Range Resources Ltd

Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS) and AIM-listed (AIM: RRL) exploration and production company with assets in Texas- U.S, Republic of Georgia, Trinidad and Puntland- Somalia.
 
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 Georgia Gas

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PostSubject: Georgia Gas   Sun Nov 07, 2010 8:02 am

This thanks to prozac;

NATURAL GAS

Georgia has small natural gas resources, leaving it almost entirely dependent on foreign suppliers. Georgia's natural gas production in 1999 was 2.1 billion cubic feet (Bcf), which Georgian leaders hope to increase in coming years with foreign investors helping to develop the country's gas deposits. In January 2001, CanArgo-Georgia began work on drilling a new gas well at the Ninotsminda gas deposit in Georgia, which has estimated gas reserves of less than 706 Bcf.

Georgia's natural gas consumption in 1999 was 41 Bcf, far exceeding the country's natural gas production capacity. In addition, Georgia's inability to pay its suppliers has limited the country's consumption, as both Russia and Turkmenistan have cut off gas to Georgia for lack of payment. Georgia's 1999 natural gas consumption was less than 25% of the country's 1992 natural gas consumption (177 Bcf).

Turkmenistan claims that Georgia still owes it $400 million for past natural gas supplies, and as a result Turkmenistan has ceased gas shipments to Georgia, leaving Russia Georgia's sole gas supplier. This tenuous situation led to a crisis when, on January 1, 2001, Russia's Inneftegazstroi, part of the Gazprom group, halted supplies of natural gas to the Tbilisi State Regional Power Plant, causing blackouts throughout Tbilisi. Representatives of AES (U.S.), which runs the electricity distribution network in the Tbilisi area, said that the cutoff violated their contract with Inneftegazstroi, which supplied 1,000 cubic meters of gas at a cost of $41 (compared with $53 per 1,000 cubic meters in a recent contract between the Georgian Energy Ministry and Itera, the international energy corporation). Gas shipments to the power plant resumed on January 4th by Itera on a temporary basis until the problem with Inneftegazstroi was solved.

In an effort to restructure Georgia's gas-distributing pipelines and to receive guarantees of future gas supply at a firm price, Georgian authorities previously have offered Itera the option of taking part in the privatization of Tbilgaz, the state company controlling Georgia's gas transportation pipelines. In July 2000, Itera had offered $1.5 million for 75% in Tbilgaz, and was prepared to undertake rescheduling of the company's debts, but Georgia postponed the official announcement of the privatization tender. On October 4, 2000, Itera executives said that the company preferred only to take part in a consortium of a few investors to buy out Tbilgaz. Negotiations on a new privatization scheme are continuing.

Power Shortages

Georgians continue to suffer from power shortages, and a drought in the summer of 2000 meant that hydropower plants, which generate nearly 80% of the country's electricity, seriously depleted hydropower reservoirs, dashing hopes that the winter of 2000-2001 would be the first without periodic electricity disruptions. Tbilisi residents were enraged when Georgian officials announced they would only receive six to eight hours per day of electricity during the winter, but most parts of the Georgian capital had electricity only two hours per day on average. Residents use kerosene for heating.

Russia's decision to cut off gas supplies to power-producing units at Tbilisi State Regional Power Plant on January 1, 2001, following the summer drought, triggered a full-fledged energy crisis in Georgia and further soured Georgian-Russian relations. Georgia's Foreign Ministry said that the shut-off came despite prepayment for January shipments. Russia resumed natural gas supplies to the Georgian capital after a three-day break in service during which electricity supplies in Georgia were cut by up to 80%.

In addition, in an effort to boost its electricity supply, Georgia had rejoined the Russian power grid in November 2000, but on January 25, 2001, Russia's electricity monopoly UES reduced its power deliveries to Georgia because of Georgia's electricity debts. UES cut power deliveries from 2.5 million kilowatt-hours to 1 million kilowatt-hours. Russia has since increased power supplies to Georgia with an eye towards exporting electricity to Turkey via Georgia. Russian and Turkish officials have been in negotiations towards concluding an electricity export deal.

Georgia Gas Consumption
1999 41Bcf
2008 61Bcf purportedly all imported

Georgia Oil
2000 Produced 2,200 barrels per day (bbl/d)
2008 Producing 980 barrels per day (bbl/d)
2008 Oil Imports 12,000 barrels per day (bbl/d)


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