Oil Falls on Demand Worries, Market Awaits Fed Advice
Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85. That puts both crude benchmarks on track for their lowest closes since Dec.
Azerbaijan's Jan-April Oil Output Flat
Azerbaijan's oil and gas condensate output was flat in January-April at 12.4 million tonnes compared with 12.44 million tonnes in the same period last year, the Energy Ministry said on Thursday.Natural gas output rose to 13.4 billion cubic meters (bcm) in the first four months of 2020 from 11.6 bcm.Azerbaijan exported 10.26 million tonnes of oil in January-April, 9.8 million tonnes of which was oil produced by an international consortium led by BP while 409…
Apache Makes Major Discovery Offshore Suriname
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from a dive in natural gas prices.Analysts…
O&G Output at Russia's Pacific Sakhalin Island Seen Down in 2019
Production of oil and natural gas at the Russian Pacific island of Sakhalin is expected to decline next year, the local government said in an emailed response to a Reuters query.Sakhalin, which is also famous for producing seafood, derives most most of its oil and natural gas from two offshore projects - Sakhalin-1, led by ExxonMobil, and Sakhalin-2, led by Russia's Gazprom.Sakhalin-1 shareholders also include Russia's Rosneft , Japan's Sodeco and India's ONGC.
Rosneft suing Exxon-led oil project over dispute between neighbours
Russian oil major Rosneft's $1.4 billion lawsuit against the ExxonMobil-led Sakhalin-1 consortium relates to a row over how oil should be shared between the Sakhalin-1 concession and an adjacent Rosneft field, court papers show.Rosneft filed the suit in the Sakhalin district arbitration court in Russia's far east, accusing the consortium of unjust enrichment, an allegation the consortium denied. Rosneft did not disclose the exact nature of the dispute.According to court documents reviewed by Reuters on Tuesday…
Kazakhstan Oil Output Rises in March
Oil and gas condensate output in Kazakhstan rose 2 percent month-on-month in March to 7.4 million tonnes, preliminary energy ministry data showed on Friday, above a level agreed in a global production deal with OPEC. the second biggest oil producer among former Soviet countries, was at 1.75 million barrels per day (bpd) last month up from 1.72 million bpd in February. Reuters bases its calculations on a rate of 7.33 barrels per tonne of crude.
Oil Prices Under Pressure on Output Cut Doubts
Oil prices were under pressure on Monday due to doubts that large oil producers will reduce production as promised and on expectations that U.S. production would increase again this year. Benchmark Brent crude oil was up 8 cents a barrel at $55.53 after being down for most of the day by 1416 GMT and U.S. light crude was flat at $52.37 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan.
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.
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.
Russia's Novatek to Update Long-term Strategy
Russia's No.2 natural gas producer Novatek is expected to present its new long-term strategy before year-end, Chief Financial Officer Mark Gyetvay told a conference call on Thursday. Novatek has been one of the fastest-growing oil and gas producers in Russia. The company plans to keep natural gas production flat this year, while eying a 30-percent rise in output of crude oil and gas condensate. Gyetvay said that Novatek, owned by its Chief Executive Officer Leonid Mikhelson and businessman Gennady Timchenko…
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.
Putin Blesses Gazprom Neft's Arctic Liftings
Russia's Gazprom Neft, under the gaze of President Vladimir Putin, has started loading a tanker with crude from its new Novoportovskoye field in the Arctic, which will help Moscow maintain record-high oil production. The project will help the company to reach its target of 100 million tonnes per year, or 2 million barrels per day, of oil production by 2020. It will also help Russia to keep its oil production at more than 10 million barrels per day…
Iran O & G Condensate Exports Touch 2.45 mi BPD -SHANA
Iran's oil and gas condensate exports have reached 2,450,000 barrels per day, Oil Minister Bijan Zanganeh was quoted as saying by ministry news agency SHANA on Saturday. He also said there was no obstacle to Iran regaining its lost share of the oil market after the lifting of international sanctions against Tehran in January. (Reporting by Bozorgmehr Sharafedin; Editing by Mark Heinrich)
Gazprom Neft to Delay Novoportovskoye Oilfield Launch
Russian oil producer Gazprom Neft will delay the start of commercial production at its key Novoportovskoye oilfield by around six months, two company sources told Reuters on Tuesday. One source, who works at the field on the Yamal peninsula in the Arctic, said commercial production would start no earlier than September due to technological problems. Russia's fourth-largest oil producer had planned to launch production at the field this spring and the project is seen as crucial to the company hitting its target of 100 million tonnes…
Gasoline Cargoes Sail to Iran, Crude Exports Still Tough
Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Trading sources told Reuters major trading houses Gunvor and Vitol have each delivered several cargoes of gasoline into Iran in recent days. Gunvor and Vitol declined to comment. Meanwhile, Swiss trading house…
Russian Oil Output Hits post-Soviet Record High in Dec, 2015
Oil output in Russia, one of the world's largest producers, hit a post-Soviet high last month and in 2015 as small- and medium-sized energy companies cranked up the pumps despite falling crude prices, Energy Ministry data showed on Saturday. The rise shows producers are taking advantage of lower costs due to rouble devaluation and signals Moscow's resolve not to give in to producer group OPEC's request to curb oil output to support prices. But…
Rosneft, BP Ink E&P, Refining Deal
Rosneft and BP today signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum. Rosneft and BP signed final binding agreements for Rosneft’s sale to BP of a 20 per cent share of Taas-Yuryakh Neftegazodobycha (Taas), creating a new joint venture in East Siberia. The document was signed by Rosneft Management Board Chairman Igor Sechin and President of BP Russia David Campbell.
Russian Oil Production at Post-Soviet High
Russian oil and gas condensate production, among the world's largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday. Global oil prices jumped 21 percent in April to over $66 a barrel due to slowing drilling activity and increasing political tensions in the Middle East, having collapsed from a peak of $115 per barrel in June last year.
Russia Oil Output at post-Soviet High
Output up 0.7 percent in 2014; exports to China up 43 percent. Russia's 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7 percent helped by small non-state producers, Energy Ministry data showed on Friday. Oil and gas condensate production in December hit 10.67 million bpd, also a record high since the collapse of the Soviet Union. The data showed Russia's so-called small producers, mostly privately held, increased their output by 11 percent to just over 1 million barrels per day.
Eni Expands in Gas-rich Turkmenistan
Eni's Caspian blocks are rich in oil, gas; Eni is a key player in neighbor Kazakhstan's oil sector. Italian oil and gas major Eni has agreed a series of deals with Turkmenistan to expand its operations in the gas-rich country as it turns increasing attention eastwards to drive growth. Eni said it had extended an onshore production sharing agreement (PSA) with the Central Asian state. It is also exploring offshore opportunities, the Italian company said on Tuesday.
