Nov. 9, 2014, 8:28 AM
- Russia and China have signed a framework agreement for another gas supply deal, just months after the two countries sealed a $400B deal for Moscow to provide 38B cubic meters (bcm) of gas to China annually for 30 years.
- The memorandum of understanding was signed between Russia's Gazprom (OTCPK:OGZPY) and state-owned China National Petroleum (NYSE:PTR).
- Under the terms of the framework agreement, CNPC will also buy a 10% in Russia's Vankorneft, a subsidiary of Russia's largest oil producer Rosneft (OTC:RNFTF).
Oct. 24, 2014, 6:48 AM
- Rosneft (OTC:RNFTF) will continue drilling in the Arctic Kara Sea on its own, despite the departure of its partner, ExxonMobil, due to sanctions.
- "We will continue drilling in any case, on our own, always and everywhere. If partners can take part - that's good, if they can't - we will carry on alone," says Rosneft CEO Igor Sechin.
- Exxon suspended its partnership with Rosneft in the Arctic due to U.S. sanctions over Moscow's involvement in the conflict in Ukraine.
Sep. 29, 2014, 3:10 AM
- Despite striking oil in the Kara Sea on Friday, ExxonMobil (NYSE:XOM) is suspending cooperation with Russia's Rosneft (OTC:RNFTF) on offshore drilling in the Arctic due to sanctions.
- "Theoretically, there was a possibility to continue the work, but it was necessary to obtain a new permit," Kommersant reports. "But (ExxonMobil) failed to get it. ExxonMobil should stop work and evacuate its personnel by mid-October."
- The Kara Sea oil province is estimated to contain oil reserves comparable to those of Saudi Arabia.
Aug. 25, 2014, 7:00 AM
- Statoil (NYSE:STO) highlights that western sanctions against Russia will slow down the process of getting the go-ahead for some of its joint ventures with Rosneft (OTC:RNFTF).
- "This will be a more bureaucratic process, so that things will take more time," warns CEO Helge Lund.
- However, not all projects will be slowed down, as sanctions mainly target shale oil, deep-water oil and Arctic oil production.
- Statoil says it will stand by its 27-month-old partnership with Rosneft and hopes diplomacy will resolve the standoff between the U.S., Europe and Russia over the crisis in Ukraine.
Aug. 22, 2014, 8:07 AM
- Rosneft (OTC:RNFTF) will take a 30% stake in North Atlantic Drilling (NYSE:NADL) at $9.25 a share in exchange for 150 of its drilling rigs, building on a preliminary agreement discussed in May.
- The deal represents a deepening of the already strong relationship between Rosneft and Seadrill (NYSE:SDRL), which owns 70% of North Atlantic Drilling.
- Last month, Rosneft agreed to lease six offshore drilling rigs from North Atlantic Drilling by 2022, in a contract worth $4.25B.
- Previously: Rosneft to acquire shares in North Atlantic Drilling
Aug. 22, 2014, 6:54 AM
- Rosneft (OTC:RNFTF) has agreed to acquire shares in North Atlantic Drilling (NYSE:NADL) through an asset swap and investments into the company's share capital.
- "The final parameters of the deal, including the amount of Rosneft's cash contribution in NADL's charter capital, will be defined upon receiving corporate and accountant's approvals which is expected till the end of the 2014," says Rosneft.
Aug. 14, 2014, 3:28 AM
- Rosneft (OTC:RNFTF) CEO Igor Sechin has asked the Russian government for $41.6B to help his company withstand western sanctions, says Russia's Vedomosti newspaper.
- The U.S. and EU have banned credits and loans to Rosneft with a maturity longer than 90 days, and the company is now seeking for Russia's National Wealth Fund to buy Rosneft bonds.
- Roseneft already has net debt of $44.5B, mainly due to its $54B acquisition of oil company TNK-BP (OTC:TNKBF) last year.
Jul. 23, 2014, 3:07 AM
- In a move which would end Gazprom's (OTCPK:OGZPY) monoply of pipeline gas exports, Vladimir Putin has suggested the Russian government allow other companies to export Siberian gas to the Far East.
- The new stance marks a potential victory Rosneft (OTC:RNFTF), Surgutneftegaz (OTCPK:SGTPY) and others, which have lobbied hard to gain a larger piece of the Russian gas sector.
- The final government decision will highly impact the country's recent $400B gas deal with China.
May 25, 2014, 6:38 AM
- BP (BP) has signed an agreement with Rosneft to explore for hard-to-recover shale oil in the Volga-Urals region of central Russia despite Western sanctions against Rosneft (RNFTF) CEO Igor Sechin because of the tensions in Ukraine.
- BP will hold 49% in a joint venture and the Russian company the rest.
- The deal was announced at the St Petersburg International Economic forum, where Total (TOT) CEO Christophe de Margerie also finalized an agreement with Lukoil to explore for unconventional oil.
- Other major energy bosses to attend the event included Shell's (RDS.A) Ben van Beurden and Eni's (E) Claudio Descalzi, as well as senior ExxonMobil (XOM) executive Neil Duffin.
May 29, 2013, 7:57 AMRussia's Rosneft (RNFTF.PK) and Japan's Inpex (IPXHF.PK) are set to sign an accord on joint development of offshore oil resources near Magadan in the Sea of Okhotsk in Russia's far east. The agreement reportedly will cover the Magadan-2 and Magadan-3 fields, which has estimated oil reserves of 3.4B barrels. | May 29, 2013, 7:57 AM
May 20, 2013, 10:47 AM
Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil.| May 20, 2013, 10:47 AM
May 9, 2013, 8:33 AM
Russia is said to be considering an increase in dividends paid by state-run companies to 35% of profit to boost budget revenue. The move could prove a boon for shareholders of Gazprom (OGZPY.PK) and Rosneft (OJSCY.OB), particularly considering the stocks' weak performances in recent years.| May 9, 2013, 8:33 AM