Gazprom says that high interest rates are a concern for oil service firms
Alexander Dyukov said that the high interest rates in the oil industry could have a negative impact on firms providing support services. This raised "serious concern".According to a recent poll, the Russian central bank will likely increase its key rate this week by 200 basis points, to 23%, due to the high inflation caused by a weaker ruble.Dyukov told reporters that his company is strong enough to withstand high borrowing costs, and plans to increase investments in the next year."As far as the partner companies are concerned, such as oil services, they do not all have a margin of safety." Dyukov stated that this raises grave concerns.
Russian Oil Majors Examine Assets for Cuts
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said.The Organization of the Petroleum Exporting Countries and other oil nations including Russia, the group known as OPEC+, agreed to their deepest oil cut ever - 10 million barrels per day (bpd) - from May in the face of collapsing demand.Russia currently pumps 11.24 million bpd and needs to cut it down to 8.5 million bpd - its lowest since 2003 - from May 1, according to the deal's terms.
Gazprom Neft Discovers New Oil Field Off Sakhalin
Gazprom Neft, the oil arm of state-controlled gas company Gazprom, has discovered a new oil field off the Pacific island of Sakhalin, chief executive Alexander Dyukov told Rossiya 24 TV in an interview. He said that according to preliminary estimates, the field could contain 250 million tonnes (1.8 billion barrels) of oil. Reporting by Katya Golubkova
Gazprom Neft Trims 2017 Output Estimates
Russian oil producer Gazprom Neft said on Tuesday it planned to increase oil production by 4.5-5 percent next year, less than it had intended before Russia joined a deal to cut global production with OPEC. "Certainly we planned (before the OPEC deal) to grow (output) more aggressively," the company's CEO Alexander Dyukov told reporters. Dyukov said Gazprom Neft expected to produce 85.8 million tonnes of hydrocarbons in 2016 and that net profit would rise significantly this year. He also said the company would reach production levels of 150…
Sovcomflot, Gazprom Neft Ink Lubricant Supply Deal
As part of the Saint Petersburg International Economic Forum, Sovcomflot and Gazprom Neft have entered into a Memorandum of Understanding (MOU) for the supply of marine lubricants. The MOU document was signed by Sergey Frank, President and CEO of PAO Sovcomflot, and Alexander Dyukov, Chairman of the Management Board of Gazprom Neft. The new agreement provides for the potential expansion of the existing marine lubricants supply geography and an increase in the number of ships using these lubricants to 19 within the next two years.
First Yamal Oil Cargo Shipped from Arctic Gate Terminal
An event marking the start of the year-round shipments of Yamal oil from the Arctic Gate (Vorota Arktiki), an Arctic oil loading terminal, took place today in the Mys Kamenny settlement (Yamal Peninsula, Yamal-Nenets Autonomous Area). Russian President Vladimir Putin gave the command via a video call to start loading a tanker with oil from the Novoportovskoye field. The Novoportovskoye oil, gas and condensate field, the richest in oil reserves in the Yamal Peninsula, is located 700 kilometers away from the existing pipeline infrastructure.
Gazprom Neft's Profit Slides on Weaker Rouble
Gazprom Neft, the oil arm of Russia's top gas producer Gazprom, said on Wednesday its 2015 net profit declined 10 percent to 109.7 billion roubles ($1.5 billion) due to a weaker rouble and depreciation costs. The company also said its sales decreased by 2 percent to 1.66 trillion roubles, while hydrocarbon production surged by 21 percent to 529.2 million barrels of oil equivalent last year, including joint ventures. "In 2015 Gazprom Neft achieved an unprecedented production growth in a challenging macroeconomic environment…
Gazprom Neft to Boost Output to 2m bpd by 2020
Russia's Gazprom Neft is on track to produce 2 million barrels of oil equivalent per day from 1.6 million bpd now, Chief Executive Alexander Dyukov told reporters on Thursday. Gazprom Neft, the oil arm of Russian state gas company Gazprom, is under Western sanctions due to Moscow's role in the Ukraine crisis. Sanctions limit Gazprom Neft's access to the global financial markets and technology. (Reporting by Vladimir Soldatkin)
Gazprom Neft to Export 2.7 mln Tonnes of Oil to Asia
Russia's Gazprom Neft, the oil arm of gas producer Gazprom, plans to ship 2.7 million tonnes of oil to Asia this year, with around a third of that shipment going to China, executives with the company said on Friday. Anatoly Cherner, deputy chief executive with the company, said that shipments to China will be settled in the yuan currency, a practice that began last year. Alexander Dyukov, Gazprom Neft's chief executive officer, added that the company uses most of its yuan revenue for settlements with its Chinese contractors. Reporting by Katya Golubkova
Gazprom Neft says No Plans to Ask for Aid from Rainy-day State Fund
Gazprom Neft, the oil arm of Russia's top natural gas producer Gazprom, has no plans to ask for money from the National Wealth Fund, the company's head said on Monday. Alexander Dyukov told reporters in Russia's second city of St. Petersburg that Gazprom Neft had not and did not plan to ask for support from the National Wealth Fund. Last month, Dyukov said the company may apply to receive money to develop some upstream projects. Reporting by Darya Korsunskaya
Gazprom Neft Completes First Shipment
Gazprom Neft completed the first offshore oil shipment from Novoportovskoe deposit on Yamal during the winter period. The first batch of 16 thousand tonnes of crude oil was shipped to European customers from the Yamal Peninsula on a tanker escorted by the nuclear powered icebreaker “Taimyr”. The oil of Novy Port grade will be delivered to Europe in early March. Icebreaking support for Gazprom Neft tankers along the Northern Sea Route is provided by Atomflot Company. Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, noted that offshore shipment of oil is of the utmost importance for further development of the company.
Gazprom Neft: Shell Suspends Tight Oil Development in Russia
Oil major Shell has suspended development of hard-to-recover oil in Russia's Bazhenov formation with Gazprom Neft, Interfax cited Gazprom Neft's head as saying on Friday, after the West imposed sanctions on Russia over Ukraine. "We continue work ... by ourselves," Alexander Dyukov said, according to Interfax. (Reporting by Vladimir Soldatkin; Editing by Alexander Winning)
Russia Targets Shale Oil Boom by Next Decade
Russia wants a boom in unconventional oil output by the start of the next decade, and is prepared to look east for technology if its ambitions are hindered by Western sanctions over the Ukraine crisis, Russian oil executives said. Russia is now pumping near its capacity of around 10.5 million barrels of oil per day (bpd), with the bulk of production coming from depleted western Siberian deposits, highlighting an urgent need to look for new oil resources. Some Western companies are refraining from new investment in Russia because of political tensions…
