Russia’s Novatek will pay diamond mining firm Alrosa some 30.3 billion roubles ($540 million) for the 100% acquisition of two companies, which together own areas estimated to hold resources of 1.08 billion barrels of oil equivalent (BBOE).
Allies Russia and Saudi Arabia, the two largest oil producers in the world, are strengthening their cooperation and relationship with a number of bilateral partnership proposals, including a liquefied natural gas (LNG) project in Russia.
Russia, home of the world’s largest gas reserves, is planning to grab as much as 20% of the global liquefied natural gas (LNG) market by 2035, energy minister Alexander Novak said last week at the Russian Investment Forum in Sochi.
Russian banks and a Russian-Chinese investment fund are interested to invest in what could be the largest initial public offering in recent times, the Saudi Aramco’s floating of shares, a Russian senior executive said Wednesday.
Fast rising crude oil production in non-OPEC countries, led by the U.S., is likely to grow by more than demand in 2018, the International Energy Agency (IEA) forecast Tuesday in its monthly outlook report.
Russia will not abandon a deal with OPEC to maintain a 1.8 million barrels per day (MMBPD) reduction in crude production, even with crude prices rising, OPEC Secretary General Mohammed Barkindo said Monday.
A crude oil price rout extended into a sixth day Friday, with U.S. crude nearly falling below $58 a barrel, as rising production, a strong dollar and a broad financial asset sell-off combined to weigh down the market.
Russia’s gas producer, Gazprom, has increased its planned total investment in the TurkStream natural gas pipeline by $1 billion, Deputy Chairman Andrey Kruglov said last week, Kallanish Energy learns.