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2018-06-06 12:15:00

ROSNEFT CAN ADD 100,000

ROSNEFT CAN ADD 100,000

PLATTS - Russia's largest crude oil producer, Rosneft, is in a position to add 100,000 b/d to production in a few days if the conditions of the OPEC/non-OPEC production cut deal are eased, analysts at Aton said in a research note released following meetings with Rosneft officials.

Rosneft has 100,000-150,000 b/d of spare capacity and is currently carrying out tests to see how quickly this could be brought back to market in the event of changes to the deal agreed by the OPEC/non-OPEC alliance, Aton said Friday, citing Rosneft First Vice-President Eric Liron.

In tests carried out over three days, the company boosted output by 57,000 b/d on day one, 70,000 b/d on day two, and expected 80,000-85,000 b/d on day three, Aton said.

Rosneft did not provide immediate comment on the recent testing, but last month said it could fully recover the 100,000 b/d it cut in line with the agreement within two months if the terms were lifted.

Rosneft accounts for just under 40% of Russian output, and Liron said it had adopted a different approach to other Russian producers in implementing the cut.

"Mr. Liron outlined that his company differed from other Russian oil majors in its approach to cutting production in that unlike most companies that chose to cut brownfield output, Rosneft reduced output at its mature greenfields, while continuing investments into their respective development," Aton said.

Russia has a cut quota of 300,000 b/d, which has roughly been spread proportionally across producers. Overall, the 24-country alliance committed to cut 1.8 million b/d. There are signs though that the terms of the deal could be changed when they formally meet in Vienna later this month.

Russian energy minister Alexander Novak and his Saudi counterpart Khalid al-Falih indicated to reporters in St Petersburg last week that the two biggest crude producers look set to agree on a plan to release more crude to the market. The news wiped $3/b off the price of benchmark crude futures.

OPEC and 10 non-OPEC producers were expected to maintain the supply cuts through to the end of 2018. However, a faster-than-expected market rebalancing due to a collapse in output in Venezuela and overcompliance with the deal by many other members has brought forward a review of its terms.

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Earlier:

 ЧИСТАЯ ПРИБЫЛЬ РОСНЕФТИ 81 МЛРД. РУБ.
2018, May, 16, 11:30:00

ROSNEFT NET INCOME RUB 81 BLN

ROSNEFT - Financial results for 1Q 2018 - Revenue growth by 22% to RUB 1.72 trln in 1Q 2018 - EBITDA increase by 15.6% up to RUB 385 bln in 1Q 2018 - Net income jumps by more than by 7 times to RUB 81 bln - Considerable improvement in free cash flow to RUB 142 bln - Short-term financial liabilities cut by 49%

 СДЕЛКА КАТАРА И РОСНЕФТИ
2018, May, 7, 08:20:00

ROSNEFT - QATAR DEAL

REUTERS - Qatar is taking a nearly 19 percent stake in Rosneft (ROSN.MM), rescuing the Russian oil major from its stalled deal to sell a major stake to China’s CEFC.

 BP - ROSNEFT STRONG PARTNERSHIP
2018, April, 25, 09:40:00

BP - ROSNEFT STRONG PARTNERSHIP

REUTERS - BP (BP.L) has a “very strong” partnership with Russian oil giant Rosneft (ROSN.MM) but will steer away from politics, Chief Executive Officer Bob Dudley said on Tuesday, as Moscow could face new western sanctions.

 ENI - ROSNEFT COOPERATION
2018, April, 20, 09:15:00

ENI - ROSNEFT COOPERATION

REUTERS - Italian oil major Eni has no plans to pull out of its joint venture with Russia’s Rosneft despite escalating sanctions against Russia, the head of Eni said on Wednesday.

 РОСНЕФТЬ: +27%
2018, March, 21, 12:10:00

ROSNEFT: +27%

ROSNEFT - Net income attributable to Rosneft shareholders reached RUB 100 bln in 4Q 2017, more than doubling QoQ. In 12M 2017 it amounted to RUB 222 bln, exceeding the 2016 level by 27.6%.

 ESSAR БОЛЬШЕ НА 20%
2018, March, 11, 11:05:00

ESSAR UP BY 20%

ROSNEFT - Essar Oil Limited (EOL) owned by the Consortium of International Investors led by Rosneft, since March 2017 to date has expanded the retail network Essar-branded fuel stations by 20% reaching 4,200.

 СВЕРХГЛУБОКАЯ СКВАЖИНА РОСНЕФТИ
2017, December, 25, 20:20:00

ROSNEFT'S ULTRA-DEEPWATER WELL

ROSNEFT - Rosneft has spudded the Maria-1 exploration well offshore in the Black Sea. Forecasted oil in place for Zapadno-Chernomorskaya licence area is estimated to exceed 570 million tons.

Tags: ROSNEFT, RUSSIA, OPEC