Russian oil behemoth Rosneft PJSC promised record dividends on the back of soaring prices, but some foreign investors may struggle to access the payout. The board recommended 23.63 rubles a share for the second half of 2021, bringing full-year dividends to an all-time high of 41.66 rubles. That follows an …
Read More »Russia’s Oil Production has Plunged even as its Revenue Climbs
Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand. Despite this, rising oil and gas prices have resulted in record-high oil and gas …
Read More »Sanctions Force Foreign Executives at Rosneft to Quit
European-born executives at Rosneft quit the Russian oil giant days before the EU sanctions banning European citizens from working at the state-held Russian firm entered into force, Reuters reported on Friday, quoting six sources with knowledge of the matter. The departure of the five now-former executives at Rosneft could stall …
Read More »Big Oil’s Huge Profits Offset by Russian Asset Write-Offs
The world’s largest international oil firms are expected to book a combined $34 billion in net profits for the first quarter—the largest in more than a decade—but Big Oil will also book asset impairments of the same amount over their decisions to stop Russian operations. Exxon, Chevron, Shell, BP, and …
Read More »Major Oil Companies and Investors Pull Back from Russian Arctic Oil and Gas
Several major oil companies and investors have announced in recent days they are withdrawing from Russian resource development or not pursuing new projects with Russia, including in the Arctic, after Russia’s invasion of Ukraine. BP was the first to announce such plans. On Sunday, the company said that it was …
Read More »Equinor to Abandon Investments in Russia in Response to Attack on Ukraine
Norwegian energy company Equinor ASA has announced that it will begin exiting its current joint ventures in Russia and give up potential new investments, thus putting an end to its presence of more than 30 years in the country. “We are all deeply troubled by the invasion of Ukraine, which …
Read More »BP’s Rosneft Alliance to be Tested by U.K. Tough Talk on Russia
The U.K. government has argued for some of the toughest possible sanctions on Russia. At the same time, BP Plc holds one of the single biggest foreign investments in the country. It’s an increasingly uncomfortable position for the British energy giant — one that has prompted concerns at the highest …
Read More »Rosneft Aims to Develop Gas Fields Regardless of Export Options
Russia’s Rosneft PJSC aims to develop new natural gas reserves regardless of whether the Kremlin allows the company to export the fuel through pipelines. “We will produce gas at Rospan and Kharampur-Neftegaz irrespective of the export potential,” First Vice President Didier Casimiro told reporters, referring to the company’s two greenfield …
Read More »Russia and China Ink Huge Oil Deals as Ukraine Tensions Soar
At around the same time as Russian President, Vladimir Putin, had his first in-person meeting with his Chinese counterpart, Xi Jinping, for nearly two years – at the opening of the Winter Olympics ceremony in Beijing – and reiterated that there is ‘no limit’ to how far Russian and Chinese …
Read More »Rosneft Sets Net-Zero Emissions by 2050 Target
Russia’s largest crude producer Rosneft announced Dec. 21 its commitment to achieve carbon neutrality by 2050, bringing forward some of its previous targets to reduce emissions. The company’s 2035 climate targets set a year ago already included the prevention of 20 million mt CO2 equivalent of greenhouse gas emissions, reduction …
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