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2017-07-05 12:05:00

REPSOL & GAZPROM DEAL

REPSOL & GAZPROM DEAL

FTSpain's Repsol has agreed to establish a joint venture with Russian oil company Gazprom Neft, in the latest move by a European oil and gas company to deepen co-operation with Russia despite western sanctions targeting the country's energy sector.

Gazprom Neft, the oil arm of state-run gas monopoly Gazprom, will take a 25.02 per cent stake in Repsol's Evrotek-Yugra project in western Siberia and jointly develop its seven oil exploration blocks, in a deal that gives the Spanish company access to local expertise while boosting the future output of its Russian partner.

The tie-up, which includes the option for Gazprom Neft to increase its stake to 50 per cent, comes more than three years after the EU and US imposed sanctions on Russia following its invasion of Crimea. The measures were designed partly to cripple its oil and gas industries by restricting access to western finance and technology.

While Russian companies such as Gazprom and oil group Rosneft have on the whole shrugged off negative impacts of the sanctions, divergence between the EU and US sanctions has resulted in American companies withdrawing more significantly from Russia than their European counterparts. Companies such as France's Total and Italy's Eni have continued to engage in major drilling and exploration projects alongside Russian partners.

While only certain areas of technology are banned under the sanctions, including some techniques necessary for drilling in the Arctic or innovations to exploit shale oil deposits, the EU rules also include a "grandfathering" provision, so that investments that predate the 2014 imposition of sanctions are still legal.

European governments voted to extend the sanctions until January 2018 at an EU summit last week. The US Senate voted last month to deepen the impact of the American restrictions.

"Alongside strategically expanding our resource base, we also have the opportunity to share our geological prospecting skills and know-how with one of the largest oil companies in Europe," said Alexander Dyukov, Gazprom Neft's chief executive.

"Our combined geological exploration expertise will ensure the planned works will be executed with the maximum efficiency," he said in a statement, which did not provide any financial details of the agreement.

A Repsol spokesman told the Financial Times: "This is about realising the full value of a project by bringing in a local partner with local knowledge and local expertise."

The Evrotek-Yugra project owns exploration and production rights to seven license blocks, in which nine exploratory wells have been drilled. The Ouryinskoye field, which lies within the blocks, has recoverable reserves of 33.8m tonnes of oil.

Repsol, which has been operating in Russia since 2010, holds licenses for 17 production and development blocks and 16 exploratory blocks. In 2015 it produced 4.03m barrels of crude from the country.

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Earlier:

 

GAZPROM NEFT:    REPSOL: 
     

GAZPROM DISCOVERS SERBIA 

HARD RUSSIAN OIL  

GAZPROM NEFT DOWN 6.2%  

RUSSIANS ARE BETTER  

GAZPROM UP 28%  

GAZPROM BUYS 49%  

GAZPROM & PETROVIETNAM ARCTIC COLLABORATION

 

REPSOL VS SINOPEC: $5.5 BLN  

REPSOL NET INCOME €572 MLN  

STATOIL & REPSOL TRANSACTIONS  

REPSOL WILL SELL $7.1 BLN, CUTS 38%  

REPSOL WILL DOWN 22%  

REPSOL WILL CUT 1,500 JOBS  

REPSOL & TALISMAN: $8 BLN

 

 

 

 

Tags: REPSOL, GAZPROM, NEFT

Chronicle:

REPSOL & GAZPROM DEAL
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

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.

REPSOL & GAZPROM DEAL
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

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.

REPSOL & GAZPROM DEAL
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

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.

REPSOL & GAZPROM DEAL
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

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.

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