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.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Production from Occidental Petroleum's Permian Basin unit rose 57% to 250,000 boe/d in the fourth quarter, boosted by its investments in the basin.
A big crowd turned out for an afternoon honoring industry leaders representing all facets of the energy sector.