Sunday, May 19, 2019

Tag: Lukoil

Chevron-led Consortium to Invest Up to $37 Billion in Kazakh Oil Field

ASTANA, Kazakhstan - Chevron Corp. and its partners agreed to invest up to another $37 billion to increase output at a Kazakhstan oil field that is among the world’s most expensive, the country’s energy minister said on Wednesday, a rare big spending commitment during a prolonged crude price slump. The...

Syria Asks Russia for Help Rebuilding Oil Industry

Russian Energy Minister Aleksandr Novak said that Russian companies have received requests from Syria to help rebuild the country’s oil and gas industry. "Syria has asked our companies to participate in rebuilding oil and gas projects, infrastructure development, and pipeline construction...the companies are currently studying the proposals,” Novak said. According to...

Putin’s Decade-Old Dream Realized as Russia to Price Its Own Oil

Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia. The nation’s largest commodity exchange, whose chairman is Putin ally Igor Sechin, is courting international oil traders to join its emerging futures market. The goal is to increase revenue from Urals crude...

Amid Talks of Production Freeze, Russian Oil Already Facing Decline

Russia's oil production hit 10.9 million barrels per day (mbd) in January 2016, the highest level since the collapse of the Soviet Union. But that could mark the peak for Russia’s oil production as it enters an extended period of gradual decline. Rosneft, which at 3.8 mbd accounts for more...

Profits of death: disaster capitalists fan flames of war in Syria

American, European and Russian corporations are the only ones winning from humanitarian disasters of their own making. As a tentative ceasefire continues to hold in Syria, with the next round of peace talks having resumed this week, you’d be forgiven for thinking that there might be an end in sight...

Iran wants euro payment for new and outstanding oil sales

Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National...

Economy and Sanctions Derail Russia’s Central Asian Investments

After years of embarking on promising forays into Central Asia’s economy, Russia is being forced to pare back its ambitions. The starkest retreat of Russian money is seen in Kyrgyzstan, whose parliament voted overwhelmingly last week to cancel a deal with Russian companies to build two major hydropower facilities. The...

Russia’s Oil Industry Not Designed for Swing Production

New rumors have surfaced regarding the potential for OPEC collaboration with other major producers—namely Russia—as oil prices continue to languish around $30 per barrel. This afternoon, fresh reports said that the head of Russia’s Transneft was in discussions with Saudi Arabia, and that both producers had sent signals of greater interest in...

Saudi Aramco IPO More About Geopolitics Than Finance

In the first week of 2016, Saudi deputy crown prince Mohammed bin Salman, in an interview with the Economist, revealed that the Saudi government is considering selling shares in government-owned Saudi Aramco and/or its downstream assets through an IPO. He indicated that a decision on the IPO and its...

Conoco quits Russia after 25 years

ConocoPhillips, one of the pioneers of foreign investment in the Russian oil and gas industry, has completed a full retreat from the country by selling out of its Polar Lights joint venture with Rosneft. Conoco’s decision to leave Russia after more than 25 years highlights the challenges facing foreign investors...

Here’s What Putin’s Counter-Sanctions Did To EU Exporters

European food exporters have lost nearly a half a billion dollars in Russian business since the annexation of Crimea last March. Back then, Russia imports totaled around $1.2 billion. But then all hell broke loose in Ukraine. A pro-Russian politician got sacked by protesters and the Kyiv government put in Arseniy...

Reducing European Dependence on Russian Gas

There is limited scope for significantly reducing overall European dependence on Russian gas before the mid-2020s. Countries in the Baltic region and south eastern Europe which are highly dependent on Russian gas, and hence extremely vulnerable to interruptions, could substantially reduce and even eliminate imports of Russian gas by...

Iraq Embraces China’s Growing Oil Dominance

BAGHDAD— From the giant southern oilfields to the lively souks of Basra, China is drilling ever deeper into Iraq. Driven by an insatiable thirst for oil, Beijing secured a formidable position in Iraq's prized energy sector through auctions held four years ago. It is now seeking to buy 850,000 barrels...

Western oil firms remain as US exits Iraq

The end of the US military occupation does not mean Iraqis have full control of their oil. Baghdad, Iraq - While the US military has formally ended its occupation of Iraq, some of the largest western oil companies, ExxonMobil, BP and Shell, remain. On November 27, 38 months after Royal Dutch...

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