China's CNOOC records record profit in the first half of this year on higher oil prices and output
CNOOC Ltd, a Chinese offshore oil-and-gas major, posted a record net profit for the first half of 2012 on Wednesday. Higher oil prices resulting from the Iran War?and increased production helped to boost earnings. According to a filing at the Hong Kong Stock Exchange, net?profits attributable to investors?rose by 23.4% from 69.5 billion to 85.8 billion ($12.9 billion).
Data shows that Russia's oil-and-gas revenue rose 32% year/year to $9.26 Billion in May.
The Finance Ministry reported on Wednesday that the oil price rally in the Middle East fueled a 32.4% increase in Russia's tax revenues from oil and gas. The revenue fell by 20.7% in April, when the budget received additional payments for profit-based taxes, which are paid on a cyclical basis. Russia is the third largest oil exporter and producer in the world after the U.S.
Norway increases its oil and gas revenue forecast for 2026 to $78 billion
The government of Norway said on Tuesday that it expected the state to earn $72.1 billion ($78.71billion) in revenue this year from oil and gas production. This is up from the initial estimate of $557.4billion, due to the Iran War pushing energy prices higher. Norway produces approximately 4 million barrels equivalent of oil per day. However…
Russia's oil revenue fell 43% year-on-year in March, according to the Finance Ministry
According to data released by the Finance Ministry on Friday, Russian state oil and gas revenues declined in March by a whopping '43%, to 617 billion Russian roubles (US$7.72 billion), compared to the same period a year earlier. This was due to lower oil prices, as well as a stronger Russian rouble. The oil and gas revenue is crucial for Russia's budget.
Russian Oil Exports Curtailed By Drone Attacks, Weather
Russia has been unable to capitalize on this week's surge in global crude prices, as days of Ukrainian drone attacks and harsh winter storms have sharply curtailed its capacity to export oil, industry sources said.Russia's Sheskharis oil terminal in Novorossiysk port suspended oil loadings on Monday after a Ukrainian drone attack left a fuel terminal ablaze and damaged dozens of buildings…
In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this…
Nigeria redirects all oil and gas revenues to the Federation account as part of sweeping reform
The presidency announced on Wednesday that President Bola Tinubu signed an order directing all oil and gas revenues due to the government to be paid directly into the federation's account. This is part of a sweeping reform aimed at improving public finances. According to the law, Nigerian National Petroleum Corporation retains 30% of the oil and gas profit for frontier exploration within inland basins.
Russia's monthly oil revenue is set to reach its lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenues in December are likely to drop by almost half from a year ago, reaching 410 billion Russian roubles (5.17 billion dollars), due to lower crude prices and stronger roubles. Calculations showed that oil and gas revenues are the Kremlin's main source of income. They account for a quarter the federal budget…
Russia's oil & gas revenues are expected to drop by half in December, reaching their lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenue is likely to drop by almost half in December, compared to a year earlier. This will be due to lower crude prices as well as a stronger rouble. The Finance Ministry had forecast 8.65 trillion roubles for the year. Calculations based on official statistics and data from industry sources suggest that the total revenue will fall by nearly a quarter…
The central bank of Russia says that the discount on Russian Urals oil prices has increased to 23% by November.
The Russian central bank announced on Thursday that the discount between Brent and Urals, which is Brent's global benchmark oil, has increased by six percentage points to 23% this month. These discounts are less severe than the first wave of Western sanctions that began in 2022 but they still reflect increasing pressure on Russian oil revenue, which is a vital lifeline for Moscow’s budget.
EU sanctions against Russia include two Chinese refineries and the trader Chinaoil
The EU has added Chinaoil Hong Kong (a trading arm for PetroChina) and two Chinese refineries with a combined daily capacity of 600,000.00 barrels to its list of sanctions against Russia, according to the EU Official Journal published on Thursday. Liaoyang Petrochemical is one of the two refineries, and Shandong Yulong Petrochemical is another.
In June, Russia's budget revenues from oil and gas fell by a third on an annual basis
The Finance Ministry reported on Thursday that Russia's oil-and-gas revenue in June fell 33.7% compared to the same period last year, falling to 494.8 billion Russian roubles (6.29 billion dollars), its lowest level since January 2023. This was due to weak oil prices, and a stronger rouble. The Kremlin's main source of income is oil and gas revenues, which account for roughly a quarter the total federal budget revenue.
The US climate envoy said that work would continue despite Trump’s return
John Podesta, U.S. Climate Envoy, urged governments on Monday to believe in the promise of the United States to combat global climate change. He said Donald Trump could slow down, but not stop the transition away from fossil fuels, when he returns to the White House in January. The annual U.N. Climate Summit began Monday in Baku in Azerbaijan. Many country delegations were concerned that Trump's win in the U.S.
Minister: Russia welcomes foreign investments in geological exploration
Alexander Kozlov, Minister for Natural Resources and Ecology in Russia, said that the country would be happy to welcome foreign investors who wish to participate in its geological surveys. After the outbreak of the conflict in Ukraine, in February 2022, Russia experienced a mass exodus. Moscow has tried to strengthen cooperation with nations…
Drilling Ban Proposals Divide Democrats
In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars in projected tax revenues from the drilling industry in the Permian Basin…
Woodside Q1 Revenue Rises 4%
Australia's Woodside Petroleum Ltd on Thursday posted a 4 percent rise in first-quarter revenue on higher realized prices for its oil and gas.Revenue rose to $1.22 billion for the three-months ended March 31, compared to $1.17 billion a year ago.Australia's largest listed oil and gas explorer said total production for the quarter came in at 21.7 million barrels of oil equivalent (mmboe), down from 22.2 mmboe a year earlie
Bahrain Launches $1 bln Energy Fund
Bahrain's government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom's energy assets, Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said on Thursday.The Bahrain Energy Fund will receive its initial capital from local entities including Nogaholding, the investment arm of Bahrain's National Oil and Gas Authority, as well as from investme
Gazprom: Sea Portion of TurkStream First Line Completed
Russia's Gazprom said on Monday it had completed the sea portion of the first line of the TurkStream offshore gas pipeline across the Black Sea.Gazprom, which plans to complete the pipeline in 2019, said in a statement that 1,161 km, of pipe had been laid since it began construction last year.The second line, designed to ship gas to south European countries such as Greece, Bulgaria and Italy, will be laid in the third qua
Trump to Promote US Natgas Exports in Russia's Backyard
President Donald Trump will use fast-growing supplies of U.S. natural gas as a political tool when he meets in Warsaw on Thursday with leaders of a dozen countries that are captive to Russia for their energy needs. In recent years, Moscow has cut off gas shipments during pricing disputes with neighboring countries in winter months. Exports from the United States would help reduce their dependence on Russia.
Strong Rouble Limits Effect From Oil Cut Deal for Russia
A strong rouble is deflating Russian oil producers' and government hopes for a revenue boost from a global deal to curb output that was designed to lift prices and reduce inventories. The price of Russia's flagship Urals oil blend has risen around 20 percent since OPEC and 11 other large producers, led by Russia, agreed late last year to cut production in the first half of this year.