The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production since the invasion of Ukraine.
“Exceptional” oil and gas trading meant BP (LON:BP) raked in healthy profits in the first three months of 2022.
Economy Minister Robert Habeck said Germany has already cut its reliance on Russian oil enough to make a full embargo “manageable,” potentially laying the groundwork for a continent-wide ban that would upend the global trade in petroleum.
Russia’s second-largest oil producer Lukoil PJSC said Chief Executive Officer Vagit Alekperov will resign, in the latest sign of growing pressure on the nation’s energy industry since the invasion of Ukraine.
Instituto Nacional de Petroleo (INP) has approved 12 of the 13 companies for pre-qualification in its sixth licence round.
BP has reached out to state-backed firms in Asia and the Middle East as it searches for a way to offload its Russian assets.
Mozambique has closed the pre-qualification section of its sixth bidding round with 13 companies submitting documents.
The UK has imposed sanctions on the chief executives of Russian energy giants Rosneft and Gazprom.
French customs agents have seized the Amore Vero yacht, belonging to Rosneft CEO Igor Sechin.
Trafigura is “reviewing” its shareholding in Vostok Oil, while Glencore is also considering its stakes in En+ and Rosneft, in response to the war in Ukraine.
There is general consensus amongst analysts that oil giant BP will face an uphill struggle to find a buyer for its stake in Rosneft.
TotalEnergies has said it condemns Russia for its “military aggression against Ukraine” and will not provide capital for new projects in Russia.
First BP, then Shell. In just two days, Britain’s twin energy giants have dumped Russian investments nurtured over decades and shut themselves out of the world’s largest energy exporter, probably forever.
Asset management group Abrdn has been unable to sell its minor stake in Russian state-backed oil and gas giant Rosneft.
Energy majors continue to offload interests in Russia, with a series of divestment announcements by the likes of Shell, BP and Equinor.
Norwegian oil giant Equinor has followed BP in announcing that it will start exiting its joint venture businesses in Russia.
BP is facing a financial hit of up to $25 billion over its exit from Russia state-owned oil firm Rosneft.
BP is under pressure from the Government to cut its ties with Russian oil giant Rosneft, which the British-based company holds a 20% stake in.
BP, Wintershall DEA and IOG are among the North Sea firms which are monitoring UK Government sanctions against Russia, and could be impacted as tensions escalate.
Of all the international oil majors, BP potentially has the most to lose if the situation in Ukraine triggers a crisis between Russia and the West.
BP and Rosneft were the only companies to deliver more than a billion net barrels of oil equivalent through exploration last year, according to new research.
Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive.
ExxonMobil (NYSE:XOM) and Rosneft (MCX:ROSN) have signed a memorandum of understanding to cooperate on the assessment of lower-carbon technologies to reduce greenhouse gas emissions from their operations.
Norwegian energy giant Equinor has partnered up with Moscow-headquartered Rosneft to develop low carbon solutions.