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2016-03-08 13:15:00

ROSNEFT WILL DRILL

РОСНЕФТЬ НАЧАЛА БУРИТЬ

Rosneft will this week drill its first international offshore well as sole operator off the south coast of Vietnam — helping the Russian state-controlled oil group gain experience that it could put to use at other projects, including some that are under western sanctions.

The drilling campaign in Vietnam, where Rosneft produces gas in a joint project with PetroVietnam and India's ONGC, comes as the Russian group hunts for new sources of oil to offset the decline at its ageing Soviet-era fields in western Siberia. The company's oil output fell 0.9 per cent last year and is expected to drop again this year.

The development of new frontiers in the Russian oil industry, including Arctic, deepwater and shale oil, has largely been stymied since US and European sanctions in 2014 blocked western companies' involvement in or supply of equipment to such projects. But these "technological" sanctions only apply to projects within Russia.

In an interview in Moscow ahead of the drilling campaign in Vietnam, Chris Einchcomb, deputy chief geologist at Rosneft, told the FT that the company was "fully compliant with any sanctions restrictions we have".

"We've always maintained that sanctions do not impact our international operations," Mr Einchcomb said. "The issue when you get to drilling is this grey area of what lessons you learn — can you bring that back to Russia? It's very difficult to sanction IP [intellectual property]."

Mr Einchcomb said that Rosneft viewed its international assets "as part of an option set we have going into the next decade to help maintain Rosneft's growth and production". He said that other possible options for maintaining the company's output — which at 5.1m barrels of oil equivalent per day is higher than any other listed oil company — included the development of under-explored areas of Russia, possibly including the Arctic, and the exploitation of Russia's enormous potential for shale oil production.

Rosneft obtained its assets in Vietnam as part of the acquisition of TNK-BP in 2013, where Mr Einchcomb previously worked.

He said that developing the project in Vietnam would help the company gain valuable experience in planning and executing offshore projects: "Vietnam is a very good opportunity to show we can meet the standards of operating internationally. That's an important element to show for any big company with big aspirations."

At a sea depth of 162m, the well that Rosneft plans to start drilling this week at Block 06.1, 370km off the coast of Vietnam, would fall within the definition of a "deepwater" project under EU and US sanctions were it in Russia.

Asked whether Rosneft would be able to carry out the project if it were in Russia under the current sanctions regime, Mr Einchcomb replied: "We're restricted by sanctions, there's the element of US technology on a lot of these drilling rigs." He said that Rosneft had contracted US-listed Schlumberger to perform well services in Vietnam.

In addition to Vietnam, Rosneft also has oil-producing assets in Venezuela and Canada. It has exploration prospects in several other countries, including in Mozambique and the US in partnership with ExxonMobil.

Mr Einchcomb said that US and Canadian sanctions against Rosneft had not affected the company's investments in those countries, but that it would be less likely to make future investments because of them. "It hasn't restricted us from applying for acreage in Mozambique, it hasn't restricted us from making applications in Norway. Nobody has said you can't do that because of sanctions," he said.

Rosneft's project in Vietnam is not directly hit by the fall in global oil and gas prices, since it sells gas only domestically at prices set by the Vietnamese government. Mr Einchcomb said the price crash had not "whetted our appetite" but that the company's approach to its international investments was long term. Last month it agreed to pay $500m to increase its stake in a project in Venezuela.

"The whole industry is going to change its wavelength — when it was $100 oil everybody was rushing into frontier stuff and if you didn't get in now you were going to lose that opportunity. Now all of that has been probably stretched 10 years," Mr Einchcomb said.

ft.com

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More: 

THE NEXT OIL WAR - 3 

GAZPROM & PETROVIETNAM ARCTIC COLLABORATION 

CHINA & VIETNAM: CORRECT PATH 

VIETNAM & JAPAN COOPERATION 

РОССИЯ И ВЬЕТНАМ СОГЛАСНЫ

 

Tags: ROSNEFT, VIETNAM, OIL, DRILLING, OFFSHORE, SANCTIONS, РОСНЕФТЬ, ВЬЕТНАМ
РОСНЕФТЬ НАЧАЛА БУРИТЬ September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

РОСНЕФТЬ НАЧАЛА БУРИТЬ September, 20, 09:00:00

GAS PRICES UP TO $3.146

РОСНЕФТЬ НАЧАЛА БУРИТЬ September, 20, 08:55:00

ЦЕНА URALS: $51,81591

РОСНЕФТЬ НАЧАЛА БУРИТЬ September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

РОСНЕФТЬ НАЧАЛА БУРИТЬ September, 20, 08:45:00

RENEWABLE'S FUTURE

РОСНЕФТЬ НАЧАЛА БУРИТЬ September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

РОСНЕФТЬ НАЧАЛА БУРИТЬ
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

РОСНЕФТЬ НАЧАЛА БУРИТЬ
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

РОСНЕФТЬ НАЧАЛА БУРИТЬ
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00