The World Bank will urge producers of oil to stop flaring natural gas by 2030, saying the amount of fuel wasted in the practice would generate enough power to meet all of Africa’s demand for electricity.
Even as the decision to stop gas supplies to Ukraine aggravates tensions with the U.S. and Europe, Russia faces a dilemma: it still needs Exxon Mobil Corp., Halliburton Co. and BP Plc to maintain output from Soviet-era oil fields and develop Arctic and shale reserves.
OAO Gazprom Neft, the oil arm of Russia’s largest natural-gas producer, will boost spending 23 percent as tax incentives spur drilling, as it plots acquisitions that could include a Russian unit of Hess Corp.
OAO Gazprom Neft, the oil arm of Russia’s natural gas exporter, increased its estimated costs for the Badra oil field in Iraq to about $3 billion, according to a bond prospectus this month from its parent company.
OAO Gazprom Neft has signed an agreement with Malaysia’s Petroliam Nasional Bhd., known as Petronas, to buy a 30 percent stake in a project to develop four blocks off Cuba, as the Russian oil producer expands abroad.
OAO Novatek and OAO Gazprom Neft, agreed to acquire Eni SpA’s holding in a natural gas producer in the Russian Arctic for $2.94 billion, increasing control in one of the nation’s largest new energy projects.