Seven months after Russia made the latest changes to its oil tax regime, the industry seems to have been able to adapt more easily to the new landscape than had been expected at the turn of the year. However, market experts have warned that the government must consider more fiscal reforms as the current system is continuing to distort the sector. The so-called tax maneuver, which includes a phased reduction in export duty for crude and oil products over 2015-2017 and an increase in oil extraction tax, was introduced in January.
Oil and gas production from the North Sea is expected to increase for the first time in 15 years despite a global slump in the price of crude and hundreds of job losses in the industry.
Russia's economy is showing signs of stabilisation after slumping under pressure from Western financial sanctions and Russian counter-measures. Low international prices for its oil exports have added to pressure on the rouble and government finances.
Saudi Arabia is expected to raise prices for crude it sells to Asia in September due to a stronger Dubai benchmark, traders and analysts said on Monday, adding that the top oil exporter will be wary of a hike so big it would threaten its market share.
The Company is creating an accounting system calculating losses from the application of illegitimate sanctions, without reflecting them on the Company balance. Subsequently, the amount of losses will be submitted for reimbursement in court.
Rosneft and Statoil ASA completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field. During 2015 the companies jointly drilled 2 horizontal exploitation wells.
Imports by Iran's four biggest buyers - China, India, Japan and South Korea - totaled 1.17 million barrels per day (bpd) last month, up more than 13 percent from a year earlier, government and tanker-tracking data showed.
U.S. Rig Count is down 2 rigs from last week to 874, with oil rigs up 5 to 664, gas rigs down 7 to 209, and miscellaneous rigs unchanged at 1.
The transaction is ostensibly intended to help energy company KazMunayGaz (KMG) reduce its $20 billion debt portfolio, which has been exacerbated by low oil prices.
Crude oil prices in first-quarter 2015 were the lowest in several years, which contributed to reduced profitability for these companies compared to previous quarters. Although companies reduced investment spending, declines in operating cash flow were greater, contributing to a decline in cash balances. Second-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure.