Rosneft, Eni Fail to Discover Oil at Black Sea Well
Russia's state oil company Rosneft and Italy's Eni did not make a commercial oil discovery in the Black Sea as the well they were drilling proved to be dry, a source close to the operations told Reuters on Wednesday. Rosneft chief executive, Igor Sechin, has partnered with a number of foreign companies to develop Russia's offshore regions…
Rosneft Delivers First Gasoline Cargo to Asia-Pacific
Energy giant Rosneft said on Thursday its trading arm had delivered an inaugural gasoline cargo to the Asia-Pacific, marking what could be Russia's first foray into a region dominated by OPEC producers from the Gulf. The 200,000-barrel cargo, bought by Rosneft from the international market and taken by Indonesian state energy company Pertamina…
Doha Oil Meeting Likely to Yield 'Partial Output Freeze'
Analysts at Moscow-based Sberbank CIB believe that the most likely outcome of a meeting of leading global oil producers in Doha on Sunday is a partial output freeze that supports a limited rise in oil prices. The largest producers, including Saudi Arabia and Russia, are scheduled to meet to finalise…
Russia Considers Drastic Steps to Plug Finances Hit by Tumbling Oil
Russia is running out of options to plug a yawning hole in its budget - and steps unthinkable before oil prices began to plunge 20 months ago are now being considered. Two senior financial officials told Reuters that authorities were discussing the possibility of calculating rouble rate levels against…
Kremlin's Long-term Gas Deals in Europe Intact For Now
Russian gas giant Gazprom will lower its prices to keep European customers locked into long-term supply contracts, maintaining an arrangement that has for decades helped Moscow secure political leverage in Europe. But Russia will only be able to preserve its long-term contracts for the next few years and will eventually have to sell more of its gas on the spot market…
Russian Assets Surge as Oil Takes Off
Russian assets jumped on Thursday, supported by a lift-off in the oil price and rally on international markets, helping to erase the impact of a plunge in global shares earlier in the week. At 1515 GMT, the rouble was 3.7 percent stronger against the dollar at 66.25 and up 4.3 percent to 74.41 versus the euro.
Bypassing Ukraine Will be Costly for Gazprom
Russia's plans to drop Ukraine as a route for pumping natural gas to Europe will still leave state-run Gazprom facing about $1 billion in annual transit fees to Slovakia and Bulgaria for years to come, analysts and industry sources say. Russia wants to circumnavigate Ukraine to pipe its gas to Europe because of pricing disagreements…
Gazprom Trims 2015 Gas Production Plan Again
Russia's top natural gas producer Gazprom has cut its 2015 production plan to 450 billion cubic metres (bcm) after warmer weather hit demand, company officials said on Tuesday, the second such downward revision in a week. The forecast is still higher than the 444.4 bcm of gas the company produced last year, an all-time low.
Gazprom Concessions Could End EU Antitrust Case
Gazprom has 12 weeks to respond to EU charges. Gazprom is considering offering Europe new concessions, including on pricing, to settle its antitrust case and avoid a long legal battle which could result in billions of dollars in fines for the Russian gas producer. The European Commission has accused Gazprom…
Gazprom's EU Gas Sales Plunge
Plunging sales to Europe and falling energy prices are not only sapping the revenue of Russia's top natural gas producer Gazprom but also depriving the country's budget of much-needed funds. Gazprom usually contributes almost one fifth of federal budget revenue, an amount the finance ministry would love…
Russian Oil Output Seen Near Record This Year
The twin traumas of an economy-crippling oil price collapse and Western sanctions hobbling energy firms will not deflect Russia from keeping oil output near a record high this year, companies, officials and analysts say. Russia will likely continue to fend off Saudi Arabia as the world's top oil producer…
Plunging Oil Strengthens Ukraine's Hand with Russia Gas
Ukraine has cut Russian gas imports and Gazprom cannot afford to lose Ukraine. Ukraine has a stronger hand to play at talks with Russia on gas supplies thanks to the fall in oil prices, which has dragged down gas prices, and after showing it can live on less. Neither side wants to give way at talks on…
Gazprom Sees Gas Production at All-time Low
Russian gas giant Gazprom , hurt by Western sanctions over the Ukraine crisis and a long-running dispute with Kiev over prices, expects to produce the lowest amount of gas in its history this year. Company spokesman Sergei Kupriyanov told reporters on Wednesday that the company expected to produce 444.4 billion cubic metres (bcm) of natural gas this year…
Russia Abandons South Stream But Not Goal of Bypassing Ukraine
President Vladimir Putin's decision to drop the South Stream pipeline project is a blow but not an end to Russia's search for ways to get natural gas to Europe without going through Ukraine. The Kremlin wants to find routes to bypass Ukraine to cement its position on the European market and reduce reliance for energy transit on a country with which relations are strained.
Russia No Help in Oil Price War
Russia needs oil price of $100 to balance budget. Oil prices at four-year low of $78 and Russia can't cut output, has no storage to limit exports. Russia can do little to shore up slumping global prices even if OPEC wants it to. Russian wells will freeze if they stop pumping oil, and the country cannot store the output it would otherwise export.
Russian Oil Output Declines Could Play Role in Balancing Supply
With oil prices at four year-lows all eyes are on the Gulf to cut output, but a decline in Russian output could also play a role in balancing supply. Russian oil companies could be forced to ditch new projects and end plans to revamp old ones if prices stay at around $82 a barrel or tumble further, making…
Hope and Obstacles as Russia and Ukraine Seek Gas Deal
A tentative agreement between the Ukrainian and Russian presidents has raised hopes of ending a dispute in which Moscow has halted natural gas supplies to Kiev, but several obstacles still have be overcome. Movement on the gas row was the only sign of progress at talks between Vladimir Putin and Petro…
Gazprom Faces Its Lowest Gas Output in History
Russian gas producer Gazprom is likely to record its lowest output this year since its creation a quarter of a century ago after cutting supplies to Ukraine and losing market share to domestic rivals. Gazprom reduced its 2014 production forecast this week, and analysts regard even this figure as overoptimistic…
Russia's August Oil Production Rises
Russian oil output rose 1 percent in August to 10.52 million barrels per day (bpd), supported by an increase in condensate production at Gazprom and projects with foreign companies, Russian Energy Ministry data showed. Production in Russia, which includes crude oil and gas condensate, was still the world's highest in August.
Russia Sacrifices Gazprom Profit for Politics in Ukraine
Russia's top natural gas producer, Gazprom, will eventually lose more than it gains from raising the gas price for Ukraine by 80 percent, analysts said on Friday, predicting Kiev would cut purchases and fail to pay in full. Gazprom on Thursday announced a price rise for Ukraine to $485 per 1,000 cubic metres, the second increase in three days.
