Russia’s oil and gas industry faces many obstacles in today’s market, but sanctions may be causing the most damage For the first time in a decade Russia’s credit rating was downgraded to junk by Standard & Poor’s rating agency last week as the Russian economy continues to weaken under the weight of an increasingly bleak outlook. Low oil prices have
‘The Big Three’ have all downgraded Gazprom, but China’s Dagong ratings agency recently issued the company its highest rating Standard & Poor’s rating agency today downgraded Russia’s state-owned oil and gas giant Gazprom (ticker: OGZPY) and a number of other major Russian companies, joining Moody’s and Fitch in a series of credit downgrades directed at the Russian oil and gas
Sources inside the company have confirmed that Rosneft will not be able to move forward in the Arctic for at least a year due to sanctions. State-owned energy giant Rosneft (ticker: RNFTF) will not be able to continue drilling in the Kara Sea in 2015 after Western sanctions halted its cooperation with ExxonMobil (ticker: XOM) in the arctic, two company
Ни пуха ни пера Ни пуха ни пера (pronounced: Ni púxa ni perá) is traditionally said to wish someone luck in Russian. Literally, the phrase translates to “no fluff no feathers” and is used the same way people say “break a leg” to wish someone bad luck when really they hope things go well. While the phrase is believed to
Russia receives downgrade Moody’s Investors Service announced last week that it was downgrading the outlook for the government of Russia’s debt rating to Baa2 from Baa1, putting Russia’s rating just one notch above a junk rating. Moody’s also maintains a negative outlook for the future of Russia’s ratings. According to the release put out by Moody’s, the main reasons for
Low prices will hurt the Russian economy, but they are far from being Russia’s only problem The World Bank last month released its growth projections for Russia in 2015 and 2016, offering a glimpse into a potentially bleak future for the country. The report included three separate projections for the Russian economy for the next two years based off the
Russia set a post-Soviet production record and Iraq exported the most oil since the 1980s in the month of December, according to a report from Bloomberg. The information, which was acquired from an email by the Russian Energy Ministry, said Russia’s total production for December was 10,667 MBOPD – a month-over-month increase of 0.3%. The United States is the only
Russian oil and gas major Gazprom announces budget reductions for next year Russia’s state-owned Gazprom (ticker: OGZPY) announced its investment program and budget for 2015, cutting its capital budget substantially from 2014. With Russia reporting its first economic contraction today, it is little surprise that its oil industry giant decided to reduce spending for 2015. Russia’s Economy Ministry said gross
President Putin says the economic downturn will reverse, even as the ruble continues to slide During his annual press conference, which lasted three hours this year, President Putin offered reassurances that Russia’s economic downturn would be remedied, even as the exchange rate on the ruble continued to drop. The ruble has fallen about 45% against the dollar this year, with
Chevron (ticker: CVX) has terminated its contract with Ukraine to extract shale gas in the western part of the country. The world’s third largest oil company by market cap spent more than a year to get the government to simplify taxation for development, reports local media. “We have just terminated that PSA (production sharing agreement),” said Peter Clark, Chevron’s country
Rosneft and Essar agree on key terms of Russian oil supplies to India Russia’s upstream producer Rosneft (ticker: RNFTF) and India’s oil refiner Essar signed key terms of oil and oil products supplies to refineries in India, according to a press release from Rosneft. The document was signed on December 11 in New Delhi by the head of Rosneft, Igor
Yesterday, Ukraine confirmed that it had begun to receive gas shipments from Russia’s state owned Gazprom (ticker: OGZPY) after a six-month cutoff, reports news agency ITAR-TASS. “Imports from Russia began two days earlier than planned,” Ukraine’s gas transport company Ukrtrangaz said in a statement. Ukrainian Energy Minister Volodymyr Demchishin said Ukraine had paid Gazprom on Friday, December 5, for the
