Gazprom's gas prices are pegged to oil with a six-month lag, which means its customers are currently paying the equivalent of $45-$50 per barrel seen in January 2015 when oil prices crashed following a decision by OPEC not to reduce output.
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.
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.
Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russia's economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 50% of the federal budget revenues.
Russia’s Rosneft and Norway’s Statoil completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field in Purovsky and Nadymsky regions of Yamalo-Nenets Autonomous District.
Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.
U.S. was keeping the European Union countries on a 'short leash' by forcing them to impose anti-Russia sanctions.
‘Rosneft and BP signed final binding agreements for Rosneft’s sale to BP of a 20 per cent share of Taas-Yuryakh Neftegazodobycha (Taas), creating a new joint venture in East Siberia. The document was signed by Rosneft Management Board Chairman Igor Sechin and President of BP Russia David Campbell’ BP said, reporting one of the most relevant deals. During the first day of the international conference, Gazprom agreed to build a new pipeline to Germany under the Baltic Sea with Germany’s E.ON, Anglo-Dutch Shell, and Austria’s OMV.
Rosneft and BP today signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum.