ROSNEFT & STATOIL: STRONG PARTNERSHIP
Statoil is pushing on with all its projects in Russia, despite the uncertainty of the Crimea crisis, and still expects to drill a new well there this year, a senior executive at the Norwegian oil group said.
Statoil has several joint projects with Russia's largest oil company Rosneft, including deals to explore for oil and gas in Siberia and above the Arctic Circle, as well as shale oil in the south of the country.
Lars Christian Bacher, head of development and production international, said Statoil would go ahead with plans to drill one well with Rosneft this year and two in 2015 at the North-Komsomolskoye heavy oil discovery in west Siberia.
Statoil is one of the select few international oil companies to explore for oil in Russia, along with ExxonMobil and Italy's Eni.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.