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
Monday, Mar 1011:59 AM
Monday, Mar 1011:59 AM| Comment!
- Iranian officials say foreign oil companies hoping to invest in Iran as sanctions are relaxed won't be able to count Iranian reserves among their assets under the draft terms of new contracts; the ability to book reserves has been a key demand from Western companies looking to enter Iran.
- But overseas oil companies may be allowed to wholly own Iranian oil services companies as part of the country's privatization program, and Iran could sweeten some of its investment terms to attract to Western investors to its oil sector.
- Iranian oil officials are said to have discussed potential joint ventures with Total (TOT), Eni (E), Statoil (STO), Gazprom (OGZPY) and Lukoil (LUKOY); Iran would like to enter TOT's Iraqi Kurdish acreage or its Asian liquefied natural gas terminals, or partner with Lukoil and Gazprom in China or Africa.
Monday, Jan 271:54 PM
Monday, Jan 271:54 PM| Comment!
- Output from the Chevron-led (CVX) consortium at Kazakhstan's huge Tengiz oil field rose to a record 27.1M metric tons last year from 24.2M in 2012.
- CVX holds a 50% in the group, Exxon (XOM) owns 25%, Kazakh state oil company KazMunaiGas 20% and Lukoil (LUKOY, LUKOF) the remaining 5%.
- Results from Tengiz are far more encouraging than the country's Kashagan field, the world's biggest oil find in decades, which was launched in September but halted in October after leaks were detected in a gas pipeline running from the deposit.
Friday, Jan 243:29 PM
Friday, Jan 243:29 PM| 3 Comments
- Mexico state oil company Pemex signs a co-operation agreement with Russian producer Lukoil (LUKOY, LUKOF) for exploration and production as the country is opening up its energy sector in a move to boost production.
- Under Mexico's new law that ends the country's 75-year-old oil and gas monopoly, foreign companies will be able to enter the sector as Pemex is seeking to bring in expertise and boost efficiency.
Monday, Jan 132:43 PM
Monday, Jan 132:43 PM| Comment!
- No. 2 Russian oil producer Lukoil (LUKOY, LUKOF) says it halted a years-long production decline last year, increasing overall output by 1.9%.
- The output includes oil production up 0.9% to ~635M barrels and gas production up 4.9% to 25.8B cubic meters.
- Lukoil has long battled declining production at its main Soviet-era fields in western Siberia, and has invested abroad to increase output, including at the West Qurna-2 field in Iraq, which is expected to launch production this year.
Thursday, Jan 210:57 AM
Thursday, Jan 210:57 AM| Comment!
- Russia says its oil output rose for the fifth year in a row in 2013, rising 1.3% to 10.5M bbl/day and reaching a record high for the post-Soviet era.
- Output at state-run oil producer Rosneft (RNFTF) surged to 156.5M tons from 117.5M, as it consolidated its $55B purchase of TNK-BP, and now accounts for ~30% of Russia's output; Lukoil (LUKOY, LUKOF) ranked second in production at 85.8M tons.
- Natural gas output rose 2.1% to 668B cm following a 2.3% decline in 2012, but Gazprom's (OGZPY) production fell 0.6% to 476B cm.
Friday, Dec 62013, 8:39 AM
Friday, Dec 62013, 8:39 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 102013, 6:12 PM
Tuesday, Sep 102013, 6:12 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 42013, 8:56 AM
Wednesday, Sep 42013, 8:56 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 302013, 8:45 AM
Friday, Aug 302013, 8:45 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 262013, 8:27 AM
Monday, Aug 262013, 8:27 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 92013, 7:47 AM
Friday, Aug 92013, 7:47 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 272013, 9:58 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 272013, 9:58 AM| Comment!
Wednesday, Jun 262013, 7:59 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 262013, 7:59 AM| 1 Comment
Wednesday, Jun 122013, 8:44 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 122013, 8:44 AM| Comment!
Wednesday, Apr 242013, 10:29 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 242013, 10:29 AM| Comment!
Monday, Apr 222013, 12:08 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 222013, 12:08 PM| Comment!