OAO Rosneft will sell a stake in one of its largest oil-producing projects to ONGC Videsh Ltd., the overseas arm of India’s biggest explorer.
The unit of state-owned Oil & Natural Gas Corp. will take a 15 percent share in Vankorneft, Russia’s second-largest oil producing development, the companies said at a signing ceremony Friday in Vladivostok, in Russia’s Far East. ONGC will have a right to two directors on Vankorneft’s board and Rosneft will keep control of the project operations, including the Vankor- Purpe pipeline, the companies said. The deal is pending regulatory approval.
China Petrochemical Corporation (Sinopec) has struck a deal with Rosneft on the joint development of the Russkoye and Yurubcheno-Tokhomskoye fields.
The companies have signed a heads of agreement on cooperation within the proposed joint development of the assets.
China Oilfield Services Limited (COSL) will drill two offshore exploration wells for Russia's Rosneft ROSN.MM, the Kremlin-controlled oil giant said on Wednesday, as it is trying to overcome restrictions related to Western sanctions.
Russia’s largest oil producer Rosneft saw its second quarter profit fall but a weak rouble helped soften the hit by countering the slump in the price of oil.
Russian energy company Rosneft said on Monday it had registered to take part in the 13th licensing round organised by Brazilian national energy agency Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis. Rosneft said that 10 oil basins and blocks, located onshore and offshore, would be put up for sale at the licensing round.
Russia's Rosneft, the world's top listed oil producer by output, plans to increase production, Chief Executive Igor Sechin told Prime Minister Dmitry Medvedev on Friday, according to the government's website.
Rosneft oil production was slightly down last year to 4.1 million barrels per day from 4.2 million bpd in 2013, due to lower output at mature fields.
Russia’s largest oil producer and Exxon have submitted joint bids in Mozambique’s fifth licensing round to explore the Angoche Basin and Zambezi Delta.
Russia's top oil producer Rosneft has made a significant step in its efforts to expand its global reach by signing a preliminary deal with Essar Group about acquiring up to 49 percent of the Vadinar oil refinery in India.
Rosneft, the world's top listed oil producer, has long sought to increase its exposure to the global markets but its efforts have been hampered by Western sanctions over Moscow's role in the Ukraine crisis.
State-controlled Rosneft said on Wednesday that it has also finalised a deal to supply 10 million tonnes of oil a year (200,000 barrels per day) to the refinery over 10 years.
Egypt and Russia's top oil producer Rosneft have signed two initial deals for the supply of petroleum products and liquefied natural gas to Cairo, the two sides said on Tuesday.
The oil ministry said in a statement the deals include the supply of benzine and bitumen, as well as 24 LNG cargoes for state gas company EGAS over two years starting from the fourth quarter of 2015.
BP Plc’s $750 million purchase of a Siberian oilfield stake is as much a bet on China as it is on Russia.
Taas-Yuriakh Neftegazodobycha LLC’s blocks near China’s northern border will supply the planned Tianjin refinery on the east coast, according to OAO Rosneft, which sold the 20 percent holding last week. BP Chief Executive Officer Bob Dudley predicts the unit’s natural gas reserves will prove strategic as Russia develops its Far East and builds ties with the world’s biggest energy consumer.
“You have to make a judgment on whether it will have value,” Dudley told Bloomberg News on June 19 in St. Petersburg, referring to the gas reserves. “We believe it will, eventually.”
France's Total has signed an agreement to sell its 16.67% stake in the Schwedt refinery in north-east Germany to Russian oil and gas giant Rosneft, which already holds indirectly an 18.75% interest in the facility.
The deal is valued at $300million (£190million) excluding working capital and remains subject to customary approvals.
Igor Sechin, the head of Russia's top oil producer Rosneft, said on Wednesday the United States is calling the shots on global oil markets, while the influence of OPEC has shrunk.
The United States emerged with renewed vigour as a top producer thanks to its shale boom. By refusing to curb its output to prop up oil prices, OPEC has tried to maintain its share in the global market, shrugging off lower prices which damage U.S. producers.
Russian state oil producer Rosneft will be forced to postpone drilling a second well in the Kara Sea for at least two more years, three sources told Reuters, as a result of Western sanctions over the Ukraine crisis.
OAO Rosneft may have to turn to competitors to buy natural gas and state aid to help honor a $50 billion contract it won away from OAO Novatek three years ago, according to two people with knowledge of the matter.
Rosneft may supplement its own output with fuel purchases when the contract with power utility OAO Inter RAO UES starts next year, the people said, asking not to be identified because the information isn’t public.
In 2016, the state-controlled company may even turn to Novatek for fuel, according to one person. Rosneft will fulfill its obligations, its press service said.
Oil giant Rosneft has produced its one millionth ton of oil at the northern tip of the Chayvo Field.
A spokesperson for the firm said the milestone had been reached just eight months after drilling the first well at the field which was completed in September 2014 from the onshore site.
RN-Shelf-Far East, Rosneft subsidiary, is currently producing crude oil at the field with two unique extended-reach wells that are 10,825 m and 9,923 m of measured depth. Their cumulative daily output amounts to over 5,000 million tons.
Russia's top oil producer Rosneft said on Monday it had made changes to its managerial structure and that veteran oilman Igor Maidannik had left the company.
North Atlantic Drilling has delayed a deal with Rosneft until 2017.
The company, a subsidiary of offshore rig firm Seadrill, said the terms of the agreement would need to be renegotiated.
Rosneft has cancelled a contract with North Atlantic Drilling (NADL) for the use of a jack-up drilling rig.
The Energy Endeavor was due to work in Russian Arctic waters as part of a multi-rig contract commencing in the 2015 summer drilling season.
Chief executive Gary Casswell said: "While not unexpected, we are disappointed by this development but will nevertheless continue to pursue future opportunities in this region by leveraging our previous experience drilling in the Russian Artic."
Rosneft said its net profit for 2014 was $5.7billion – a 10% decrease year-on-year – caused by current economic conditions.
Russia’s top oil producer said its earnings before EBITDA were up 11.6% from the year before to 1.06trillion rubles.
OAO Rosneft, Russia’s largest oil producer, will cut spending 10% this year after oil prices slumped.
“For the past year and a half we have cut spending by 10% annually, and this year this tendency will continue,” Rosneft Chief Executive Officer Igor Sechin told Russian President Vladimir Putin outside Moscow.
OAO Rosneft will place 400 billion rubles ($6.1 billion) in ruble bonds today as Russia’s largest oil producer plans to repay loans raised for deals and growth.
Rosneft completed collecting bids for the sale in 1 hour on January 23 and set the coupon at 11.9%, the Moscow-based company said in a statement.
Russian government bonds due in June this year yield 14.65%, according to data compiled.
Lukoil has sold its 20% stake in NOC (National Oil Consortium) to Rosneft.
NOC was established by Russian oil companies in 2008 as part of the Russian-Venezuelan economic promotion.
In 2010, the NOC and Venezuelan company PDVSA registered a joint venture, PetroMiranda, to develop the Junin-6 block in the Orinoco heavy-oil belt.
Morgan Stanley’s failure to complete the sale of its oil storage, trading and transport unit shows the chilling effect US sanctions are having on Russian companies including OAO Rosneft.
The US bank and Rosneft, the Russian state-owned oil giant, said Monday that their deal, for an undisclosed amount, had expired after the companies failed to win regulatory approval.
Morgan Stanley had warned in October that the agreement might not be completed.
OAO Rosneft (ROSN) repaid $7 billion in debt and said it is generating enough dollars to meet the obligations taken on to buy TNK-BP last year and become the world’s largest traded oil producer.
The state-led company, hit by sanctions on Russia from the US and European Union limiting access to capital markets, said it has settled $24 billion this year in line with credit agreements.
Rosneft has sufficient foreign currency to cover debt, Chief Executive Officer Igor Sechin said in a statement.
