ROSNEFT UP, GAZPROM DOWN
Russian energy companies are likely to pay the price of current market conditions in a moment of internal power rebalancing, as Gazprom reported a likely reduction in natural gas output for the year, while Rosneft revealed that its gas production for the first nine months of the year increased by 12.3% with respect to the same period in 2014.
Rosneft, a company led by Igor Sechin, said that in the first nine months of 2015 it produced 45.92 billion cubic metres (bcm) of gas, increased from 40.87 bcm in the same period last year.
"The growth of gas production was mainly provided by commissioning of gas wells in Tarasovskoe field of Purneftegaz in H2 2014 and increased production at Vankor field, where pipeline Vankor–Khalmerpayutinskoe field was built in 2014," reads a statement released by Rosneft on Thursday. "The level of utilization of accompanying petroleum gas ("APG") reached 86.8% in 9M 2015 compared to 78.6% in 9M 2014."
In the document, Rosneft did not clarify what the consequences may be of the sharp falls in gas prices.
On Friday, Gazprom reduced its 2015 forecasts to 427 bcm, a significant decrease on its forecasts released six months ago,which expected production for the year to reach 485 bcm.
Gazprom's production in 2014 stood at 445 bcm.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.