Russian oil and Gas Revenues Jump 57% m/m In October
The Finance Ministry reported on Tuesday that the proceeds from oil and natural gas sales to Russia's federal government in October increased by 57% compared to September, to reach 1.21 trillion Russian roubles (12.35 billion dollars), thanks to the quarterly payment of oil profit tax. This is compared to a calculation-based forecast of 1…
Document shows that Russian oil and gas revenues will decline in 2025-2027 due to a reduction in tax burden for Gazprom.
A draft budget released on Monday shows that Russia's oil and gas revenues are expected to decrease in 2025-2027, due mainly to the easing of the tax burden for the country's biggest gas producer Gazprom. The budget document states that the total budget revenue expected from oil and natural gas sales…
Petrobras Post Strong Results as Crude Rises, Gas Strengthen
Brazil's Petrobras beat second quarter profit estimates on Wednesday, as higher Brent prices, strong natural gas sales and relatively controlled expenses boosted the company's bottom line.In an evening securities filing, Petroleo Brasileiro SA , as the company is formally known, reported a quarterly net income of 42.855 billion reais ($8.29 billion)…
Russia Says Nord Stream 2 Will Be Ready in Months
Russian Prime Minister Dmitry Medvedev said on Monday that the Nord Stream 2 gas pipeline would be completed in a matter of months and U.S. sanctions imposed on the project last week would not be "catastrophic".Russia's new gas transit deal with Ukraine would also mollify the impact on Russian gas supplies of U.S.
Novatek Production Rose 6.9% in 2018
Russia's largest independent natural gas producer Novatek said that total hydrocarbon production during 2018 increased by 6.9%, and had increased sales of gas."In 2018, Novatek’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11…
PetroChina's Q3 net profit leaps
China's largest oil and gas producer PetroChina reported on Monday a leap in third-quarter net profit on rebounding crude prices and deleveraging. Net profit surged to 4.69 billion yuan ($706 million), up 290 percent from a year earlier, as the company cut debt and interest expenses. Revenues rose to 481.8 billion yuan…
Gazprom Export Launches Gas Auction
Gazprom Export on Friday launched an auction of an additional 3.24 billion cubic metres of gas to northwest Europe for the coming winter, providing relief following caps to Dutch production and depleted inventories. "In September 2015, Gazprom Export will conduct a series of natural gas sales auctions for the Delivery Period Winter 2015/2016…
Gas Industry Lessons for U.S. Oil Producers
The United States produced a record 25.7 trillion cubic feet of natural gas in 2014 according to preliminary estimates published by the Energy Information Administration (EIA) on Feb 27. Gas production has risen 27 percent since 2008 even though the number of rigs employed drilling for gas has declined…
Oil Prices Weigh on Alternative Fuel Sector
With gas pump prices lingering near their lowest levels in five years, greener, cleaner alternative fuels are taking a hit. Makers of biodiesel, a fuel made from vegetable oil or animal fats, are slashing prices and margins in a bid to stay competitive with the price of diesel fuel, which is down more than 20 percent from a year ago.
Easing U.S. Crude Export Ban Pressures Asian Producers
Most U.S. light crude expected to go to Europe, not Asia, but ripple effect to create pressure for Asian discounts. Formal U.S. government approval to ease a 40-year-old ban on exports of crude oil will squeeze Asian producers already scrambling to cut costs amid diminished revenues due to a crash in energy prices and weaker currencies.
St. Petersburg Becoming Int'l Gas Sales Hub
Alexey Miller, Chairman of the Gazprom Management Committee, inaugurated today a new office building of Gazprom Export in St. Petersburg. Taking part in the ceremony were Mikhail Mokretsov, Vice-Governor of the city of St. Petersburg, Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee…
Noble Energy 3Q Net Income Doubles
Oil and natural gas producer Noble Energy Inc said on Tuesday its third-quarter net income more than doubled on an increase in natural gas sales and prices. The company reported net income of $419 million, or $1.12 per share, compared with $205 million, or 56 cents per share, in the year-ago quarter.
GDF Pulls Out of Bidding for E.ON Assets in Italy
France's GDF Suez will not be making a binding offer for the assets German utility E.ON is planning to sell in Italy, a source close to the matter said on Wednesday. The French energy giant, Italy's No. 3 player in terms of natural gas sales, had expressed an interest in E.ON's hydroelectric, solar and wind plants in Italy as well as its gas client portfolio…
Galp Third-Quarter Oil Refining Dips, Exports Up
Portuguese energy company Galp's crude output rose 28.7 percent in the third quarter from a year earlier while the amount of oil it processed slipped 5.1 percent, it said on Monday. It said sales of refined products to direct clients fell 4.4 percent in the third quarter from a year earlier to 2.4 million tonnes.
Natural Gas Can Keep Those Motors Running
Cheap natural gas is starting to revolutionise traffic on U.S. roads, cutting bills for some of the country's heaviest fuel users while reducing carbon emissions and other pollution. The revolution is still in its very early stages. Gas remains a niche vehicle fuel, with last year's nationwide consumption…
Origin Buys Karoon's Offshore Gas Interest: Update
Australian energy giant Origin Energy Ltd will buy explorer Karoon Gas Ltd's 40 percent stake in Poseidon Browse Basin assets for up to $800 million, giving it access to one of the country's biggest gas-field discoveries. The deal gives Origin, an energy explorer, generator and retailer with 4.3 million Australian customers…
Imperial Oil's Profit Rises 19%
Imperial Oil Ltd, Canada's No.2 integrated oil company, reported a 19 percent jump in quarterly profit as production grew and prices rose. The company, 69.6 percent owned by Exxon Mobil Corp, said net income rose to C$946 million ($862.00 million), or C$1.11 per share, in the first quarter ended March 31 from C$798 million…
PGNiG Sells 4.9b m3 of Natural Gas in Q1
Poland's gas monopoly PGNiG said on Wednesday its natural gas sales likely amounted to 4.9 billion cubic metres in the first quarter of 2014, down from 5.6 billion a year earlier. PGNiG also said its gas output probably reached 1.2 billion cubic meters in the first three months of this year, unchanged from a year ago.
