BP & ROSNEFT: $700 MLN
BP could be close to a $700 million deal with Russia's Rosneft for a 20% stake in a Siberian oilfield, the company led by Igor Sechin further showed how national companies can cope with sanctions, maintaining ties with Western companies and progressively switching to Asian markets.
The company, which is reportedly on the verge of acquiring a stake in India's Essar Oil, showed on Tuesday how much importance it attaches to its Arctic program.
Rosneft, which owns 51 licenses for exploration and oil and gas extraction from shelves of seas of the Russian Federation, announced it completed the Kara-Winter 2015 program, defined as the 'largest arctic expedition in the world in recent 20 years by the scope and the structure of works.'
'The works took place on the water area of the Barents Sea, the Kara Sea, the East Siberian Sea, and the Laptev Sea, in the Novaya Zemlya, Severnaya Zemlya archipelagoes, Novosibirsk islands (including the De Long islands) and on the Land of Franz Joseph for the first time; they took place on East-Prinovozemelskys-1,2,3 North-Karsky, Ust-Oleneksky, Ust-Lensky, Anisinsko-Novosibirsky, Albanovsky and Perseevsky licensed fields' Rosneft wrote on its website.
The St. Petersburg International Economic Forum, which will take place from Thursday to Saturday, will shed more light on the ability of Rosneft and other Russian companies to clinch deals with European and Asian partners.
Meanwhile, Shell, the other protagonist of explorations in the Arctic, sent on Monday its drilling rig to Alaska. The company also received early termination of the US antitrust waiting period from the United States Federal Trade Commission for its plan to merge with BG Group.
"We're well underway with the anti-trust and regulatory filing processes in relevant jurisdictions around the world and we're confident that, following the usual thorough and professional review by the relevant authorities, the deal will receive the necessary approvals. We remain on track for completion in early 2016" Shell CEO, Ben van Beurden, commented.
In a way or another, both US and Russia threw their political weight behind exploration in the region, facilitating the work of big companies that might have the technical expertise to take a risky position.
|June, 22, 13:40:00|
|June, 22, 13:35:00|
|June, 22, 13:30:00|
|June, 22, 13:25:00|
|June, 22, 13:20:00|
|June, 22, 13:15:00|
U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.