OAO Rosneft reported that the Brazilian government has approved a transaction that would give Rosneft an additional 6% in a joint venture in the Solimoes basin for $96 million. The transaction would give Rosneft 51% interest and operatorship in the JV.
Completion of the purchase from Brazilian independent HRT O&G is expected within 30 days of the July 9 approval by Brazil's National Petroleum Agency (ANP).
The JV covers concession contracts BT-SOL-4 and BT-SOL-4A. HRT O&G will hold 49% interest (OGJ Online, Mar. 19, 2013).
Separately, Rosneft, HRT, and Petroleo Brasileiro SA (Petrobras) signed a memorandum of understanding to study "development schemes" for joint monetization of gas in the Solimoes basin.
|May, 25, 10:55:00|
|May, 25, 10:50:00|
|May, 25, 10:45:00|
|May, 25, 10:40:00|
|May, 25, 10:35:00|
|May, 25, 10:30:00|
REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.