Sberbank to Place Rusal Russian Depositary Receipts From Dec. 23
Gazprom Neft Says Venezuela Oil Venture May Cost $24 Billion
By Stephen Bierman
Dec. 16 (Bloomberg) -- Russia’s largest oil companies and Petroleos de Venezuela SA may spend $24 billion tapping the South American country’s Junin-6 heavy oil field, according to OAO Gazprom Neft.
The venture will make an investment decision in 2013 on the project, which aims to start output at 40,000 barrels of oil a day that year, Yuri Lyovin, project head at Gazprom Neft, which is leading the Russian group, said in an interview with Energy Intelligence posted on the company’s website.
Investment will be divided according to equity shareholding, with PDVSA assuming 60 percent and the Russian group 40 percent, he said. The group will need to borrow to fund the project, he said.
The Junin-6 deposit may hold 53 billion barrels of oil reserves, and the venture aims to reach peak output of 450,000 barrels a day in 2017, Lyovin said. OAO Rosneft, TNK-BP, OAO Lukoil and OAO Surgutneftegaz are also partners in the venture. Gazprom Neft is the oil arm of state-controlled OAO Gazprom, Russia’s gas export monopoly.
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Last Updated: December 16, 2010 09:55 EST
Noyabrskneftegaz Marks 700 Million Ton Crude Production Mark
Gazpromneft-Noyabrskneftegaz, a Gazprom Neft subsidiary, will celebrate producing its 700-millionth ton of crude today, the company reported in a news release.
This marks the aggregate production of crude in Noyabrsk, Vyngapurovskiy and Muravlenko. The 600-millionth ton was produced in May.
Gazpromneft-Noyabrskneftegaz is the biggest oil producing enterprise in Yamal and has been operating since 1981.
The enterprise currently operates 31 oil fields in the Yamal-Nenets and Khanty-Manskiysk autonomous districts.
Copyright 2010, Oil and Gas Information Agency. All rights reserved.
Eni To Supply Gas To Croatia's INA In Place of Gazprom
The Croatian national oil and gas company INA has signed a contract with Italy's Eni for supplies of natural gas for three years after the current contract with Gazprom ends, Reuters reports.
Deliveries are to begin on January 1, when INA's contract with the Russian gas monopoly expires. Eni will supply Croatia with 750 million cubic meters of gas a year.
"INA is exterting efforts to stabilise the supply of gas to Croatia and has signed the best possible contract at the moment", a representative of the Croatian company said.
Croatia consumes 3 billion cubic meters of gas a year, 60 percent of which is supplied from its own gas fields.
Copyright 2010, Russian Economy Ministry Statistics Department. All rights reserved.
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