ROSNEFT INCREASES STAKE
The document reflects indicative terms and conditions in relation to the equity acquisition. Currently Rosneft owns 16,67% in this joint venture, after the transaction is completed Rosneft will increase its stake to 40% of JV and PDVSA participation will be reduced to 60%.
The document, signed in continuation of the Memorandum, concluded in June 2015 within the St. Petersburg International Economic Forum demonstrates the level of cooperation between the Companies, at Rosneft's commitment to the development of leading upstream projects in Venezuela.
The parties of the Petromonagas JV, already being one of the most prolific partnerships in Venezuela (crude oil production in 2015 exceeded 7.7 mln t), plan to amplify its development by introducing state-of-the-art technologies and raising E&P management efficiency.
|October, 23, 11:45:00|
|October, 23, 11:40:00|
|October, 23, 11:35:00|
|October, 23, 11:30:00|
|October, 23, 11:25:00|
|October, 23, 11:20:00|
Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.