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Rosneft names new managers after former TNK-BP executives quit

May 21, 2013 02:47
MOSCOW (Reuters) - Rosneft <ROSN.MM>, the state-owned Russian crude producer which earlier this year bought TNK-BP, announced several senior management appointments on Monday after former TNK-BP executives decided to leave positions they had been offered. The world's biggest listed crude producer, which paid $55 billion in cash and stock for TNK-BP, said its former head, Eduard Khudainatov, was taking over the production department from Sergei Brezitsky, who had worked at TNK-BP until 2011 prior to being offered the job at Rosneft.

Ratings agency warns of economic slowdown in Russia, calls for structural reform

The Canadian PressMay 16, 2013 11:45
MOSCOW - Russia faces harsh times ahead for its economy unless the government improves the country's poor investment climate and implements long-delayed privatizations and reforms, U.S ratings agency Standard Russia has seen more than a decade of largely uninterrupted economic growth, thanks to its lucrative oil and gas industries, to become the world's 8th largest economy. However now that energy prices have stabilized, experts say Russia is unlikely to grow as quickly unless it aggressively reforms its economy. S

BP says it is selling stake in Brazil's Polvo oil field for $135 million

The Canadian PressMay 6, 2013 10:00
LONDON - Oil company BP says it is selling its majority stake in Brazil's Polvo oil field for $135 million in cash to HRT Oil BP gained its 60 per cent stake in Polvo from Devon Energy in 2011 as part of a purchase in ten exploration and production blocks. Maersk owns the other 40 per cent and the field, located approximately 100 kilometres (60 miles) off the coast of Rio de Janeiro, currently produces about 13,000 barrels of oil a day. BP said in a statement Monday that the deal with Brazil's HRT Oil

Rosneft Q1 net profit falls 13% to $3.3 bn

Agence France-PresseApril 30, 2013 09:45
Russia's largest oil producer Rosneft on Tuesday saw its net profit slip 13 percent in the first quarter to $3.3 billion on seasonal factors that included lower sales volumes of petroleum products. Its reported profit for the first three months of the year was slightly above the consensus and included only 10 business days of the company's previous acquisition of Russia's number three oil producer TNK-BP. zak/sjw/wai

BP profits more than triple in Q1 as company continues with disposal plan following US spill

The Canadian PressApril 30, 2013 06:45
LONDON - BP's sale of its Russian joint venture helped it more than triple first-quarter profits, the oil company said Tuesday in a further sign that its disposal program in the wake of the Gulf of Mexico oil spill disaster is on track.

Rosneft says may team up with ExxonMobil, others in Iraq

April 23, 2013 11:16
LONDON (Reuters) - Rosneft <ROSN.MM> is considering the possibility of teaming up with its long-standing partner, ExxonMobil <XOM.N>, in tapping oil and gas in Iraq, Rosneft's head Igor Sechin told reporters on Tuesday. Last week, Sechin said Rosneft is interested in helping explore for and develop oil fields in Iraq. "We will work with anyone who offers good terms, we'll work with ExxonMobil too," he said to the question of who might be a partner to Rosneft in Iraq.

Rosneft targets Iraq, squares up to Gazprom

April 23, 2013 10:30
By Vladimir Soldatkin and Dasha Afanasieva MOSCOW/LONDON (Reuters) - Rosneft <ROSN.MM> said on Tuesday it may seek an alliance with ExxonMobil <XOM.N> or other partners in Iraq and double its Russian gas market share by 2020, boosting its credentials as the world's largest listed crude producer. Rosneft's Chief Executive Officer Igor Sechin told reporters that the company is considering teaming up with its long-standing partner, ExxonMobil, in tapping oil and gas in Iraq.

Rosneft sees 2013 capital expenditure at $20 billion post TNK-BP deal

April 23, 2013 07:01
MOSCOW (Reuters) - Rosneft <ROSN.MM> expects capital expenditure of $20 billion this year following the acquisition of TNK-BP <TNBP.MM>, Rosneft's Chief Executive Officer Igor Sechin said on Tuesday. The previous guidance for Rosneft's capex this year was $15 billion, while TNK-BP expected it at to be around $6 billion. Sechin told investors during a presentation that the company is able to reduce spending following the deal to acquire TNK-BP.

Rosneft's Sechin says to work with TNK-BP minority shareholders

April 23, 2013 06:15
MOSCOW (Reuters) - Igor Sechin, head of Russia's top oil producer Rosneft <ROSN.MM>, said on Tuesday he would cooperate with minority shareholders in TNK-BP Holding <TNBP.MM>, marking an about-turn after investors complained they were not being treated fairly. Sechin, an ally of President Vladimir Putin, said he was waiting for proposals from the shareholders, just months after saying that he had no obligation to them and would not offer a buyout on completion of Rosneft's $55 billion (36 billion pounds) purchase of TNK-BP.

Book Talk: Russia's oil riches gained and lost as wheel of fortune turned

April 18, 2013 04:30
By Melissa Akin MOSCOW (Reuters) - Some of the world's biggest fortunes were made and lost when the fall of the Soviet Union threw together a motley gang of brash young tycoons, hard-bitten oilmen and KGB veterans to scrabble for riches amidst the rubble of the Soviet oil industry.
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