ROSNEFT - BP DEVELOPMENT
ROSNEFT - Rosneft and BP have agreed to develop subsoil resources within the Kharampurskoe and Festivalnoye licence areas of the Yamalo-Nenets Autonomous Okrug in northern Russia, with total geological reserves exceeding 880 bcm of gas.
The project envisages the development of the traditional gas reserves of the Cenomanian deposit, pilot production and subsequent full-scale development of the Turonian deposit as well as oil production optimization and efficiency.
Rosneft will hold a majority stake of 51% and BP will hold 49%. Produced oil and gas will be marketed by Rosneft.
Completion of the deal will be subject to a number of regulatory approvals.
The signed agreement is an important step forward in the development of global gas cooperation between Rosneft and BP.
Commenting on the agreement, Igor Sechin, Rosneft CEO noted: "Rosneft and BP will make joint efforts to develop new deposits, including those containing tight gas. Our companies have all the necessary competencies and experience to effectively implement such complicated projects."
David Campbell, President BP Russia, said: "We are pleased to further enhance our cooperation with our partner Rosneft, starting a new gas project in addition to our existing joint projects which cover oil production and exploration."
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.