ROSNEFT - Net income growth of 61.7% YoY to RUB 131 bln

Hydrocarbon production in Q1 2019 amounted to 5.90 mmboed (71.7 mmtoe), exceeding Q1 2018 level by 3.4%. Average daily hydrocarbon production decreased by 0.6% QoQ due to the Company’s compliance with its obligations under the OPEC+ Agreement.

In the first quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,379 thousand boe per day, which is 4.1% higher year-on-year and 0.3% higher quarter-on-quarter. The increase was mainly driven by the development of gas projects in Uzbekistan.

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. U.S. West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

OPEC's collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d,

Russian oil production has fallen to 11.16 million barrels per day (bpd) on May 1-12 from an average of 11.23 million bpd in April

Imports last month were 43.73 million tonnes, equal to 10.64 million barrels per day (bpd), according to data from the Chinese General Administration of Customs.

Despite significant U.S. oil sanctions on the OPEC member nation, Maduro has held on to power, backed by Cuba, Russia and China, and retains the support of the country’s military and other institutions.

Net income for 43 U.S. oil producers totaled $28 billion in 2018, a five-year high. Based on net income, 2018 was the most profitable year for these U.S. oil producers since 2013, despite crude oil prices that were lower in 2018 than in 2013 on an annual average basis.

No liquefied natural gas (LNG) vessels that left the United States in March and April have gone to China, Refinitiv Eikon shipping data shows, as the trade war between the two nations escalates.

“[The Russians] are bringing 16.5 million tons of LNG from the Yamal [LNG project] through the Bering Strait [en route to Asia] 2,600 miles through the ice, while we’ve got big fields in Prudhoe Bay [Alaska] that are lying fallow” that would require just 600 miles through the ice zone, Treadwell asserted to lawmakers at a maritime subcommittee hearing in the U.S. House of Representatives.

The main conclusion of the study was that reduction targets can be achieved even in a non-technology-specific scenario (Evolution) by using the networks. A GHG reduction of 55% by 2030 and 95% by 2050 (relative to 1990 levels) was achieved for the energy industry, buildings and industry €139 billion cheaper than in a highly regulated approach with electrification by means of heat pumps (Revolution).

Year-to-date, the goods and services deficit decreased $5.8 billion, or 3.7 percent, from the same period in 2018. Exports increased $14.0 billion or 2.3 percent. Imports increased $8.2 billion or 1.1 percent.

Electricity has well known limitations, mainly for bulk and long-range transport, industrial processes requiring high temperature heat, and the chemicals industry. To entirely replace fossil fuels we need hydrogen. It has an energy density comparable to hydrocarbons. There’s more: Europe’s electric grid can’t cope with 100% electrification, yet hydrogen would use the existing gas pipe networks. The authors lay out a plan to deliver 50% of Europe’s energy from hydrogen by 2050. Done rapidly at scale, hydrogen would soon be as cheap as gas. It will also make Europe the hydrogen market leader: what technologies Europe (or anywhere!) masters first, it can sell to the rest of the world hungry for clean energy solutions.

Rosatom expects to double revenue from its overseas business, from USD6.6 billion last year to USD15 billion by 2024,