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Total sees Russia as biggest source of its oil output by 2020 PARIS: France's Total expects the biggest share of its oil and gas output to come from Russia by 2020 and plans to stay there for the long haul despite recent tensions with the West over Ukraine, a top executive said.Total executives said they expected its production in Russia to soar to 400,000 barrels of oil equivalent per day (boe/d) by around 2020, almost doubling from 207,000 boe/d last year, thanks to its partnership with Russia's Novatek and their giant Yamal LNG project in Siberia.Its Russian operations would therefore overtake those in Norway and Nigeria, which have been vying for the top position in its production portfolio in the past few years but have struggled to keep output rising at mature oilfields."Russia is a country that has large resources, oil and gas, conventional and non conventional. We have good partnerships," Michael Borrell, Total's exploration and production chief for continental Europe and ...

Medvedev says Russia seeking to diversify gas exports MOSCOW: Russia is more interested than ever in diversifying destinations for its natural gas exports and is carrying out projects in Asia, Prime Minister Dmitry Medvedev told Russian lawmakers on Tuesday.Medvedev also said that talk of Europe importing gas from the United States as European Union nations seek to reduce reliance on Russian supplies amid tension over Ukraine was a "bluff".Copyright PPI (Pakistan Press International), 2014 ...
Gazprom says reserves replacement ratio at 1.3 in 2013 MOSCOW: Russia's top natural gas producer Gazprom said on Tuesday the group, which also includes its oil arm Gazprom Neft, replaced all gas reserves and increased them by almost a third in 2013 thanks to the discovery of new fields. It said that it found new reserves amounting to 646.9 billion cubic metres, while production stood at 487.4 billion cubic metres. Copyright Reuters, 2014 ...
Brent dips below $110 but Ukraine tensions give support LONDON: Brent futures slipped below $110 a barrel on Tuesday but held near a six-week high as a pact to calm tensions in Ukraine faltered, while rising US crude stockpiles weighed on prices. A four-way peace deal signed last week in Geneva to reduce tensions in eastern Ukraine has had limited impact as pro-Russian separatists refuse to put down arms and pull out of occupied government buildings, while Kiev and Moscow accused each other of ...
Total says no oil output expected from Kashagan this year PARIS: French major Total said no oil production was to be expected from the troubled Kashagan project in Kazakhstan this year and it was not likely to yield much next year either. "What is clear is that no production can be expected in 2014, and in 2015 it will be probably little," Yves-Louis Darricarrere, head of exploration and production, told a conference on Tuesday. Production at the offshore deposit, the world's biggest oil find in ...
Turkey rising as an energy hub ISLAMABAD: Turkey's importance in world energy markets is growing-both as a regional energy transit hub and as a consumer, according to a U.S-based energy research institute.According to an analysis on Turkey published online by the Energy Information Administration, the country's role as an energy hub has become increasingly important due to it geopolitical value, Anadolu Agency reports.As well as being located at the cross roads between the oil-rich former Soviet Union and Middle East countries, ...
Rosneft to sell 2mn T of oil to BP for up to $1.5bn MOSCOW: The board of Russia's top oil producer, Rosneft, has approved deals to sell more than 2 million tonnes of crude oil, worth more than $1.5 billion, to BP, the Kremlin-controlled company said in a regulatory filing on Monday. Last year, Rosneft announced deals worth more than $15 billion to sell its crude oil and products to BP, a related party that owns almost a fifth of the state-controlled oil company. It said the board ...


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Foreign Debt $60.9bn
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WeeklyApril 14, 2014
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