Gazpromneft, EU Commission

Russia: Drilling threatened because of sanctions.

Sanctions reached the oil and gas industry.
The RF Ministry of Energy for the first time publicly acknowledged the reality of the deficit in the Russian drilling rigs and parts for them because of the sanctions. If the oil companies conduct exploration according to the announced plans, they may not have more than 20 floating platforms. The largest license holders in the Arctic, "Rosneft" and "Gazprom" on the background of the crisis agree with the RF Ministry of Environment for the postponement of their offshore licenses. But other players are preparing for the deficit. According to experts, the import of second-hand equipment from countries, which did not impose sanctions against Russia, could help.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Rosneft is asking the London court to postpone the introduction of sanctions.

One of the leading Russian oil companies "Rosneft" asked the High Court in London to urgently postpone the introduction of economic sanctions in the UK, adopted by Europe against Russian companies, Huffington Post writes.
The lawyers of "Rosneft" want the imposition of the sanctions to be blocked until November 29, when they come into effect in the UK to give them an opportunity to seek judicial review.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Statoil adjusts some of the projects with "Rosneft" due to the sanctions.

The Norwegian oil and gas company Statoil has been studying the possible impact of sanctions on its activities in Russia: the company continues to cooperate with "Rosneft", but has adjusted the work on some projects for compliance with the sanctions, Knut Rostad, the spokesman of the press-service of the company, told RIA Novosti.
"We continue to ensure that our projects meet the sanctions. Cooperation with "Rosneft" continues. We have already completed some of the tasks in accordance with our plans, other projects, in turn, are at an early stage of implementation. We made some adjustments on some of our projects to ensure that they comply with the sanctions and we will continue the adjustment, if necessary", - the spokesman stated.
However Rostad did not give the details on adjusting, promising only to inform any material changes in the plans of the company.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Novatek applies for $ 2.60 billion from NWF for the "Yamal LNG" project.

Novatek, the Russian largest private gas producer, has applied for nearly$ 2.60 billion from the National Welfare Fund (NWF) to finance the "Yamal LNG" project, Nikolai Podguzov, the Deputy Economic Development Minister, stated, RIA Novosti informs.
"NOVATEK (applied for - Ed.) the "Yamal LNG". About $ 2.60 billion", - Podguzov stated on the sidelines of the Economic Forum in Sochi.
On August 1st the EU and the United States banned the supply of equipment for deepwater exploration and production of oil in the Arctic and on the shale oil deposits in the Russian Federation. In September the sanctions were tightened: now providing the services for such projects is also prohibited. In this case, if the EU constraints concern the whole of the Russian oil and gas sector, the United States indicated specific recipients: "Gazprom", "Gazpromneft", "Rosneft", LUKOIL and "Surgutneftegas".
Only "Rosneft" and Novatek have appealed to Russian authorities for financial assistance. Anton Siluanov, the RF Minister of Finance, stated that they might be able to get funds from the National Welfare Fund this year, but in general terms and under the existing projects. On Friday Alexei Ulyukayev, the Economic Development Minister, expressed doubts that "Rosneft" and Novatek have time to get financing from the fund this year, indicating that formal applications from them have not yet been reported.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

The Russian oil producers face the sanctions.

In the future neither western money, nor technologies will be observed.
The Russian oil companies have recognized that the sanctions, imposed by the United States and the EU, will significantly affect the development of the production in the Russian Federation. For "Rosneft" the prospect of extraction in the Arctic is up in the air, "Gazpromneft" will have to find new suppliers of equipment for their offshore operations, and Lukoil expects difficulties with the extraction of hard-to-recover oil. Vagit Alekperov acknowledged that Russian oil companies should get used to the absence of the external loans and Western technologies.
LUKOIL became the first of the major oil companies of Russia, which a week ago announced the consequences of the tighter Western sanctions. On Friday,the CEO, Vagit Alekperov stated that, although only the technological and non-financial sanctions entered against Lukoil, the foreign capital markets are closed. "We do not expect that we will get some money, especially in the medium term, we must rely on our own funds", - he stated. In early September LUKOIL has reported its intention to reduce its investment program for 2015 by $ 2 billion to impose it without loans (see. "the Kommersant" dated September 1).

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

The sanctions change the plans of companies for operating of the pipelines of "Transneft".

Several oil companies were unable to provide the documents about the delivery schedules via the Zapolyarye - Purpe and Kuyumba - Tayshet oil pipelines. Because of this, the start of the projects may be postponed for two or three years, the representative of "Transneft" stated yesterday. According to him, the companies link to the sanctions imposed against them.
"Rosneft", "Gazpromneft", "Gazprom", LUKOIL and "Surgutneftegas" were required to provide the documents on the delivery schedule in these pipelines up to 2025 to "Transneft" and the RF Ministry of Energy by September 15th. This decision was taken in late August at a meeting with the Deputy Prime Minister ,Arkady Dvorkovich, "the Vedomosti" reported earlier referring to the minutes of the meeting. But this did not happen, Igor Demin, the representative of "Transneft", stated yesterday. According to him, most of the companies have violated the terms of the transaction due to the internal problems, but explained the situation by the financial sanctions of the United States and the EU against them.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

The former head of BP predicts the disruptions in oil supplies due to the sanctions against Russia.

Tony Hayward, the former head of BP , stated that the sanctions of the EU and the United States against Russian oil market may hit the West itself and lead to supply disruptions and price increases in an interview with the Financial Times, the publication publishes the excerpts from the conversation.
Hayward stated that cutting off the power industry of Russia from the capital markets by the EU and the United States was detrimental to the long-term supplies. "He stated that the shale boom in the United States, on the one hand, reduced the threat to the world's oil supply, but it could lead to the interruptions in the oil supply", - the publication shares the words of the former top manager.
"The world is lulled by the false sense of security in the light of what is happening in the United States", - he stated, referring to the results of the shale boom, during which the oil production in the United States increased by 60% since 2008. "When the United States reached a peak in the production, where the new sources of energy will be?" - He asked.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

The EU has abolished organization of debt financing for Rosneft, Transneft and Gazprom Neft

The EU has abolished the organization of debt financing for Rosneft, Transneft and Gazprom Neft, three Russian fuel and energy companies. Their names have been made public today at the official journal of the EU. The sanctions come into force from the moment of the official publishing. The EU abolishes bidding with the bonds of the companies with circulation period of over 30 days and participation in organization of the issuing of the stocks.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
42a Pushkina Street; Ufa, Bashkortostan 450076; Russia
E 54° 43.48836" N 55° 55.52346"
Telephone: +7 927 303 00 25

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer