VENTURE PRODUCTION - North Sea Oil

It's worth bearing in mind possible instability in gas supplies to Europe due the "sudden death" (just at the onset of winter) of the Turkmenistan president. Wouldn't be surprised if a "crisis" was now being cooked up here by all sides (including us) to push gas prices up. If Russia has problems getting vital cheap Turkmenistan gas for its domestic market it could jeopardise Russian gas exports to Europe from the Arctic and Siberia - or so they'll say. This would also strengthen Russia's hand in seeking long-term European gas supply contracts. Any serious instability in gas supplies would also allow western governments to move away from their politically correct, but unworkable, gas market system and make use of long-term contracts with Russia without losing too much face.

I see Gaz de France this week signed a huge gas supply deal worth $85bn with Gazprom till 2030 . Plus from October 2007 Gazprom will be able to sell direct to French consumers. This important deal got hardly a mention in the British media – I wonder why?