(Oil Price) – Litasco, the international oil trading and shipping firm owned by Russian oil company Lukoil, is looking to rebuild its business in the Americas by arranging credit lines and distancing itself from Russian oil trades and its parent, sources close to Litasco have told Reuters. Litasco and Lukoil have not been sanctioned by the United States as part of the
US News MOSCOW/LONDON – When engineers at Russian oil firm Lukoil discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem was far from trivial. There was only one company that knew how to repair the gasoline-producing unit at the NORSI refinery, located on the Volga River, some 430 km (270 miles) east
CNBC Top energy chief executives say oil demand will recover next year, but they expect volatility to remain elevated, as the industry emerges from the reckoning of the coronavirus pandemic. “We face a lot of uncertainty,” Total CEO Patrick Pouyanne told an invitation-only gathering of more than 30 senior oil and gas executives, who met virtually on Wednesday for the
Reuters BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said. Less than full compliance by Iraq, as well as by smaller producers such as Nigeria and Angola, could
Reuters KUALA LUMPUR/LONDON – With Saudi Aramco yet to name any major foreign investors in its upcoming share sale, Malaysia’s state energy company Petronas (PETR.UL) decided to take a pass on Friday. Expectations that Aramco customers and allies around the world would take significant stakes in the company have so far not materialized, with the listing looking like it will
LUKOIL commissioned the third well at the second development stage of the Vladimir Filanovsky field in the Caspian Sea. The third well is a bilateral horizontal oil producing well with main wellbore length of 3,795 meters and a lateral of 3,762 meters. The well’s initial flow rate exceeded 3.2 thousand tonnes of oil per day, or 22,857 BOPD. The field’s average
Record Oil Production and Capital Spending Supported by Favorable FX Rate While Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, oil and natural gas companies have actually increased investments or only seen modest declines, according to the EIA. In ruble terms, the Brent price has actually increased by 40% from
Even as Russia discusses a production freeze with Saudi Arabia, Caspian Sea projects could add to the glut Oil prices have improved this week in part thanks to renewed talks amongst Saudi Arabia and Russia to stabilize global oil prices. In a joint statement Monday, the energy ministries of both countries agreed to work together to “mitigate excessive volatility” in
Iraq tells oil companies to submit conservative funding requests for 2016 A letter dated September 6, 2015, from the Iraq Oil Ministry was sent out to international oil companies operating inside the country notifying them that they should plan to lower spending in 2016, reports The Wall Street Journal. Iraq is struggling to support its energy sector as it feels
Oil split reduces pricy delays, company says, after disappointing first quarter Iraq’s decision to split crude oil export flows into lighter and heavier grades has removed logistical problems and allowed several producers to lift self-imposed output curbs, according to Lukoil (ticker: LKOH) Deputy President for E&P Ravil Maganov. Maganov told reporters that the move to split crude grades helped the
Russian oil major Lukoil seeking change in compensation from OPEC producer Lukoil (ticker: LKOH) will continue negotiations with the Iraqi government about the continued development of the Nasiriya project. The Iraqi government is trying to develop a 300 MBOPD refinery in the Nasiriya oil field, which is estimated to have over 4 billion barrels of oil in place. Vagit Alekperov,
Russian oil major Lukoil is reopening its offices in Iran Russia’s Lukoil (ticker: LKOH) will be reopening its office in Iran. When speaking to reporters on Wednesday, Ravil Maganov, first executive vice president of Lukoil, said, “We look forward to participation in projects in Iran after the sanctions are fully removed.” Maganov said that the Anaran project is Lukoil’s priority in
Sign up to receive daily news and stock prices from Oil & Gas 360® directly in your email inbox.
Market Data ©2020–2024 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.
