LUKOIL is one of the world's leading vertically integrated oil & gas companies. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs. Most of the Company's exploration and production... More
Friday, Dec 68:39 AMLukoil said to be in talks with oil majors to sell Venezuela stake
Friday, Dec 68:39 AM| 2 Comments
- Russian oil producer Lukoil (LUKOY, LUKOF) reportedly has been in talks with international majors about selling its stake in a consortium developing a large oil project in Venezuela.
- Lukoil has said it wanted to sell its 20% stake in the Russian Junin-6 consortium developing heavy oil in the Orinoco basin to focus on other projects; consortium leader Rosneft apparently made a low-ball offer, and Lukoil has since held talks with Cnooc (CEO), Sinopec (SNP), Statoil (STO), Chevron (CVX), Total (TOT) and various state-run firms.
- The Russian consortium owns a 40% stake in the project; Lukoil's stake in the consortium is said to be worth ~$200M.
Tuesday, Sep 106:12 PMNoble, Anadarko, Continental, EOG are top energy picks at UBS
Tuesday, Sep 106:12 PM| 2 Comments
- Noble Energy (NBL), Anadarko Petroleum (APC), Continental Resources (CLR) and EOG Resources (EOG) are the top energy picks at UBS, which says each company delivers above-average cash flow per share growth, deep inventories and attractive pricing.
- BG Group is “on the verge of delivering strong, accretive volume growth from Australia and Brazil," UBS says, and Total (TOT) has the most potential for earnings and share upgrades based on its high dividend yield and conservative expectations for the company.
- Lukoil (LUKOY.PK, LUKOF.PK) is the standout value play in Russia, China's Sinopec (SNP) offers attractive valuation and improving transparency, but Brazil’s Petrobras (PBR) is still too risky.
Wednesday, Sep 48:56 AMIraq picks candidates to build export pipeline to Jordan
Wednesday, Sep 48:56 AM| 1 Comment
- Iraq shortlists 12 international companies and consortiums to build the country's first oil export pipeline in decades, and will ask them to submit bids by year-end for the $18B project, WSJ reports.
- Among the groups selected are China National Petroleum (PTR) and Lukoil (LUKOY.PK, LUKOF.PK); no U.S.-led groups are listed.
- The 1,680 km pipeline will stretch from the oil hub of Basra in southern Iraq to Jordanian port of Aqaba in the Red Sea and make the country less dependent on Persian Gulf export terminals.
Friday, Aug 308:45 AMLukoil net profit doubles but misses expectations
Friday, Aug 308:45 AM| Comment!
- Lukoil (LUKOY.PK, LUKOF.PK) says its Q2 net profit more than doubled - to $2.1B vs. $1.02B - from last year, when it was hit by a large income tax expense; analysts had forecast $2.25B.
- Revenues grew 8.2% to $35.1B from $32.4B last year; analysts had foreseen flat sales.
- EBITDA increased 25.9% to $4.36B from $3.46 a year ago, in line with expectations.
- Total production rose 2.3% Y/Y to 2.19M boe/day.
- Lukoil acquired the Samara-Nafta oil producing company from Hess during Q2, boosting results.
Monday, Aug 268:27 AMBP interested in redeveloping Kirkuk oil field, Iraq says
Monday, Aug 268:27 AM| Comment!
- Iraq's oil minister confirms BP is interested in getting involved in the redevelopment of the country's Kirkuk oil field, where production has declined to 260K bbl/day from 900K bbl/day in the early 2000s.
- He denies reports of Russia's Lukoil (LUKOY.PK, LUKOF.PK) showing any interest in the redevelopment of Kirkuk.
- Also, the minister says Exxon Mobil (XOM) has sought government approval to sell 35% of its stake in the West Qurna-1 field, and the government likely will approve the sale.
Friday, Aug 97:47 AMReport: PetroChina to join Exxon in developing Iraq's West Qurna field
Friday, Aug 97:47 AM| Comment!
- PetroChina (PTR) will join Exxon Mobil (XOM) in developing Iraq's giant West Qurna oil field and is in talks with Lukoil (LUKOY.PK, LUKOF.PK) to buy into a second project at the field, Reuters reports.
- China is already the top foreign player in Iraq's southern oilfields and a deal at West Qurna would boost its dominance and could make PTR the biggest single foreign investor.
- XOM holds a 60% stake in West Qurna-1, a $50B project pumping ~480K bbl/day; it offered to sell its stake last year after a dispute with Iraq's government over contracts it signed with autonomous Kurdistan.
Thursday, Jun 279:58 AMLukoil (LUKOY.PK, LUKOF.PK) has not received any takeover offers and doesn't expect one, CEO Vagit Alekperov says, after it became the latest Russian oil company to face speculation it could be a target of Rosneft (RNFTF.PK). Since its $55B deal to buy TNK-BP, Rosneft has been the subject of speculation it will embark a fresh buying spree despite large debts. |Thursday, Jun 279:58 AM| Comment!
Wednesday, Jun 267:59 AMThe BP-led Shah Deniz II consortium has not selected the Nabucco West plan to channel natural gas from the Caspian region to central Europe, according to Austrian energy producer OMV. The defeat means Trans Adriatic Pipeline wins the two-horse race for the $28B Shah Deniz II scheme to produce 16B cubic meters/year of gas, with production to start in 2018. TAP shareholders include Statoil (STO) and Axpo with 42.5% each and E.ON (EONGY.PK). |Wednesday, Jun 267:59 AM| 1 Comment
Wednesday, Jun 128:44 AMLukoil (LUKOY.PK) and Tullow (TUWLF.PK) secure their first license awards off Norway in the latest licensing round, with Statoil (STO) walking away with the largest haul of 24 blocks awarded to 29 companies. STO picked up seven blocks, including three operatorships; Eni (E) gained three operatorships among four license awards. Other winners: BP, TOT, COP, RDS.A. |Wednesday, Jun 128:44 AM| Comment!
Wednesday, Apr 2410:29 AMLukoil denies a report that it plans to buy a stake in Brazilian oil company OGX Petroleum (OGXPY.PK +0.9%), which has seen its share price plunge in recent weeks on financing concerns. On Sunday, a Brazilian newspaper said controlling billionaire Eike Batista was in talks to sell a 40% stake to the Russian company. |Wednesday, Apr 2410:29 AM| Comment!
Monday, Apr 2212:08 PMBrazil's OGX Petroleum (OGXPY.PK +14.6%) reportedly is in talks to sell a 40% stake in the company to Lukoil, as well as a 40% stake in its Tubarao Martelo field to Malaysia's Petronas; OGX denies the report but investors are reacting positively. The deals would shore up finances at Eike Batista's troubled company ahead of next month's important auction of oil and natural gas concessions. |Monday, Apr 2212:08 PM| Comment!
Wednesday, Apr 310:53 AMRosneft (RNFTF.PK) and Exxon Mobil (XOM) agree to launch a joint bid for Lebanese offshore projects, the CEO of the Russian state-run oil giant says. A total of 52 companies from 25 countries have applied to participate in the tender, including Lukoil and a combination of Novatek and Gazprombank, as well as Chevron (CVX), Statoil (STO) and Total (TOT). |Wednesday, Apr 310:53 AM| Comment!
Wednesday, Apr 38:38 AMBrazil's OGX Petroleum (OGXPY.PK), controlled by billionaire Eike Batista, could raise ~$1B with the sale of stakes in some of its exploration blocks and oilfields, WSJ reports. Malaysia's Petronas is seen as the frontrunner for the stakes; OGX also has talked with Russia's Lukoil. The potential sale comes as Batista seeks funds for massive, capital-intensive infrastructure projects. |Wednesday, Apr 38:38 AM| Comment!
Monday, Apr 110:36 AMHess (HES +1.9%) agrees to sell its Russian subsidary Samara-Nafta to Lukoil for total consideration of $2.05B; based on its 90% interest in the subsidiary, after-tax proceeds to HES are expected to total ~$1.8B. Samara-Nafta is currently producing 50K boe/day in the Volga-Urals region of Russia. So far in 2013, HES has announced or completed ~$3.4B in asset sales. |Monday, Apr 110:36 AM| 1 Comment
Wednesday, Jan 169:48 AMLukoil (LUKOY.PK) is still seeking a partner to replace Statoil (STO) in Iraq's giant West Qurna field, preferring a Chinese company to invest since it would mean a ready market for the oil. But new concerns arise about stability and the prospects for Iraq’s oil-output growth after the violent death of a tribal leader who played a prominent role in the campaign against al Qaeda. |Wednesday, Jan 169:48 AM| Comment!
Thursday, Dec 272012, 10:29 AMLukoil (LUKOF.PK, LUKOY.PK) says it will cut its production in Iraq by 30% to 1.2M bbl/day instead of 1.8M after the Iraqi government decided to limit output in order to prop up prices. BP's recent request to reduce its contracted production from the giant Rumaila field to ~2M bbl/day from 2.85M cited the lack of infrastructure, export opportunities and an abundance of government bureaucracy. |Thursday, Dec 272012, 10:29 AM| 1 Comment
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