Reuters MOSCOW – Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus crisis and weak oil prices, it said on Friday. The subsidiary of U.S. oil company Exxon Mobil Corp declined
Reuters NEW DELHI – India’s refining firm Reliance Industries (RELI.NS) on Thursday said its purchases of Venezuelan crude have been reported and approved by the U.S. government after American officials warned oil firms about their activity in Venezuela a day earlier. The United States on Wednesday said oil companies, including Reliance, Russia’s Rosneft (ROSN.MM), Spain’s Repsol (REP.MC) and U.S.-based
From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for
From Kurdistan 24 Authorities in Iraq have not yet resolved a dispute regarding agreements signed by Russian energy giants Rosneft and the Kurdistan Regional Government (KRG) for assets in the region, Iraqi Ambassador to Russia Haidar Mansour Hadi said earlier this week. Despite objections from the Iraqi government, the Russian energy giant has continued to sign deals with the KRG, most recently
A new MoU between BP and Rosneft will see more Russian natural gas flowing to Europe BP (ticker: BP) and Russian oil giant Rosneft signed a Memorandum of Understanding (MoU) in St. Petersburg Friday to bring a new stream of Russian natural gas to Europe by the end of this decade. Previously, BP said it could receive between 7 and
PDVSA may transfer 49.9% claim as part of debt settlement Russian state-owned oil giant Rosneft may end up owning U.S. downstream operator CITGO if Venezuela’s state-owned PDVSA is unable to pay back dues on a $1.5 billion loan from the Russian company. A 49.9% stake of CITGO, which is owned by PDVSA’s U.S. subsidiary, was used as collateral in December
Russia and Japan ink 23 energy-related agreements including offshore and LNG Russia and Japan deepened ties between the neighboring countries over the weekend as Russian President Vladimir Putin visited Japanese Prime Minister Shinzo Abe in Japan. The talks were set in the hopes of restarting a dialogue over four islands that each country has claimed a right to since the
Rosneft sale relieves budget pressures Russia has sold a 19.5% stake in Rosneft, the world’s largest-listed oil company and a state-controlled asset, for €10.5 billion ($11.3 billion) President Vladimir Putin announced on television with Rosneft CEO Igor Sechin. The stake was sold to a consortium made up of Swiss mining company and commodity trader Glencore (ticker: GLEN) and Qatar Investment
Record Oil Production and Capital Spending Supported by Favorable FX Rate While Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, oil and natural gas companies have actually increased investments or only seen modest declines, according to the EIA. In ruble terms, the Brent price has actually increased by 40% from
State-owned Rosneft to acquire stake in Bashneft as Russia attempts to go ahead and “privatize” In a political U-turn, the Russian government has decided to allow state-owned oil giant Rosneft place a bid on fellow oil company Bashneft. The Kremlin originally opposed Rosneft’s involvement in the bidding process because pro-market groups within the government felt there was little benefit of
Chunk of Rosneft could bring Moscow as much as $11 billion Russia still plans on selling a 19.5% stake in its oil giant Rosneft (ticker: RNFTF) to help ease its financial deficit, and it could happen within the next 90 days, if the company can find “appropriate strategic investors,” said Russian President Vladimir Putin. “The Russian government has no need
Russia may not be able to sell its stake in Rosneft in 2016 As low oil prices continue to put pressure on the Russian budget, the government in Moscow continues to look for ways to make up budget shortfalls, including the privatization of part of the state’s interest in Russian oil majors. The proposed sale of part of the state’s
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