The document reflects indicative terms and conditions in relation to the equity acquisition. Currently Rosneft owns 16,67% in this joint venture, after the transaction is completed Rosneft will increase its stake to 40% of JV and PDVSA participation will be reduced to 60%.

The low oil prices are a lucky charm for Iran, because the production costs in Iran are really low and you can't find any other place in the world that has such low production costs. Also, companies that are coming to invest in Iran would have access to both oil and gas reserves.

Billions of barrels of oil could be lost completely, left in the seabed without the infrastructure or skills to get it out.

In the face of the severe downturn in our industry our priorities for 2016 are to conserve cash and address our financing needs. We have a modern competitive fleet, a proven track record in operations and every intention to position ourselves for a recovery in the sector.

Following the path started in 2015, U.S. commercial crude oil inventories have continued to build in early 2016 and are nearing record highs.

China and India's combined share of world oil consumption has tripled since 1990 to over 16 percent, nearing the U.S. share of roughly 20 percent, cementing their status as the main center of global demand growth.

Lake of fire or not, the oil market has certainly become increasingly alarmed by vast pools of excess crude stored in tanks around the world, with more added every day. At the conference, senior executives and officials outlined a path for prices that remains low in the short term, somewhat higher by year-end and subject to furious swings along the way.

“Times are tough, you’d almost call them brutal right now,” said Lamar McKay, BP PLC’s deputy chief executive. “But we will adapt. We will make it.”

Sparking fears for the long-term future of the industry, the UK upstream segment is expected to approve fewer than £1 billion in spending on new North Sea projects compared with an average of £8 billion/year over the past 5 years, according to Oil & Gas UK’s 2016 Activity Survey.

Россия является надежным поставщиком энергоресурсов для Евросоюза и наши отношения являются взаимовыгодными.

U.S. Rig Count is down 12 rigs from last week to 502, with oil rigs down 13 to 400, and gas rigs up 1 to 102. Canadian Rig Count is down 31 rigs from last week to 175, with oil rigs down 26 to 83, and gas rigs down 5 to 92.

Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices.

Despite lower crude oil prices, EIA expects Canadian oil production to continue increasing through 2017. Canadian oil sands projects that were already under construction when prices began to fall in 2014 and that are expected to begin production in the next two years are the main driver of production growth.

Oil was up from the start of the week after data showing a slide in shale crude output and strong gasoline demand in the United States. Also bolstering prices was a meeting scheduled for mid-March by at least four major oil producers, including Saudi Arabia, to discuss a production freeze at January's highs.

Citing his support for development of a competitive natural gas market in Europe, Norway's minister of petroleum and energy, Tord Lien, said a well functioning market in Europe is crucial for the maximisation of Norwegian assets. “Gas is there if Europe needs it.”

One of the world’s biggest independent oil and natural gas exploration and production companies, Anadarko said Tuesday it will cut capital expenditures this year to between $2.6 billion and $2.8 billion, from about $5.5 billion last year.

Profit attributable to NOVATEK shareholders increased twofold to RR 74.4 billion, as compared to RR 37.3 billion in 2014. The amount of profit and its dynamics were significantly impacted by the foreign exchange effect and the change in fair value of non-commodity financial instruments (including at the joint ventures level), as well as the effect of disposal of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders in 2015 and 2014 totaled RR 135.0 billion and RR 104.8 billion respectively, representing a year-on-year increase of 28.9%.

Light, sweet crude oil prices on the New York market gained modestly to settle above $34/bbl on Mar. 1, and Russia state news agency TASS reported Russia’s Energy Minister Alexander Novak said a “critical mass” of oil-producing countries had agreed to freeze oil production.

Malaysia’s state-run Petronas plans to reduce capital and operating expenditures by $12 billion over the next 3 years, starting with $3.6-4.8 billion in 2016. The move comes with a companywide reorganization that will result in about 1,000 redundancies.

По итогам совещания Александр Новак сообщил, что нефтяные компании подтвердили готовность не наращивать добычу нефти. «Компании подтвердили, что они поддерживают эту инициативу. В целом, это должно дать довольно позитивный результат для рынка, поскольку будет способствовать снижению волатильности цен и обеспечит компаниям возможность планирования деятельности на более долгосрочную перспективу», – рассказал Министр.