GlobalData Analyst: Russia Continues with Capital Programs Despite Low Crude Prices
Anna Belova, GlobalData‘s Upstream Analyst covering the Former Soviet Union, says: “Oil production surge outside OPEC is deemed one of the driving factors behind the recent decline in global crude prices. The behavior of main crude suppliers in the near term will determine if the global supply will equilibrate with …
BP: Q1 Results – Oil Price Hits Profits
BP today reported its results for first quarter of 2015. Underlying replacement cost profit for the quarter was $2.6 billion compared with $3.2 billion for the same period in 2014 and $2.2 billion for the fourth quarter of 2014. – Underlying replacement cost profit 20% down on year earlier, 15% …
Rosneft: To Form Rosneft Gaz to Compete with Gazprom?
A Rosneft representative refused to comment on the possible creation of a gas offshoot, Rosneft Gaz. One of the sources explained that “the idea to spin off company’s businesses has been discussed.” State-owned Rosneft plans to spin off its gas business into a subsidiary, Forbes reported citing sources aware of the situation.According to the sources, …
NOVATEK Elects New Board of Directors
OAO NOVATEK announced today that the Annual General Meeting of Shareholders (“AGM”) approved the election of new members to the Board of Directors. The following members were elected to the Board of Directors: Andrei I. Akimov: Chairman of the Management Board of Gazprombank (Open Joint Stock Company); Burckhard Bergmann: Board …
KazMunaiGas Exploration and Production: Q1 Results Production Down but Ahead of Targets
Today JSC KazMunaiGas Exploration Production announces its operating results for the first quarter of 2015. KMG EP including its stakes in Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI) produced 3,037 thousand tonnes of crude oil (249 kbopd) for the first three months of 2015, which is slightly less than …
Gazprom and YPF sign Memorandum of Cooperation
Alexey Miller, Chairman of the Gazprom Management Committee and Miguel Galuccio, Chief Executive Officer of Argentine National Petroleum Company YPF signed a Memorandum of Cooperation in Moscow today. The ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Cristina Fernandez de Kirchner, President of …
Total: To Sell Kharyaga to Zarubezhneft?
French oil and gas major Total is in talks to sell its 40 percent stake in Russia’s Kharyaga oil project to Russian state firm Zarubezhneft, the Vedomosti business daily reported on Wednesday. The paper, citing a federal official and a source close to Zarubezhneft’s board, said Zarubezhneft’s stake may increase …
Gazprom Responds to EU “Statement of Objections”
On April 22, 2015 the European Commission published a press release on its official website, according to which the European Commission adopted a “statement of objections” in the course of ongoing antitrust investigation of OAO “Gazprom” activity in the European Union (EU). OAO “Gazprom” considers the claims brought by the …
Alexey Miller and Alexis Tsipras Discuss Gas Pipeline Construction in Greece
Athens hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Alexis Tsipras, Prime Minister of the Republic of Greece. The parties addressed the main areas and prospects for the Russian-Greek cooperation in the gas sector. The meeting pointed out the need to diversify natural …
Zoltav Resources: Aiming to “Live Within Our Means and Focus on Operational Excellence”
Zoltav, the Russia and CIS-focused oil and gas exploration and production company, announces final results for the year ended 31 December 2014. Corporate Highlights · Acquired 100 per cent. interest in the Bortovoy Licence in the Saratov Oblast of the Russian Federation on 18 June 2014 for US$180 million – …