Russia 090818 Basic Political Developments
Activity in the Oil and Gas sector (including regulatory)
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- Russia lifts oil export duty
- Monday, 17 August, 2009, 07:29 GMT | last updated: Monday, 17 August, 2009, 07:29 GMT
- LUKoil posts 3.4% rise in oil output, 12.4% drop in gas production
- Korchagin SBM installed
- Tuesday, 18 August, 2009, 07:13 GMT | last updated: Tuesday, 18 August, 2009, 07:13 GMT
- TNK-BP Drilled the First Five-Leg Wel on Russkoye
- Russias Slavneft posts 9.2% profit drop in 2008
- New Russian shipyard for tankers and oil rigs
- SNC-Lavalin buys 48 percent stake in Russian firm
- Gazprom Gazprom’s overdue debts
Activity in the Oil and Gas sector (including regulatory)Russia ups oil export 0.2% to 122.9 mln tonnes in H1 mths – Rosstathttp://www.interfax.com/3/511615/news.aspx MOSCOW. Aug 18 (Interfax) - Russian oil and gas condensate exports edged up 0.2% year-on-year in January-June to 122.9 million tonnes, the Federal State Statistics Service (Rosstat) said, quoting figures from the Federal Customs Service (FCS) that include oil exported to Belarus. Oil accounted for 32.7% of overall Russian exports, down from 36.5% in January-June last year. Oil fell to 49.9% of overall fuel and energy exports, from 52.2% a year previously. Rosstat said Russia exported 50.7% of the oil it produced in January-June 2009. The average export price for oil in June was $417.8 per tonne, or 16.5% higher than in May. Urals blend traded at $498.7 a tonne in the world market, up 20% from May. Russia increased oil and gas condensate production 0.1% year-on-year in H1 2009 to 242.2 million tonnes. Refinery throughput fell 0.8% to 115.4 million tonnes.
Wire servicesRussia will raise its oil export duty by 7.5% to $238.6 a tonne from 1 September, reflecting an increase in crude prices over the last month. The duty was based on the monitoring of international prices for Russia's benchmark Urals crude blend between 15 July and 14 August, a Finance Ministry official told Reuters. The duty, which plays a big role in the financial results of Russia's oil companies, was set at $222 a tonne for August. Alexander Sakovich, deputy head of the Finance Ministry's customs monitoring department, said the average price of Urals in the latest monitoring period was $69.14 a barrel, which works out at around $507 a tonne. The September duty was in line with the $237 to $241 range forecast by the ministry on 11 August, three days before the end of the monitoring period. Export duties on light refined products, such as gasoline and gas oil, will rise to $173.1 a tonne in September, up from $161.9 a tonne this month. On heavy refined products, such as fuel oil, the September tariff will be set at $93.2 a tonne, up from $87.2.
Medvedev Wants Sea Developedhttp://www.themoscowtimes.com/article/1009/42/380884.htm 18 August 2009The Moscow Times President Dmitry Medvedev said Monday that Russian companies should develop offshore oil production in the Caspian Sea and build more ports and upgrade shipyards on the shore as a way of boosting the regional economy. “Think about achieving these goals,” Medvedev told the chief executives assembled for a meeting of his advisory State Council in Astrakhan, including Gazprom chief Alexei Miller and LUKoil chief Vagit Alekperov. The Caspian Sea area is home to economically depressed regions such as Dagestan and the Astrakhan region. Alekperov told the meeting that LUKoil expected to start pumping oil from its Caspian field, called Yury Korchagin, next year. It is also developing another offshore field with Gazprom. Medvedev also called for a quicker division of the sea by the five littoral countries that include Iran, Azerbaijan, Kazakhstan and Turkmenistan. Medvedev announced that he would meet with the heads of the other Caspian states “in the near future.” He didn’t elaborate, but his visit to Turkmenistan is scheduled for next month. Russia and the other four littoral states have been negotiating for 12 years to divide the energy-rich sea but haven’t been able to reconcile their proposals. “I will put it bluntly: These talks haven’t gone ahead easily. Sometimes they simply don’t move forward,” Medvedev said, Interfax reported. LUKoil posts 3.4% rise in oil output, 12.4% drop in gas productionhttp://en.rian.ru/business/20090817/155834965.html MOSCOW, August 17 (RIA Novosti) - Russia's LUKoil posted on Monday a 3.4% rise in oil output year-on-year to 48.63 million metric tones and a 12.4% decline in natural gas production to 7.36 billion cubic meters. Russia's largest privately owned oil producer said oil refining had increased 4% to 1.98 million barrels a day. LUKoil, which accounts for around 1.3% of global oil reserves and some 2.3% of global oil output, earlier announced plans to boost its oil output 2.9% in 2009 to 98.2 million metric tons (1.97 million barrels a day). In 2008, LUKoil's U.S. GAAP net profit fell 3.9% year-on-year to $9.14 billion. The company's oil output declined 1.5% year-on-year in 2008 to 95.24 million metric tons (1.9 million barrels per day), while gas production rose 22% in the reporting period to 17.02 billion cubic meters. LUKoil's nominal majority shareholder with 63.3% of shares is Russia's ING Bank (Eurasia). U.S. oil major ConocoPhillips has a 20% stake. LUKoil President Vagit Alekperov directly and indirectly controls about 20% of the company's stock. Korchagin SBM installedhttp://www.upstreamonline.com/live/article185977.ece By Upstream staffLukoil said the single point mooring (SBM) system at Yuri Korchagin field has been installed in the Russian sector of the Caspian Sea. The SBM is intended for oil transshipment from the subsea pipeline to the floating storage unit and shuttle tankers. Lukoil said the maximum transshipment volume reaches 2.3 million tonnes per annum. The SBM jacket weighing 915 tonnes was fabricated at the shipyard of the Russian plant, Astrakhanshy Korabel. The jacket was installed by a floating derrick and fixed to the seafloor with five piles, each with the diameter of over two metres. The 240-tonne topsides were delivered from Bluewater’s facility and installed over the jacket. The SBM will be connected to the drilling complex and the fixed offshore ice-resistant platform via a 300-millimetre subsea pipeline, which has been laid on the seafloor. Yu. Korchagin field is expected to be commissioned in December 2009. The field holds estimated reserves of 570 million barrels of oil equivalent. Its annual production rate is expected to ramp up to 2.3 million tonnes of oil and gas condensate and 1.2 billion cubic meters of gas.
Lukoil takes delivery of vessel for Caspian workhttp://www.energycurrent.com/index.php?id=2&storyid=20003 8/14/2009 4:37:40 PM GMT KALININGRAD, RUSSIA: Lukoil has received multipurpose ice reinforcement ship Langepas, which was constructed at Keppel Singmarine Shipyard in Singapore, to operate in the Caspian Sea. Langepas left Singapore on Aug. 6, and is expected to arrive in the Caspian Sea on Sept. 3 or Sept. 4. It will be performing some standby and rescue operations as part of Lukoil's offshore oil and gas projects. The ship is 213 feet (65 m) in length and 49 feet (15 m) in width, with a draft of 14 feet (4.3 m) and deadweight of 900 tons. It can reach a speed of 13 knots. The ship can operate in temperatures as low as minus 20 degrees Centigrade and navigate ice 28 inches (70 cm) thick. Langepas' home port is Kaliningrad, which is a Russian city located on the Baltic Sea. Presently, the development and construction works at Yu. Korchagin field located in the Caspian Sea are carried out by support vessels Tsarevsky, Gandurinsky, Svetly and Vzmorye, which are owned by Lukoil-Kaliningradmorneft. Soon, Kogalym will join them. Construction of a floating storage unit with the deadweight of 28,000 tons is also nearing completion. It will become part of the offshore trans-shipment complex for oil delivery from Yu. Korchagin field to the onshore facilities. This storage unit is being constructed at Keppel Singmarine Shipyard in Baku, Azerbaijan, on commission from Lukoil. Yu. Korchagin field, the first one to be commissioned in the Northern Caspian region, will start production next December. The field is located 112 miles (180 km) away from Astrakhan, Russia in 36 feet (11 m) to 43 feet (13 m) of water. The estimated 3P reserves in the field are 570 million BOE. 18.08.2009 TNK-BP Drilled the First Five-Leg Wel on Russkoyehttp://www.oilandgaseurasia.com/news/p/0/news/5482 Tyumenneftegaz, a subsidiary of TNK-BP, drilled the first five-leg horizontal well in the Russkoe field in the Yamalo-Nenets Autonomous Area, informed the Regional Public Relations Department of TNK-BP Sibir, the Tyumen branch of OJSC TNK-BP Management. The flow rate of the well exceeded the expectations, but the actual yield of the well will be known in winter after construction of a winter road to the field for export of oil. Wells like this are drilled for production of oil in multi-factor fields. The Russkoe field is characterized by viscous oil, a large gas cap, and permafrost rocks. “This drilling technology was chosen for better coverage of the reservoir and determination of adhesion and filtration properties of reservoir rocks,” explained Evgeny Zadorozhny, General Director of Tyumenneftegaz. “The results of this new drilling technology will be evaluated after commissioning of the well.” A total of 6,500 m was drilled in the Russkoe field in the first half of 2009. The technology of multi-hole drilling was tested in three wells in a pilot area, after which the entire volume of drill cuttings and drilling wastes was utilized and disposed of. Oil production in the first six months of the year in the field amounted to 19,000 tons, which is twice the volume of oil production in the same period last year. Construction of the first line of a startup oil import and export complex is completed, a well pad is built, and a pilot road is constructed in the field, which is utterly important in the complete absence of infrastructure in the production area. The Russkoe field is in the Tazovsky District of the Yamalo-Nenets Autonomous Area. Pilot operation of wells in the field was started by TNK-BP in 2007. The recoverable reserves of the field amount to 400 million tons of oil and over 85 billion cubic meters of gas.
17.08.2009 Russia's Slavneft posts 9.2% profit drop in 2008http://www.oilandgaseurasia.com/news/p/0/news/5477 Russia's Slavneft posts 9.2% profit drop in 2008 Crude oil producer Slavneft, ranked among Russia's top ten oil companies, posted a 9.2% drop, year-on-year, to $483.56 million in its 2008 U.S. GAAP net profits.The crude producer's revenue increased 18.4% to $7.26 billion in the reporting period. Earlier reports said Slavneft's net profit calculated to Russian Accounting Standards reached 6.18 billion rubles ($194.5 million) last year, up fivefold against the 2007 index.Slavneft is co-owned by Gazprom Neft, the oil arm of Russian energy giant Gazprom, and Russian-British joint oil venture TNK-BP. - Copyright 2009, RIA Novosti. All rights reserved. New Russian shipyard for tankers and oil rigshttp://www.barentsobserver.com/new-russian-shipyard-for-tankers-and-oil-rigs.4619593-16175.html 2009-08-18 Russia’s Vneshekonombank confirms that it is ready to grant up to 28 billion RUB on the construction of a new shipyard in Primorsk on the Baltic Sea coast. The shipyard will be designed to construct large-scale tankers, LNG carriers and drilling rigs, Vedomosti reports. It is Russia’s major plans for shelf development, which is the underlying reason for the planned investments. VTB leader Vladimir Dmitriyev in a meeting with Prime Minister Putin yesterday said that his bank is ready to provide up to 28 billion RUB for the construction of the new yard, a government press release informs. According to newspaper Vedomosti, board director of the Vyborg Yard Georgy Poryadin has earlier said that the new yard can be constructed in three years.
OTTAWA, Aug 14 (Reuters) - SNC-Lavalin Group Inc (SNC.TO: Quote, Profile, Research, Stock Buzz) said on Friday it has bought a 48 percent stake in a Russian engineering company, a deal the Canadian firm hopes will help it become a leader in that country's oil and gas market. Financial terms of the investment in OAO VNIPIneft, which specializes in oil refining, gas processing, petrochemicals and chemicals, were not disclosed. The Moscow-based company, with about 900 employees, has designed more than 40 refineries and industrial projects in Russia Europe and the Middle East. Jean Beaudoin, the head of SNC's chemicals and petroleum unit, said the Montreal-based engineering and construction company has been operating in Russia for more than 30 years and considers it a key market. Shares in SNC were down C$1.28, or 2.5 percent, at C$48.71 on the Toronto Stock Exchange on Friday. ($1=$1.10 Canadian) (Reporting by Susan Taylor; editing by Rob Wilson)
Gazprom’s overdue debts to supply companies and contractors in the first half of 2009 increased by 64 percent to a total of 78.2 billion RUB, newspaper Vedomosti reports. Meanwhile, the company is itself the victim of non-paid debts. Other companies owe Gazprom about the same amount – 78.4 billion RUB – most of it for gas deliveries sold on guarantees, the newspaper writes. Gazprom retakes its positions in EU http://www.focus-fen.net/index.php?id=n191136  16 August 2009 | 00:07 | FOCUS News Agency
Moscow. Russian gas giant Gazprom is consolidating its positions on the way to Central Europe, the French Le Figaro newspaper reports. A step forward in this direction is the “Baumgarten” gas terminal on the norder between Austria and Hungary. The “Baumgarten” terminal is the company’s incarnation of its fight against the Nabucco gas pipeline. Gazprom is still reinforcing its positions along the route of the South Stream pipeline, which is the same as the planned Nabucco route.
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