Russia’s Gazprom said on April 26 it had completed the sea portion of the first line of the TurkStream offshore gas pipeline across the Black Sea.
Gazprom, which plans to complete the pipeline in 2019, said in a statement that 1,161 km of pipe had been laid since it began construction last year.
The second line, designed to ship gas to south European countries such as Greece, Bulgaria and Italy, will be laid in the third-quarter of 2018, the company said.
Russian Energy Minister Alexander Novak said in April that Turkey’s approval for Gazprom’s onshore portion of the TurkStream pipeline’s second line was still pending.
Moscow, which relies on oil and gas revenue, sees new pipelines to Turkey and Germany—TurkStream and Nord Stream 2—as crucial to increasing its market share in Europe.
The new entity will raise money from investors in an IPO, which will form the basis of a war chest to buy a privately-owned clean energy business, sources said.
As a result of the energy transition needed, oil demand could be slashed from 100 million bbl/d in 2019 to around 10 million bbl/d by mid-century, the study said.
Camino Natural Resources embraced scale, an out-of-favor shale play and a robust hedging strategy as a beacon through the darkness.