ROSNEFT NEEDS SUPPORT
India's Oil & Natural Gas Corp.(ONGC) is reportedly negotiating with Russia's Rosneft to purchase a share of the Vankor oil field in East Siberia, indicating that the increase in production wanted by the Russian company could come hand in hand with stronger ties with foreign companies.
Rosneft said on Thursday it increased technical drilling volumes at its production assets by 27% in the first 7 months of 2015.
'Key factors, that boosted technical drilling figures are: increased drilling volumes at RN-Yuganskneftegas assets (increase of drilling progress outpaced the Company's average and accounted to 39.9% - 1.719 mln m in 7 months of 2015 versus 1.229 mln m for the same period last year), and increased pace of drilling of high-technology wells' the company wrote on its website on Thursday.
On Friday, Chief Executive Igor Sechin confirmed the company's intention to Prime Minister Dmitry Medvedev.
At the same time, Rosneft has to wiggle out of the international grip. It comes as little surprise that it is negotiating with cash-rich companies.
According to Bloomberg, New Delhi-based ONGC Videsh Ltd is seeking to pay $900 million for a stake in the oil field in East Siberia. It expects to sign a deal as early as next month.
Last week, the United States added a Russian oil and gas field, the Yuzhno-Kirinskoye Field, to its list of energy sector sanctions.
Last month, Rosneft commented on the arm-wrestling with the United States.
'Formal inclusion of some Rosneft subsidiaries in the list of entities that fall under sectoral sanctions is indicative of the ongoing illegitimate practice when the effects of political decisions are being extended to market players not influencing the decision-making' it wrote on its website.
Rosneft is trying to reinforce its relationship with other international companies. Last month, Rosneft and Norway's Statoil completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field in Purovsky and Nadymsky regions of Yamalo-Nenets Autonomous District. According to the Russian company, the joint operations indicate a strong resolve to work together in the long-term.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.