Energy

Experts to consider Odessa-Brody pipeline uses

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An expert group formed by the Ukrainian government will soon consider in which direction oil will flow in future on the Odessa-Brody oil pipeline. “It would be premature to speak about the pipeline’s future,...

Rosneft says YUKOS assets enough to settle whole debt

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Rosneft thinks the assets of YUKOS are sufficient to settle the claims of all the latter’s creditors, including the state tax authorities, Rosneft itself and Yuganskneftegaz, the former YUKOS production unit which Rosneft now...

BP-Azerbaijan confident about safe BTC operations

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BP, the operator for the construction of the Baku-Tbilisi-Ceyhan pipeline is confident about the long-term safe operation of the pipeline, BP-Azerbaijan Press Secretary Tamam Bayatly told Interfax. “In terms of design, engineering and construction...

Noyabrskneftegaz to develop 15 Gazprom fields

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Gazprom Neft and Gazprom have signed a protocol of intent according to which Sibneft-Noyabrskneftegaz, the main production company of Gazprom Neft, will develop 15 Gazprom fields, the Noyabrskneftegaz PR department said. Noyabrskneftegaz will develop Gazprom...

Construction of ESPO pipe proceeding rapidly

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The first 100-kilometre section of the East Siberia-Pacific Ocean (ESPO) oil pipeline has been built, presidential envoy to the Siberia Federal District Anatoly Kvashnin told President Vladimir Putin. “The first kilometres have been built....

Gazprom Neft boosts H1 earnings 41%

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Gazprom Neft (formerly Sibneft) boosted net profit to Russian accounting standards 41.1 percent year-on-year in the first half of 2006 to 29.997 billion rubles, the company said in its financial report. Revenue grew 70...

SOCAR to sign Shah Deniz loan agreement

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Azeri state oil company SOCAR plans to sign an agreement by the end of August to attract a credit to finance its share in the Shah Deniz project, company president Rovnag Abdullaev announced on...

Rosneft, BP may start Sakhalin-4 prospecting

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Rosneft and BP plan to start prospecting at the Sakhalin-4 Zapadno-Shmidtovsky section in 2007, Rosneft said in its financial report. The license calls for 3D seismic work in 2006, drilling one prospecting well in...

LUKoil targets 23.8 mln tonnes of oil in Q3

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LUKoil plans to produce 23.8 million tonnes of oil in the third quarter, a shade more than the 23.7 million tonnes it produced in the second quarter, the Russian oil major said in its...

Medvedev replaces Ananenkov in EuroPol GAZ board

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Gazprom Deputy Chairman and Gazexport General Director Alexander Medvedev has replaced Gazprom Deputy Chairman Alexander Ananenkov in the board of EuroPol GAZ, which operates the Polish section of the Yamal-Europe gas pipeline. Gazprom also...

Russia, Kazakhstan agree terms for Orenburg venture

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Russia and Kazakhstan have agreed the terms of an intergovernmental agreement on cooperation to set up a joint venture based on Orenburg Gas Processing Plant. The Russian government’s press service said that Russian Prime...

Experts to consider Odessa-Brody pipeline uses

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An expert group formed by the Ukrainian government will soon consider in which direction oil will flow in future on the Odessa-Brody oil pipeline. “It would be premature to speak about the pipeline’s future,...

Prosecutor brings fraud charges in YUKOS bankruptcy

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The Prosecutor General’s office has launched criminal proceedings in relation to fraud committed in the process of YUKOS’ bankruptcy. The Prosecutor General’s office announced on Tuesday that a case of large-scale fraud by an...

Total to produce 1 mln tonnes of oil at Kharyaga

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Total E&P Russia, the operator of a project to develop the Kharyaga field in Nenets autonomous district, plans to produce one million tonnes of oil at the field in 2007, Total E&P Russia Production...

Chinese imports of oil may grow to 15 mln tonnes

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Oil imports into China from Russia in 2006 may increase to 15 million tonnes, Chinese Deputy Commerce Minister Yu Guangzhou said during an Internet conference. Imports of Russian oil to China in 2005 amounted...

Russian company accused of unlicensed production

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Criminal proceedings have been launched against Sibneft-Noyabrskneftegaz, a subsidiary of Russian company Gazpromneft, concerning suspected above-quota oil production to a total of more than 15 billion rubles, said an aide to a senior public...

ITERA trebles H1 earnings

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Itera trebled net profit to Russian accounting standards year-on-year to 960 million rubles in the first half of 2006, the energy company said in its financial report. Revenue fell 20 percent year-on-year to 12.256...

Sakhalin-3 prospecting gets under way

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Participants of the Rosneft-led Sakhalin-3 project started to drill a first prospecting well on August 5, Rosneft’s subsidiary CJSC Sakhalin Projects said in statement. The project participants are Rosneft (49.8 percent), Sinopec (25.1 percent)...

Ministry waiting for Gazprom proposal on Shtokman

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The Russian Economic Development and Trade Ministry is waiting for a proposal from Russian gas giant Gazprom on the make-up of the consortium that will develop the Shtokman field, Deputy Economic Development and Trade...

Oil companies nurturepipelines as key assets

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Oil companies like BP generally conduct constant checks on pipelines, which are key assets that they cannot afford to idle, a leading international pipeline engineer said last Tuesday. Last week’s shutdown of the Prudhoe...

Russian court declares YUKOS oil company bankrupt

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The Moscow Court of Arbitration drove the final nail into the YUKOS coffin last week, declaring Russia’s once-leading oil company bankrupt. The ruling followed the conclusion by official receivers that the company built up...

Rosneft repays ONGC Sakhalin credit early

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Russian oil company Rosneft has repaid a credit ahead of schedule, received from India’s ONGC to finance expenditure on a production sharing agreement for the Sakhalin-1 project, a source in the company told Interfax....

Slovakia wants 49% of Transpetrol from YUKOS

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The Slovakian government, which owns 51 percent of the pipeline company Transpetrol, has confirmed its plans to buy the remaining 49 percent from a Dutch subsidiary of YUKOS - YUKOS Finance B.V., and has...

ConocoPhillips puts LUKoil Q2 profit at 2.2 bln

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ConocoPhillips, the owner of an 18 percent stake in LUKoil at the end of the second quarter, estimates LUKoil net profit at 2.2 billion Euro in the second quarter, the US oil company said...

Novatek to use 18% of net profit for interim dividends

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Russia’s largest independent gas producer Novatek is planning to use about 18 percent of net profit to pay out interim dividends for the first half of 2006, Leonid Mikhelson, the company’s CEO, told Interfax...

Total signs agreement on offshore oil-lease blocks

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French oil giant Total announced last week that its wholly-owned Nigerian operating subsidiary, Elf Petroleum Nigeria Limited (EPNL), had signed a farm-in agreement with Amni International Petroleum Development Company Limited, for the Oil Mining...

SOCAR expects 8% drop in oil to Novorossiisk

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The volume of Azeri oil pumped through the Baku-Novorossiisk pipeline in 2006 will amount to about four million tonnes, which is eight percent less than last year, a source in the State Oil Company...

Nuclear power looms as election issue

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With four of Sweden’s 10 nuclear reactors shut down over security reviews last Friday, anti-nuclear parties moved to cash in politically on the issue ahead of elections due September 17, Deutsche Presse-Agentur (dpa) reported....

OMV discovers second oil well in Tunisia

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Austria’s OMV Aktiengesellschaft, Central Europe’s leading oil and gas group, has announced a discovery and successful testing of oil and gas in its Nawara 1 exploration well in the Jenein Sud Exploration Permit in...

CNPC buys 500 mln worth of Rosneft shares

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China National Petroleum Corporation (CNPC) has bought 66.2252 million shares of the Russian oil company Rosneft for 500 million Euro, a source with the CNPC management told Interfax. “Earlier reports disseminated by a number...

EC could decide on PKN Orlen by early 2007

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PKN Orlen general director Igor Chalupec said last week that the European Commission would make a decision on the Polish oil company acquiring a stake in Mazeikiu Nafta no later than the first quarter...

Gazprom to buy Gazpromneft stake from YUKOS

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Gazprom has made an offer to YUKOS to buy the oil company’s 20 percent stake in Gazprom Neft for 1.3 billion Euro-1.9 billion Euro, Interfax has learned from several independent sources, which are...

Shell aims for asset exchange with Gazprom by year-end

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Royal Dutch Shell hopes to complete a deal by the end of the year, which will result in Gazprom receiving 25 percent, plus one share in the Sakhalin-2 project, and the Anglo-Dutch company receiving...

High oil prices hold steady on economic concerns, Mideast fighting

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Crude oil prices were steady last Friday as traders were closely monitoring the fighting in the Middle East and following comments by the US Federal Reserve chief that surging energy prices are crimping economic...

Samsun-Ceyhan pipeline launched on the heels of BTC

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Following the grand opening of the Baku-Tbilisi-Ceyhan oil pipeline, its masterminds, elated by success, announced the launching of new projects. And the new projects extend beyond the trans-Caspian gas pipeline that is going to...

Yukos demand letter sent to Russian federation

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The US law firm Covington & Burling LLP has sent a demand letter to the Russian Federation on behalf of a Spanish client seeking to recover the value of its investment in Yukos from...

Gazprom board okays Karachaganak venture

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The Gazprom executive board has approved setting up a Russian-Kazakh joint venture at the Karachganak gas condensate field, Gazprom said in a press release. The board said it was feasible to set up on equal...