SAUDI WANT MORE
Saudi Arabia, the world's biggest oil exporter, plans "significant growth" in output in 2016 and further international expansion, the head of the country's state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.
Saudi Arabian Oil Co., also known as Saudi Aramco, will boost capacity at the Shaybah oil field by 33 percent to 1 million barrels a day in the next couple of weeks and will double natural gas production over the next decade, Amin Nasser, chief executive officer told reporters Tuesday at its headquarters in Dhahran, eastern Saudi Arabia.
"Even though it is challenging, it's still an opportunity for us to grow," Nasser said of the international expansion plans.
Saudi Arabia is seeking to reduce its reliance on oil sales amid lower prices for its most lucrative export. As part of that effort, the king's increasingly influential son, Deputy Crown Prince Mohammed bin Salman, wants to sell stock in Saudi Aramco for the first time, creating what could be the world's largest listed company.
The kingdom is leading Organization of Petroleum Exporting Countries members in a battle for market share against higher-cost producers including U.S. shale drillers. Nasser's predecessor as CEO, Khalid Al-Falih, who was appointed oil minister Saturday, said he'll keep Saudi oil policy unchanged.
"Saudi Arabia will maintain its stable petroleum policies. We remain committed to maintaining our role in international energy markets and strengthening our position as the world's most reliable supplier of energy," Al-Falih, who remains Aramco's chairman, said in a statement Sunday, his first day in office.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.