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August 2015

August 2015
2015, August, 5, 18:25:00

SLOW RUSSIAN OIL

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.

August 2015
2015, August, 5, 18:20:00

NORTH SEA OIL

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.

August 2015
2015, August, 5, 18:15:00

UNDEFINED LNG

US LNG export projects face an uncertain future despite continued discoveries and production growth, a Brookings Institution analyst said. “More liquefaction capacity may be coming than markets can absorb,” warned Tim Boersma, acting director of Brookings’s Energy Security and Climate Initiative.

August 2015
2015, August, 5, 18:10:00

POWERFUL GAZPROM

In May 2008, the company’s market capitalization reached $367.27 billion, making it one of world’s most valuable companies, according to a survey compiled by the Financial Times. Gazprom’s deputy chair, Alexander Medvedev, repeatedly predicted at the time that within a decade the Russian energy giant could be worth $1 trillion.

August 2015
2015, August, 5, 18:05:00

NABORS LOSS $(41.9) MLN

Nabors Industries Ltd. ("Nabors")(NYSE: NBR)today reported second-quarter revenue and earnings from unconsolidated affiliates of $862 million, compared to $1.42 billion in the first quarter of 2015, and $1.62 billion in the second quarter of last year. The comparable quarters included $367 million and $535 million respectively, in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015. Beginning in the second quarter, Nabors' results reflect equity-method accounting for this investment on a quarter-lag basis.

August 2015
2015, August, 5, 18:00:00

DEVON ENERGY LOSS $(6.4) BLN

On a reported basis, due to a non-cash, full-cost ceiling charge, Devon had a net loss of $2.8 billion, or $6.94 per diluted share, for the second-quarter 2015. This compares with second-quarter 2014 reported net earnings of $675 million, or $1.64 per diluted share.

August 2015
2015, August, 4, 19:15:00

RUSSIAN GAS UP

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.

August 2015
2015, August, 4, 19:10:00

SHALE GAS IS LOSER

US shale gas is the unexpected loser from President Barack Obama’s climate plan, as the White House abandons its previous enthusiasm for natural gas as a cleaner alternative to coal.

August 2015
2015, August, 4, 19:05:00

SANCTIONS FOR RUSSIA'S GDP

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.

August 2015
2015, August, 4, 19:00:00

BP LOSS $(6.266) BLN

BP’s second-quarter replacement cost (RC) loss was $6,266 million, compared with a profit of $3,182 million a year ago.