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Thursday, Nov 2112:55 PMRosneft plans to invest $3B in three east Siberian fields
Thursday, Nov 2112:55 PM| Comment!
- Rosneft (RNFTF) plans to invest nearly $3B by 2015 into developing three oilfields in east Siberia set to feed into the East Siberia-Pacific Ocean pipeline feeding Asian markets.
- The three fields are expected to add to production from the Vankor field, which alone pumped an average 435K bbl/day in October.
- Rosneft believes new fields will boost its annual oil production growth to 3%-4% percent after 2017; it has said it wants to triple oil exports to China to ~1M bbl/day in the coming years.
Wednesday, Nov 203:44 PMReport: Morgan Stanley in talks to sell oil unit to Rosneft
Wednesday, Nov 203:44 PM| 2 Comments
- Morgan Stanley (MS -0.3%) reportedly is in talks to sell its global oil business to top Russian oil producer Rosneft (RNFTF), as the bank continues to explore options for the commodities business amid falling revenue and rising scrutiny from regulators who are reviewing banks’ activities in the sector.
- Stanley's commodity business posted a return on equity of less than 5% in 2012, the lowest among its trading businesses, and the oil unit represents a major part of that.
- Any sale probably would include TransMontaigne (TLP +1.2%), a petroleum and chemical transportation and storage company, and the bank’s 49% stake in Heidmar Inc., which manages ~100 oil and chemical tankers.
Wednesday, Nov 1312:23 PMEni eyeing sale of SeverEnergia stake as Rosneft sells its own stake
Wednesday, Nov 1312:23 PM| Comment!
- Eni (E) reportedly is looking to sell its stake in Russian natural gas producer SeverEnergia after Italian utility Enel finally completed the $1.8B sale of its own interest to Rosneft (RNFTF), despite resistance from other shareholders.
- Rosneft has acquired Enel’s 40% interest in the Arctic Russia joint venture with Eni that holds a 49% stake in SeverEnergia, giving it a 19.6% holding in the West Siberia-focused producer.
Tuesday, Nov 127:47 AMRosneft in new $6B oil supply deals with BP
Tuesday, Nov 127:47 AM| Comment!
- Rosneft (RNFTF) says it will sell oil product cargoes to BP worth more than $6B, on top of a previous deal to sell oil worth $5.3B.
- Included in the sale will be up to 5.2M metric tons of fuel oil worth ~$4.2B and as much as 1.4M metric tons of diesel worth ~$1.7B.
- Reuters also reports that BP is working on becoming the first oil major with a long-term deal to buy seaborne crude from Rosneft.
Monday, Nov 1112:41 PMRosneft signs preliminary deal to ship oil to China via Kazakhstan
Monday, Nov 1112:41 PM| Comment!
- Rosneft (RNFTF) says it has agreed to basic terms of an agreement to transport 7M metric tons/year of oil to China (140K bbl/day) through neighboring Kazakhstan, in a deal essential for the Russian company to honor its supply commitments to China.
- In return, Kazakh state oil firm KazMunaiGas and oil pipeline monopoly KazTransOil apparently would cut transportation tariffs for Rosneft, which aims to start shipping the oil next year.
Tuesday, Oct 298:08 AMRosneft Q3 earnings boosted by TNK-BP revaluation
Tuesday, Oct 298:08 AM| Comment!
- Rosneft (RNFTF) says its Q3 net profit was 280B rubles ($8.8B), more than half of which came from a revaluation of assets from its purchase of TNK-BP earlier this year.
- Q3 revenue totaled 1.36T rubles, with EBITDA of 303B rubles.
- Liquids production rose 0.2% Q/Q to 4.19M boe/day, supported by drilling at its Vankor and Uvat greenfields; gas output jumped 16.2% to 10.8B cubic meters following the buyout of a former partner in the Itera gas producer.
Wednesday, Oct 238:52 AMRosneft cuts output forecast at key Siberian field
Wednesday, Oct 238:52 AM| Comment!
- Rosneft (RNFTF) is cutting its production forecast at the Vankor field in east Siberia that serves as its main resource base for supplying Asian markets, Reuters reports.
- Vankor will pump 21.3M metric tons this year (428K bbl/day), below a peak initially seen at 25M metric tons, and output will reach only 23M (462K bbl/day) in 2016.
- Rosneft just signed a preliminary deal in Beijing to supply 10M metric tons/year of oil to Sinopec (SNP) for 10 years, but some have questioned whether it can meet all its supply commitments.
Tuesday, Oct 228:21 AMRussia and China in major oil and gas deals
Tuesday, Oct 228:21 AM| 1 Comment
- Russia and China reach agreement on two huge oil and gas supply deals: Rosneft (RNFTF), the world's largest listed crude oil producer, will supply Sinopec (SNP), China's largest oil refiner, with 10M metric tons/year of oil for 10 years; and Novatek (NOVKY), Russia's largest independent natural gas producer, will deliver 3M tons/year of liquefied natural gas from its Yamal LNG project to China National Petroleum (PTR) for 15 years.
- Russia is looking increasingly to Asia for customers and funding to help develop its vast energy reserves, with demand in China and elsewhere in Asia soaring while it shrinks in other industrialized countries.
Friday, Oct 188:27 AMRosneft, CNPC agree to oil joint venture in eastern Siberia
Friday, Oct 188:27 AM| Comment!
- Russia's Rosneft (RNFTF.PK) and China National Petroleum (PTR) agree to form a joint venture on exploration and production in eastern Siberia, an important step before negotiating detailed terms.
- Rosneft will own 51% of the venture, with CNPC holding 49%; the companies will develop an oilfield that Rosneft gained full control of this week by consolidating 100% of the Taas-Yuryakh oil firm.
- Russia's top crude producer agreed in June to send 365M tons of oil to China over the next 25 years, in a deal valued at $270B.
- Some analysts doubt Rosneft has enough resources to boost supplies to China to the agreed level, but CEO Igor Sechin says Rosneft and Russia can meet the challenge.
Thursday, Oct 39:59 AMRussian oil and gas pair said to eye Eni's stake in SeverEnergia
Thursday, Oct 39:59 AM| Comment!
- Gazprom (OGZPY.PK) and Novatek (NOVKY.OB) reportedly want to buy Eni's (E) 29.4% stake in Russian gas company SeverEnergia, which would help the Russian duo counter the influence of Rosneft (RNFTF.PK), which last month agreed to purchase Enel's indirect stake in SeverEnergia for $1.8B.
- The contest in Russia for gas resources and markets comes to a head as the government reviews a proposal for a partial lifting of Gazprom's export monopoly for tanker-shipped liquefied natural gas from the start of next year.
- SeverEnergia owns licenses for nine gas fields in Russia, with proven and probable reserves of 7.3B boe.
Monday, Sep 3011:35 AMReuters: BP considers long-term oil deal with Rosneft
Monday, Sep 3011:35 AM| 1 Comment
- BP is working on becoming the first oil major with a long-term deal to buy seaborne crude from Rosneft (RNFTF.PK), and has already received some volumes of Russian Urals crude under the deal which is still being finalized, Reuters reports.
- While trading houses Glencore, Vitol and Trafigura agreed to lend Rosneft $11.5B in exchange for oil supplies over five years, oil majors have largely stayed on the sidelines, preferring to buy Russian crude at spot tenders.
Monday, Sep 307:25 AMRosneft makes lowball offer to TNK-BP minority shareholders
Monday, Sep 307:25 AM| Comment!
- Rosneft (RNFTF.PK) sets a price for buying out minority shareholders in TNK-BP that is far less than the majority shareholders received.
- Rosneft head man Igor Sechin, pledged Friday to buy out the minority shareholders and today the company announced the price: 67 rubles ($2.07) per ordinary share and 55 rubles ($1.70) per preferred share.
- The deal is a worrying development for minority shareholders in Russian companies; "the next time a big state company is looking at an acquisition of a company... minority investors will run rather than wait and see what will happen."
Friday, Sep 2711:42 AMExxon, Rosneft award LNG FEED work to CB&I, Foster Wheeler
Friday, Sep 2711:42 AM| 3 Comments
- ExxonMobil (XOM -0.3%) and partner Rosneft (RNFTF.PK) award preliminary front end engineering and design contracts to CB&I (CBI) and Foster Wheeler (FWLT) for a proposed liquefied natural gas facility in Russia's far east.
- XOM and Rosneft want to build an LNG plant - likely near Sakhalin Island where the two companies hold leases to produce natural gas - to liquefy 5M tons/year for export because domestic demand in Russia is more than ample.
- With its LNG plan, Rosneft is signaling it expects the Russian government to grant it the right to export LNG to international markets, bypassing Gazprom’s (OGZPY.PK) monopoly over gas exports from Russia.
Friday, Sep 278:07 AMRosneft to buy Alrosa gas assets for $1.38B
Friday, Sep 278:07 AM| Comment!
- Rosneft (RNFTF.PK) agrees to acquire the gas assets of Russian state-controlled diamond miner Alrosa for $1.38B, which will increase Rosneft's recoverable gas reserves by 200B cubic meters.
- Rosneft became the world's largest listed crude oil producer after buying TNK-BP in March from BP and its partners; Rosneft is offering a buyout to TNK-BP minority shareholders at a price based on the average traded price of TNK-BP's shares during the past 18 months, which is likely to mean a 20%-30% premium above current prices.
Wednesday, Sep 258:11 AMGazprom opposes planned Exxon-Rosneft LNG project
Wednesday, Sep 258:11 AM| Comment!
- Gazprom (OGZPY.PK) voices strong opposition to the plans of Rosneft (RNFTF.PK) and Exxon Mobil (XOM) to build a gas liquefaction plant on Russia's Sakhalin Island in the Pacific and is prepared to continue talks on buying and liquefying the gas itself.
- Gazprom operates Russia's only liquefied natural gas plant, but is facing competition from the planned Rosneft-Exxon plant and Novatek's Yamal LNG.
Tuesday, Sep 248:52 AMRosneft to buy Enel's SeverEnergia stake for $1.8B
Tuesday, Sep 248:52 AM| Comment!
- Rosneft (RNFTF.PK) agrees to buy Enel's stake in Russian natural gas producer SeverEnergia for $1.8B, as the world's largest listed oil producer attempts to boost its gas output.
- Rosneft will acquire a 19.6% stake in SeverEnergia by purchasing Enel's 40% stake in a joint venture with Eni (E).
- Gazprom Neft, the oil arm of state gas firm OAO Gazprom (OGZPY.PK), holds 51% of SeverEnergia, which holds licenses on the Yamal peninsula in Russia's Arctic.
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