prospecting of another two areas at the Dolginskaya field in the Pechora Sea.

The Russian oil and gas industry is cutting exploration following low prices and the tight credit market. The low level of new drilling could eventually bring the industry into deep crisis, the Russian Union of the Oil and Gas Industry believes.

The Russian oil field Prirazlomnoe has been delayed and remodelled several times by lisence holder Sevmorneftegaz. Now, the international petroleum industry is questioning whether the Russians are able to develop and complete such a large offshore oil fields on their own.

The Russian government is preparing several measures on how to support energy giant Gazprom in the current situation of looming crisis. A stock emission is one of the alternatives. In return the state demands that the company reduces its investment programme.

Gazprom, which in 2009 might see a 20 billion USD revenue reduction following lower international gas prices, considers to boost the role of foreign partners in projects like the Nord Stream and Shtokman.

The Russian government last week approved plans for the 300 billion RUB development of the Murmansk Transport Hub. Regional Governor Yuri Yevdokimov is confident that the government approval will speed up project implementation.

The dropping oil price could jeopardise the completion of the Goliat project in northern Norway. With the current price level, both Goliat and several other oil field development projects are not profitable enough any longer.

The parallel development of the Shtokman field in the Barents Sea and the Bovanenkovo field in the Yamal peninsula looks increasingly unlikely as oil prices have plummeted and Gazprom’s investment capacities strained. The company will most probably have to choose which project to develop first. Shtokman might be the looser.

Russian oil major Rosneft has put its first ice-protected tanker for operations in the Barents Sea into service. The 30,000 ton vessel named “Arkhangelsk” will ship oil from the Timan-Pechora province to Murmansk.

Eight Russian regions, including Arkhangelsk and Murmansk Oblast and Republic of Karelia, will get a total of 2,4 billion RUB in financial support from the federal budget to cover expenses for fuel oil.