Energy Blast - July 22, 2009

Gazprom hopes to see a profit from sales in the domestic gas market in 2009, where it sells more than 50% of its gas.  The company has lowered the guidance on its five-year dollar-denominated eurobond tranche to 8.25% from 8.5% due to huge oversubscription.  An article in the Guardian sees trouble ahead for Nabucco, in particular regarding Turkey's involvement, who may have wavered their 15% demand, but could be put out if the deal does not lead to any clear guarantees of entry to the EU.  A senior US official has told Reuters that Ukraine would be able to transform its relationship with Russia entirely, if they 'were able to get to the level of Poland in terms of energy efficiency'.  Bloomberg reports that Hungary's largest refiner Mol is likely to encounter difficulties in maintaining its Siberian production license following problems with Russia's subsoil agency.  The Wall Street Journal looks at European attempts to tap into 'unconventional' indigenous gas to reduce dependence on Russia.  Shell has restarted output at its EA oilfield in Nigeria having been targeted at several points by MEND.