Lukoil Aims to Be Net Zero CO2 Emitter by 2050
Vice president of Russian oil producer Lukoil, Leonid Fedun, said on Monday the company aimed to become a net zero carbon emitter by 2050."It is realistic to a reach zero carbon footprint" for us, he said at a presentation.(Reporting by Vladimir Soldatkin, writing by Maria Tsvetkova; editing by David Evans)
Caspian is Key for Lukoil
Alexander Oboronkov leapt at the chance to work on the Filanovsky platform after it was launched in 2016, keen to see Russia's largest Caspian Sea oilfield in action.The Filanovsky oilfield, along with the nearby Korchagin and Rakushechnoye fields, are key to the growth plans at Lukoil, Russia's second biggest oil producer, where Oboronkov works as deputy head of the Filanovsky platform.The company, controlled by executives Vagit Alekperov and Leonid Fedun, took its name from three oil towns in Lukoil's tradition exploration region of western Siberian: Langepas…
Lukoil Calls for Exit From Output Deal if Oil Holds at $70
Russia should start exiting a global deal to cut oil output if crude prices remain at $70 per barrel for more than six months, Lukoil chief executive Vagit Alekperov said on Friday as he unveiled a $2-3 billion share buyback programme. Russia and Saudi Arabia are leading the wider OPEC and non-OPEC effort to limit production to prop up prices and Brent crude oil futures have risen by more than 50 percent since mid-2017, hitting $70 a barrel this week for the first time since December 2014. "If the price of $70 remains for more than half a year…
Lukoil CEO, VP Sell $34 Mln Worth of Shares
Vagit Alekperov, chief executive of Russia's No.2 oil producer Lukoil and his deputy, vice president Leonid Fedun, have sold a total of $34.3 million worth of Lukoil's shares in the period of Dec. 28-29, the company said on Friday. (Reporting by Vladimir Soldatkin; writing by Katya Golubkova)
Russia's Lukoil co-owner won't rule out stake sale to Rosneft
Leonid Fedun, a major shareholder and vice president at Russia's No.2 oil producer Lukoil, has not ruled out selling his stake to Kremlin-controlled Rosneft, RBC newspaper reported on Saturday. Fedun, who owns little less than 10 percent in the company, told the newspaper that "in theory" Rosneft may acquire Lukoil. "You know, never say never. If they came to you and say ... we offer you $100 billion for your company. Who would refuse it? I, personally, don't," he is quoted as saying. Rosneft, owned by Igor Sechin, a long-standing ally of President Vladimir Putin…
Lukoil Says Tax Changes Needed to Maintain Output
A new, profit-based tax regime for the Russian oil industry is critical to support the use of modern, high-cost technologies and maintain oil production, Leonid Fedun, a vice president at oil producer Lukoil , said on Tuesday. "The biggest issue we are facing is the fiscal environment in Russia," he said at a conference in Brussels to present the company's view on future trends in energy markets. The Russian government has debated changes in oil industry taxation for years as it tries to find a balance between budget needs and sustainable oil production, which together with gas generates around 40 percent of state revenues.
Lukoil Not Interested in Rosneft
Russia's No.2 oil producer Lukoil is not interested in buying shares in its larger peer Rosneft, Lukoil's vice president Leonid Fedun said on Tuesday. "As far as I know the question is decided. The shares will be bought by Rosneftegaz," Fedun said, referring to the state-controlled holding which controls Rosneft. Last week, Russian business daily Vedomosti cited a source as saying that Russian President Vladimir Putin offered Lukoil's Chief Executive Officer Vagit Alekperov the opportunity to take part in Rosneft's privatisation. Fedun also said that the company was ready to join a possible oil output freeze if such a decision taken by the OPEC group.
Lukoil Launches New Oilfield in the Russian Arctic
Russia's second biggest oil producer Lukoil launched a new oilfield in the Russian Arctic on Tuesday, an effort to stem output falls attributed to the company's declining deposits, which are mostly located in Western Siberia. The launch of the field, in the Yamal region, underlines how hard it is for the Russian authorities to get their oil companies to freeze or cut output as part of a potential deal with the Organization of the Petroleum Exporting Countries. It also shows how Russia is cranking up production by launching new fields even though President Vladimir Putin pledged to help support global efforts to curb oil oversupply.
Russia's Lukoil Profit Dips
Russia's No.2 oil producer Lukoil second-quarter net profit dipped 2 percent, as a weaker rouble helped offset a 30 percent fall in crude prices that has gouged the earnings of many of its peers. Quarterly net profit was 62.57 billion roubles ($962 million), broadly meeting analysts' average forecasts for 62.28 billion roubles. The company also said its operation at the West Qurna-1 oilfield in Iraq, where it was eligible for significantly lower volumes of compensation crude oil in the second quarter, hit profitability. Lukoil's shares fell by 2 percent after the report, before recovering some lost ground. They were down by 1.5 percent on the day.
Lukoil Board Recommends 2015 Dividends
Russia's No.2 oil producer Lukoil said on Monday its board had recommended paying 177 roubles ($2.68) per share in dividends on 2015 results in total, including interim payouts. The cut-off date for determining which shareholders are eligible to receive dividends was proposed as July 12, 2016. Last year, Lukoil, a publicly listed company co-owned by its senior management including billionaire Chief Executive Vagit Alekperov and Vice-President Leonid Fedun, paid 154 roubles per share in annual dividends. Lukoil also said it had introduced changes to its dividend policy…
Lukoil Sees its 2016 Oil Output Flat in Russia
Russia's No.2 oil producer Lukoil may keep its oil production unchanged in Russia in 2016, while its total oil output may decline, Lukoil's vice president and second biggest private shareholder Leonid Fedun said on Tuesday. Lukoil is developing huge West Qurna-2 oilfield in Iraq. (Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Polina Devitt)
Lukoil's 2015 Profit Takes 26% Hit on Oil Price Plunge
Russian oil producer Lukoil's net profit fell 26 percent last year to 291.1 billion roubles ($4.3 billion) due to writedowns on the value of some of its assets after a sharp drop in the oil price. Lukoil Vice President Leonid Fedun said he expected a global oil surplus to dry up in the second half of the year and is hopeful a meeting of leading producers in Doha on April 17 for talks about a deal to freeze output to support the market will yield results. Oil prices have fallen around 60 percent since they peaked at $115 per barrel in June 2014 due to a supply glut, exacerbated by producer group OPEC's decision later that year not to cut production.
Lukoil's Fedun Will Not Overpay for Bashneft Privatization
Russia's Lukoil will not overpay for its rival Bashneft, which has been included by the state in a privatization list for later this year, Lukoil's vice president and second biggest private shareholder Leonid Fedun said. (Reporting by Vladimir Soldatkin and Olesya Astakhova)
Russia Plans No Joint Action with OPEC
Russia's government is not discussing cooperation with OPEC, two senior Russian officials told Reuters, after a co-owner of the country's No. 2 oil producer Lukoil said Moscow and the exporter group should join forces to battle low oil prices. The comments from Lukoil co-owner Leonid Fedun contradicted a long-standing stance by Russian officials that if Russia bowed to any OPEC request to cut production jointly, the country would lose market share. The two senior officials, who are familiar with the matter, said Fedun's comments were his personal opinion, not agreed to or supported by Energy Minister Alexander Novak or others in the industry.
OPEC, Russia Teamwork all Talk, No Action
Lukoil says Russia needs to work with OPEC; OPEC evaluating whether to hold emergency meeting. Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades, while Saudi Arabia signalled its resolve to allow the market to balance itself. The latest volley of comments highlighted the intensifying pressure of $30 a barrel oil prices on cash-strapped countries such as Russia, but did not appear to tilt the scales meaningfully towards any concerted action to reverse the price crash, an idea repeatedly mooted but dismissed for over a year.
Lukoil Could Sell Treasury Shares to Raise Funds
Lukoil, Russia's No.2 oil producer, may sell its treasury shares to raise money or distribute them among shareholders, Chief Executive Vagit Alekperov was quoted as saying on Monday. Earlier this month, Lukoil, where Alekperov and his deputy, Leonid Fedun, are the largest private shareholders, said its Cypriot unit had increased the percentage of shares held by the company in treasury to 16.2 percent from 11.25 percent. Alekperov, who held a stake of around 23 percent in Lukoil as of the end of 2014, told the Rossiya-24 TV channel on Monday that the company could use treasury shares to raise money, among other options.
Lukoil May Exit West Africa
Russia's Lukoil oil company may leave almost all of its projects in West Africa as it has made no large discoveries there, Leonid Fedun, the company's vice president, was quoted as saying by Interfax news agency. "Many of these projects need more studies, but I am rather pessimistic. No decisions have been made, but we have not made any big commercial discoveries," he said on Wednesday. Lukoil, Russia's second-largest oil producer, has the biggest foreign exposure among Russian energy companies. It was once betting on West Africa as a potential source of its future production growth. Lukoil's biggest foreign project is West Qurna-2 in Iraq.
Lukoil, Chevron Look to Invest in Nigeria
Russia's second-largest oil company, privately controlled Lukoil, said on Friday it planned to invest in Nigeria with U.S. oil major Chevron Corp , part of its push to seek opportunities away from Russia's state-dominated oil sector. "We have decided to enter a joint block with Chevron in a project in Nigeria, which we consider to be promising," Chief Executive Vagit Alekperov told reporters in Moscow. He declined to name the project and provided no detail. According to Chevron's website, the Aparo field and the third-party-owned Bonga SW Field in Nigeria share a common geologic structure. It plans joint development for both.
Saudi Oil Policy Uncertainty Unleashes the Conspiracy Theorists
If Saudi Oil Minister Ali al Naimi wants to stop conspiracy theories spreading before a crucial OPEC meeting next week, it's too late. Naimi's intervention last week after a two-month silence failed to address a question energy markets want answered: is the OPEC leader no longer willing to defend oil prices which have dived by a third to their lowest since 2010, and is it pursuing new commercial or even geopolitical goals? Despite Naimi's instance that Riyadh wants stable markets, diplomatic and market sources say Saudi officials told recent private briefings that the kingdom can live for some time with current, or even lower, levels.
Lukoil CEO Buys Over $25m of Lukoil Shares
Vagit Alekperov, chief executive of Russia's second-largest oil company Lukoil, has bought over $25 million of the company's shares, the firm said on Wednesday. Lukoil added that the transaction, conducted by a person connected to Alekperov, was split over two purchases worth $15 million and $10.25 million, respectively, and took place on Nov. Alekperov is Lukoil's largest private shareholder, owning around 23 percent of the firm. Last month, Lukoil denied a report that its second-largest private co-owner, Leonid Fedun, planned to sell his 9.77 percent stake in the company.
