Russia & CIS ///

Russia's Novak sees room to do more for oil after OPEC flop

After top oil exporters failed to impress markets with their extended supply cuts, Russia’s Alexander Novak said there’s more they can do.

Gazprom Neft receives approval for investigation, development of Bazhenov formation

The Ministry of Energy of the Russian Federation has approved Gazprom Neft’s application for its project on “Developing Domestic Technologies and High-technology Equipment to Develop Reserves at the Bazhenov Formation” to be awarded the status of a national project.

Halliburton launches drilling operations for Lukoil at Vostochno-Taimyrsky

Halliburton Company has announced that it launched drilling operations in the Zhuravlinaya area of the Vostochno-Taimyrsky license block for Lukoil in early April.

U.S. shale roars back at OPEC

OPEC may get its members to agree to continue to tamp down oil production, but it will be a Pyrrhic victory.

Keppel to deliver semisubmersible to Caspian Drilling Co. in Azerbaijan

Keppel Offshore & Marine, through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd., a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR).

Lukoil signs cooperation agreement with Kalingrad's government

President of LUKOIL Vagit Alekperov and governor of Kaliningrad Region Anton Alikhanov signed an agreement on cooperation between the company and the regional government for 2017-2022, in Kaliningrad today.

Kuwait joins Saudi Arabia, Russia to seek oil cuts into 2018

Kuwait joined Saudi Arabia and Russia in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles.

Gazprom Neft acquires licence to develop Novosarmaskoye field, Orenburg Oblast

Gazprom Neft has acquired a subsoil usage licence for Novosarmaskoye field in the Orenburg Oblast. The licence — for the exploration and production of hydrocarbons — was issued by the Federal Subsoil Resources Management Agency, and runs until May 5, 2037.

Oil jumps as Saudis, Russia favor extending output deal to 2018

Oil jumped to its highest level in more than two weeks after the Saudi Arabian and Russian energy ministers said they are in favor of extending a production-cut deal for nine months.

Saudi Arabia, Russia favor extending oil cuts through March

Saudi Arabia and Russia said they favor prolonging oil-output cuts through the first quarter of 2018, setting a firmer timeframe for a likely extension of the curbs.

In fight against U.S. shale oil, OPEC risks lower for longer

In January, Khalid Al-Falih, the Saudi oil minister was exultant. The output cuts he’d arranged with fellow OPEC states and Russia were working so well, he said, they could probably be phased out by June.

Construction begins for offshore section of TurkStream gas pipeline

Construction of the TurkStream gas pipeline has commenced in the Black Sea, near the Russian coast.

Russia-U.S. gas rivalry set to dominate as EU traders gather

The near-flawless start of U.S. LNG plants will have European energy traders abuzz this week at Flame conference.

Saudi Arabia and Russia signal oil-cuts extension into 2018

Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes.

Gazprom Neft reports 5 millionth tonne of oil produced at Novoportovskoye field

Total cumulative oil production at the Novoportovskoye field has now reached 5 million tonnes, the landmark tonne of crude being shipped by Gazprom Neft subsidiary Gazpromneft-Yamal on the Shturman Albanov tanker.

Rosneft profit misses estimates as ruble counters oil price

Rosneft said first-quarter profit climbed 8.3% as higher crude prices were offset by a stronger ruble and output cuts.

Gazprom Neft acquires licenses to develop two fields in the Yamalo-Nenets Autonomous Okrug

Gazprom Neft has acquired development rights to two new assets — Tazovskoye and Severo-Samburgskoye fields — in the Yamalo-Nenets Autonomous Okrug. Subsoil usage rights to the Tazovskoye block run to 2025, and rights to the Severo-Samburgskoye block to 2027.

Oil rises from six-week low as U.S. glut eases, Russia backs cuts

Crude rebounded from a six-week low on signs the U.S. supply glut is easing and as Russia signaled support for extending output cuts with OPEC.

Lukoil continues field facilities construction at North Caspian

Lukoil has deployed two convoys of vessels carrying constructive elements of Phase 2 field development facilities for LUKOIL’s Caspian projects.

OPEC ministers to meet Russia amid push to extend cuts

The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they should prolong their joint effort to curb supply.