PJSC Lukoil ADROTCPK - Current
Tue, Oct. 11, 8:22 AM
- Rosneft (OTC:RNFTF) leader Igor Sechin says his company will not cap oil production as part of a possible agreement with OPEC.
- Russian Pres. Putin said yesterday that the country was ready to join a proposed OPEC cap, but Sechin tells Reuters that he doubts some OPEC countries, such as Iran, Saudi Arabia and Venezuela, would cut their output, so "why should we do it?"
- Sechin had said Rosneft expected to raise its 2016 oil production - already the world's largest listed oil producer, and accounting for 40% of Russia's crude oil output - above the 203M metric tons (4.1M bbl/day) it produced in 2015.
- Sechin has long argued that any oil price increase as a result of joint actions by OPEC and non-OPEC members would allow the U.S. to resume production growth from higher-cost shale deposits.
- Lukoil (OTC:LUKOF, OTCPK:LUKOY) VP Leonid Fedun says he believes Russian oil companies would unify behind their government if talks with the OPEC result in a deal to limit output.
- ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
Fri, Sep. 30, 5:51 PM
- Russia's government says it is resurrecting the delayed privatization of the Bashneft oil firm, in a sign of how anxious the Kremlin is to raise money to patch up its budget amid the country's economic slump.
- The Bashneft privatization, the most significant selloff of Russian state assets in years, had been postponed indefinitely in August to cool infighting among rival groups, but the deputy prime minister said today that steps to resume the privatization would be taken immediately.
- State-run Rosneft (OTC:RNFTF), whose eagerness to buy Bashneft triggered the infighting, says it will make a bid; Lukoil (OTC:LUKOF, OTCPK:LUKOY), Russia's biggest privately-owned oil company, also may be interested.
- The government also says it will move ahead with the sale of a minority stake in Rosneft itself, which could interest international oil majors who covet a share in Russia's massive crude reserves.
Wed, Sep. 14, 8:59 AM
- The energy companies developing the Karachaganak gas condensate field are still in talks with Kazakhstan's government about the country's financial claim against the consortium, the deputy energy minister says.
- Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF) said in April that Kazakhstan had filed a $1.6B claim against the Karachaganak group led by joint operators Eni (NYSE:E) and Shell's (RDS.A, RDS.B) BG Group, which each own a 29.25% stake; state-owned KazMunayGaz owns 10%, Chevron (NYSE:CVX) has 18% and Lukoil 13.5%.
- The field contains 1.2B metric tons of oil and gas condensate and more than 1.35T cf of gas, making it one of the world's largest oil and gas deposits.
Thu, Sep. 8, 10:48 AM
- Two new Caspian Sea oil fields are set to add significant volumes of crude by the end of this year to a world market already in a glut, possibly further depressing prices, Reuters reports.
- The huge Kashagan field in Kazakhstan's sector and Lukoil's (OTC:LUKOF, OTCPK:LUKOY) Filanovsky field in the Russian sector are scheduled to come on stream soon, producing at least 200K bbl/day of crude by the end of 2016 and ~500K bbl/day by the end of 2017.
- The Caspian crude will come on top of extra oil from Iran, which is working to raise its exports back to ~2.4M bbl/day, the amount it had sold before sanctions aimed at curbing its nuclear program were imposed.
- ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
Tue, Aug. 16, 2:54 PM
- Russia's government says it is delaying plans to sell a stake in regional oil producer Bashneft, citing a weak market and the state’s plan to sell other assets this year, including nearly 20% of Rosneft (OTC:RNFTF), Russia’s largest crude producer; it is not known when a sale might take place.
- Russia had planned to sell as much as a 50% stake in Bashneft this year to increase budget revenue that has been depleted by weak prices for crude oil.
- Rosneft had been considering a bid for Bashneft, although Pres. Putin reportedly banned it from participating in the sale; Lukoil (OTC:LUKOF, OTCPK:LUKOY), Russia’s biggest non-state crude producer, also expressed an interest in buying a controlling interest.
Fri, Aug. 12, 10:40 AM
- Eni (E +0.1%) is talking to oil companies including Lukoil (OTCPK:LUKOY, OTC:LUKOF), Exxon Mobil (NYSE:XOM), Total (NYSE:TOT) and BP about selling at least a 20% stake in its giant Zohr gas field in Egypt, Reuters reports.
- Eni owns all of the field and has said it is interested in bringing in partners as part of its strategy of selling some of its prize acreage to help meet a target of raising €5B from asset sales over the next two years.
- Zohr, one of the largest gas discoveries this century, holds an estimated 30T cf of gas and has relatively low development costs; analysts have said a 25% stake in the field could fetch up to €2B ($2.24B).
Thu, Aug. 11, 9:43 AM
- Iraq's government has reached agreement with BP, Royal Dutch Shell (RDS.A, RDS.B) and Lukoil (OTCPK:LUKOY, OTC:LUKOF) to restart investment in oil fields the firms are developing that was halted this year, Reuters reports.
- The agreements effectively delay to H2 of the year projects that the three companies had planned to carry out in H1, which had been suspended because of low oil prices.
- BP has agreed to spend $1.8B this year at the Rumaila field it operates after initially agreeing last year to spend $3.5B, Shell agreed to spend $742M after proposing $1.5B, and Lukoil would spend $1.08B vs. $2.1B it had proposed last year, according to the report.
Tue, Aug. 2, 12:49 PM
- July monthly performance was: +4.14%
- 52-week performance vs. the S&P 500 is: +4%
- No dividends were paid in July
- Top 10 Holdings as of 6/30/2016: China Mobile Ltd (OTCPK:CHLKF): 3.82599%, China Construction Bank Corp H (OTCPK:CICHF): 3.7955%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.77796%, Ambev SA (ABEV3): 2.34785%, Samsung Electronics Co Ltd (OTC:SSNLF): 1.94929%, CNOOC Ltd (OTCPK:CEOHF): 1.75845%, Gazprom PJSC ADR (OTCPK:OGZPY): 1.62779%, PJSC Lukoil ADR (OTCPK:LUKOY): 1.43969%, Mining and Metallurgical Company NORILSK NICKEL PJSC ADR (OTCPK:NILSY): 1.38151%, Wal - Mart de Mexico SAB de CV Class V (OTCPK:WMMVF): 1.11827%
Tue, Jul. 5, 7:45 AM
- Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and their partners say they will proceed with a $36.8B expansion of the Tengiz oil field in Kazakhstan - the biggest investment in new production since oil prices collapsed two years ago.
- The commitment is in addition to ~$37B already spent by operator CVX, XOM, Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF) and state-owned energy firm KazMunaiGas.
- The expansion will take Tengiz production up to 1M boe/day from ~800K boe/day currently, with first production from the expansion expected in 2022.
- Tengiz is considered one of the most profitable fields in the modern oil era, and some analysts estimate that it has brought CVX more than $70B in revenue and $40B in profits since 1993.
Fri, Jul. 1, 5:57 PM
- Chevron (NYSE:CVX) said this week in a presentation that the decision on expanding its Tengiz development in Kazakhstan will be made in mid-2016, which would essentially confirm a prediction made in May by the Kazakh energy minister.
- The project, which was put on hold last year after cost estimates ballooned amid plunging oil prices, may cost as much as $40B and add crude supply equivalent to that of the country of Libya.
- "This is very big and very important for Chevron and for Kazakhstan, [and] shows that the situation is now turning in the oil market that people are putting down this kind of money," says an analyst at the IHS consulting firm.
- Tengiz produced ~595K bbl/day last year, and the expansion will involve pumping sulfur-laden gas back into the rocks to force out an additional 250K-300K bbl/day.
- CVX has a 50% interest in the field that already accounts for nearly 20% of the company's total worldwide production; minority partners are Exxon Mobil (NYSE:XOM), Kazmunaigaz and Lukoil (OTCPK:LUKOY, OTC:LUKOF).
Fri, Jul. 1, 7:31 AM
- June monthly performance was: +5.09%
- 52-week performance vs. the S&P 500 is: 0%
- $0.12 in dividends were paid in June
- Top 10 Holdings as of 5/31/2016: China Mobile Ltd (OTCPK:CHLKF): 3.9717%, China Construction Bank Corp H (OTCPK:CICHF): 3.80475%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.75233%, Ambev SA (ABEV3): 2.13524%, Samsung Electronics Co Ltd (OTC:SSNLF): 1.77648%, CNOOC Ltd (OTCPK:CEOHF): 1.76186%, Gazprom PJSC ADR (OTCPK:OGZPY): 1.67271%, Mining and Metallurgical Company NORILSK NICKEL PJSC ADR (OTCPK:NILSY): 1.47877%, PJSC Lukoil ADR (OTCPK:LUKOY): 1.33665%, Wal - Mart de Mexico SAB de CV Class V (OTCPK:WMMVF): 1.13755%
Mon, Jun. 6, 12:54 PM
- Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF) says its Q1 net profit tumbled 59% Y/Y to 42.8B rubles ($651M) on 18% lower revenue to 1.18T rubles because of lower oil prices, but results mostly beat analyst expectations.
- However, free cash flow was the weakest part of the Q1 report, falling 43% Y/Y percent to 36B rubles; Q1 EBITDA fell to 145B rubles
- Lukoil says it daily hydrocarbon production declined 0.6% Y/Y at 2.35M boe, as it ramped up production at its West Qurna-2 project in Iraq but output fell at its main Soviet-era fields in western Siberia.
Thu, Jun. 2, 8:10 AM
- May monthly performance was: -4.57%
- No dividends were paid in May
- Top 10 Holdings as of 4/29/2016: China Mobile Ltd (OTCPK:CHLKF): 3.79%, China Construction Bank Corp H (OTCPK:CICHF): 3.58%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.53%, Ambev SA (ABEV3): 2.15%, Gazprom PJSC ADR (OTCPK:OGZPY): 1.86%, CNOOC Ltd (OTCPK:CEOHF): 1.75%, Samsung Electronics Co Ltd (OTC:SSNLF): 1.7%, Mining and Metallurgical Company NORILSK NICKEL PJSC ADR (OTCPK:NILSY): 1.45%, PJSC Lukoil ADR (OTCPK:LUKOY): 1.41%, Wal - Mart de Mexico SAB de CV Class V (OTCPK:WMMVF): 1.12%
Wed, May 25, 3:43 PM
- Russia's Lukoil (OTC:LUKOF, OTCPK:LUKOY) says it is in talks with Mexico's state-run Pemex over possible joint development of an onshore block in the country's Chicontepec basin.
- Lukoil says the discussions revolved around a potential joint project on the Amatitlan block, where it entered into a service contract with a 50% interest in July 2015, as well as its participation in forthcoming bidding rounds.
- The Amatitlan block in Mexico's Veracruz state is said to contain 993M boe in proven, probable and possible reserves.
Wed, May 25, 7:29 AM
- A Chevron-led (NYSE:CVX) consortium is set to invest up to $37B starting in 2017 as it increases output at the giant Tengiz oil field in Kazakhstan, the country’s energy minister tells Dow Jones.
- The investment would represent one of the first big commitments by a major oil company to spend on new production during the nearly two-year slump in crude prices.
- The Tengiz project is one of the world’s biggest oil fields and a key source for CVX’s growth in crude output in the next few years; CVX is the biggest partner in the field’s operator, with a 50% stake, while Exxon Mobil (NYSE:XOM) holds a 25% stake, Kazakhstan’s state-run oil company has 20% and a Lukoil-controlled (OTC:LUKOF, OTCPK:LUKOY) group owns 5%.
Wed, May 18, 11:22 AM
- Norway awards its first new oil and gas acreage in more than two decades, including an expansion into a new part of the Arctic Barents Sea in an area previously disputed with Russia in a bid to stimulate exploration.
- The government offered 10 drilling licenses to 13 different companies, including Chevron (CVX -0.3%), ConocoPhillips (COP +0.1%), Statoil (STO +0.1%), Lundin Petroleum (OTCPK:LNDNF) and Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF).
- STO, Norway's dominant oil company and 67% owned by the government, was awarded the operating rights on four of the new licenses; three of the 10 licenses were awarded in a previously disputed area with Russia in the southeast Barents Sea.
- Companies that applied but were not awarded any licenses include BP and Russia’s Rosneft (OTC:RNFTF).
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