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Russia's Gazprom Neft sticks to development plans after sanctions PRIRAZLOMNAYA OIL PLATFORM: Gazprom Neft, the oil arm of Russian state gas company Gazprom, will stick to its production plans at its Prirazlomnoye oil field in the Arctic despite being put under Western sanctions, First Deputy CEO Vadim Yakovlev said. "At the moment, we don't think that this will affect our long-term plans," he told reporters at the platform, located some 60 km (40 miles) away from the shore in the Pechora Sea.The oil field is Russia's first offshore Arctic field - a key source for future hydrocarbon production growth in Russia, now the world's biggest oil producing nation. Yakovlev said the field should reach plateau oil production of 5.5 million tones (110,000 barrels per day) by 2021, after which it would produce more than 4 million tonnes a year for around three years.The field plans to produce 300,000 tonnes of oil this year, which will be shipped by tankers ...
Global oil prices slump, sugar turns sour LONDON: Commodity prices dropped this week as the dollar strengthened, with Brent oil sinking to its lowest level in more than two years against a backdrop of solid supplies and sluggish demand.Sugar futures meanwhile touched multi-year lows, weighed down by expectations of a large surplus of supplies.OIL: Brent oil prices dived to $96.72 on Thursday touching a low point last seen in 2012 while WTI hit a 16-month trough at $90.43.Prices plumbed the latest depths ...
North Sea Crude-Forties rises on strong refining margins LONDON: North Sea Forties crude differentials rose on Friday, supported by stronger refining margins. The average plant cracking Brent in Rotterdam stood to make around $8 a barrel on Friday, according to Reuters models, almost double the amount they would have made just two months ago and close to the highest this year. Refinery margins in Europe have been supported by stronger gasoline due to export demand from West Africa, while the outright price of ...
Gazprom may boost 2014 investments to 1 trillion roubles: source MOSCOW: Russian gas pipeline monopoly Gazprom may increase its 2014 investment programme by 221 billion roubles ($5.8 billion) to over 1 trillion roubles, a source at the company told Reuters on Friday."Gazprom is discussing raising its 2014 investment programme from 806 billion roubles to 1,027 billion roubles," the source said. Gazprom declined to comment.On Thursday, Gazprom's Chief Financial Officer Andrei Kruglov said the firm was looking into boosting investment this year to a level that ...
Foreign oil services firms will find it hard to return to Russia: minister MOSCOW: The head of Russia's natural resources ministry said on Friday foreign oil services companies would find it difficult to return to Russia as Western sanctions would give Russian firms the opportunity to take their place in the Russian market"(Sanctions) are an excellent excuse to speed up import substitution. It will be harder for our partners to return," Sergei Donskoi said in a post on his official Facebook page."The current situation is an excuse to ...


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