Oil Price Russian state-run oil giant Rosneft saw its first-quarter 2023 net profit rise by over 45% to around $4 billion, beating analyst expectations as production increases despite Moscow’s 500,000 barrel-per-day output cuts that started three months ago. In addition to a 45.5% jump in net profit, Rosneft, headed by Igor Sechin, said it saw EBITDA rise for the
World Oil (Bloomberg) — Exxon Mobil Corp. plans to cede its stake in a Russian oil development to Kremlin-controlled Rosneft PJSC and other partners as sanctions make it harder to operate in the country. Just hours after announcing plans to abandon its Russian investments, Exxon Chief Executive Officer Darren Woods told analysts that banking sanctions imposed in response to the
Yahoo Finance HOUSTON – Exxon Mobil likely will face new pressure to severe ties with Russia’s largest oil producer, said analysts, after rival BP agreed to unload a Rosneft stake. Russia’s attack on Ukraine has unleashed broad economic and political rebukes and corporate withdrawals by banks, technology and other firms unprecedented in their extent. BP on Sunday said it would
World Oil MOSCOW (Bloomberg) – Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive. “Today OPEC+ countries can’t increase production to the extent necessary to meet demand,” Otabek Karimov, the Russian
Reuters MOSCOW – Rosneft has kicked off meetings with foreign contractors and suppliers for its massive Vostok Oil project, the Russian energy producer said on Monday. It aims to begin shipping oil from the planned project in 2024 via the Northern Sea Route, an alternative to the Suez Canal which shortens travels to the energy-hungry markets of Asia. It has
Reuters OSLO – Equinor has agreed to buy a 49% interest in Russian onshore petroleum assets from Rosneft for $550 million, the Norwegian oil company said on Friday. The payment is for a stake in limited liability company LLC KrasGeoNaC (KGN), which holds 12 conventional onshore exploration and production licences in eastern Siberia, Equinor said. One of the 12 licences
Reuters MOSCOW – Russia’s largest oil producing company Rosneft plans to sell some old underperforming oil fields, mostly to local companies, at least two Moscow-based brokerages said on Tuesday following a conference call with Rosneft’s management. Sova Capital brokerage said in a note to its clients that Rosneft plans to sell some of its brownfields in southern Russia along with
Reuters MOSCOW – Fallout from the pandemic and a weaker rouble sent Russian energy giant Rosneft ROSN.MM to a third-quarter net loss of 64 billion roubles ($827 million) from net income of 43 billion roubles in the previous quarter, the company said on Friday. However, plans to extend a share buyback programme until the end of 2021, announced later during a
CNBC MOSCOW – Russia’s largest oil producer, Rosneft, said on Thursday it had started to drill an exploration well at a hard-to-recover oil project, its first without any partners. Russia plans to develop hard-to-recover oil and shale but is hampered by Western sanctions over Moscow’s annexation of Crimea from Ukraine in 2014. Rosneft has started to drill a first exploration
Reuters MOSCOW – Rosneft is set to buy a drilling business from IDS Group, a letter to IDS staff seen by Reuters showed, as the Russian oil giant continues its push into oilfield services to help reduce costs. The letter said Rosneft, using its Intellektualnye Sistemy affiliate, would take over or merge with telemetry specialist IDS Navigator, which helps operators
Reuters Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing. The United States had imposed sanctions on Venezuela’s state-owned oil company as part of a bid to topple that country’s socialist president, Nicolas Maduro. U.S. refineries stopped buying Venezuelan crude. Caracas’ ally
Reuters MOSCOW – Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus crisis and weak oil prices, it said on Friday. The subsidiary of U.S. oil company Exxon Mobil Corp declined
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