Russia Oil and Gas

Russian authorities to make a decision on financial support for Rosneft during 2 weeks

The RF Government will make a decision on assistance for Rosneft during the next two weeks. The vice-premier A.Dvorkovich said that the Ministry of Energy and Ministry of Finance studies the request of I.Sechin, Rosneft’s president.
The head of the company asked 1.5 trillion roubles to support the company because of imposition of the US sanctions.

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Gazpromneft to replace Novatek as supplier of gas for Mosenergo after 2020

Gazpromneft will replace Novatek as the supplier of gas for Mosenergo after 2020.
A subsidiary of the energy holding company plans to supply 5-8.5 billion cubic meters of gas to the Moscow company in the period of 2020-2029.

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In the next few days, FAS intends to initiate proceedings against Sakhalin-Energy because of its refusal to connect Rosneft to pipeline of Sakhalin-2

In the coming days, the Federal Antimonopoly Service (FAS) of Russia intends to initiate proceedings against Sakhalin Energy because of its refusal to connect Rosneft to the pipeline of Sakhalin-2.
"The proceedings will be initiated today or tomorrow," - said the official representative of the FAS.
As the ITAR-TASS reported earlier, on August 6h, the FAS promised to take a stand on the access of Rosneft to the gas transportation system of Sakhalin-2 in a few weeks. The Service considered the Rosneft’s application on thenviolation of antitrust laws by Sakhalin Energy regarding the access to the gas transmission system of the Sakhalin-2 project and warned Sakhalin Energy about need to consider the Rosneft’s applications in the period until July 31st of 2014.

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Gazpromneft-Khantos increases oil production by 4.1%

In the first seven months of 2014, the volume of oil production by Gazpromneft-Khantos amounted to 8.2 million tons of oil. This is by 4.1% more than the same period of the previous year.
Also in August 2014, the company reached the daily oil production in the volume of 39 thousand tons (from the beginning of the year, the increase made up more than 0.5 thousand tons).

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Lukoil’s profit grows by a third

In the first six months of 2014, Lukoil increased its net profit under RAS 1.3 times in annual terms to 203.2 billion rubles, the company reports.
The proceeds increased 1.2 times as compared to the same period of the previous year to 220.2 billion rubles, the prime cost decreased by 22.5% to 7.7 billion rubles, the profit from sales increased by 28% - from 158.5 billion to 202.5 billion rubles.
The deterioration in the company's image on overseas markets after the imposition of Western sanctions could lead to a decline in retail sales in the short term, the company’s accounting notes.

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Lukoil is going to gain back $2 billion of investment to Western-Kurna-2

This year Lukoil is going to sell not less than 28 million barrels of oil from Western-Kurna-2, the chief of Lukoil Overseas A. Kuzyayev says. They are going to dispatch from 15 to 20 tankers and gain back $2 billion of investment into the Western-Kurna-2 project. Now the deposit continues the increase of production.

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In H1, Gazprom increased gas supplies to Europe by 2.5%

In January-June 2014, Gazprom increased gas supplies to Europe by 2.5% as compared with the same period in the previous year to 80.84 billion cubic meters, the company’s report under RAS said.
In the reporting period, the supplies, including the deliveries to Western Europe, grew by 4.3% to 64.75 billion cubic meters.
The largest buyers of Russian gas remained Germany (18.162 billion cubic meters), Italy (14.214 billion cubic meters) and Turkey (14.074 billion cubic meters). At the same time, in the first six months, Germany reduced the import of Russian gas by 11.8%, Italy increased the import by 8.5% and Turkey by 9.1%.

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The Ukraine has lost the legal proceedings in the arbitration court to Tatneft

The state will give their answer to the acquisition of Ukrtatnafta by the companies close to Privat Group.
At the end of July, the International Commercial Arbitration Court in Paris made the verdict on the battle between the Russian Tatneft and the Ukraine in favour of the Russian company. Tatneft claimed to charge from the Ukraine the losses it bore after the raider acquisition of Ukrtatnafta by Privat Group in 2007. Tatneft claimed $2.4 billion, a source in the Ministry of Justice of the Ukraine tells.
On July 29, the International Commercial Arbitration Court made the verdict on the claim of Tatneft. Initially, the claimed sum was $520 million but in 2009 it was enlarged to $2.4 billion. However the court agreed compensation manifold times less. Now the Ukraine elaborates an appeal to the Appeal Court of Paris that should be made within a month, i.e. before August 29th.

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Lukoil may stop working in Iraq, Venezuela, Cote d'Ivoire, Ghana, Egypt and the Ukraine

Lukoil may terminate its activities in Iraq, Venezuela, Cote d'Ivoire, Egypt, Ghana and the Ukraine, the company’s quarterly report says.
In particular, it is noted that Lukoil is doing business in a number of countries with a high level of political and economic risks that could significantly complicate the company's operations in a particular region, and "even lead to its termination".

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Oil and gas condensate production in Russia as of August 13th made up 1 mln 442.3 thousand tons

The volume of daily oil and gas condensate production in Russia as of August 13th 2014 made up 1 mln 442.3 thousand tons, the Dispatch Management of the Fuel and Energy sector reports today.
The oil and gas condensate production in Russia by the top-8 companies of the sector as of August 13th 2014 made up:

  • Rosneft – 549.6 thousand tons;
  • Lukoil – 236.9 thousand tons;
  • Surgutneftegas – 168.6 thousand tons;
  • Gazprom Neft – 140.9 thousand tons;

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