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70

Rosneft made a net profit for Q2 2017 of RUB 68 billion ($1.13 billion)

Rosneft reported a near 5-fold rise in 2nd quarter net profit compared with the previous quarter.

Rosneft made a net profit for Q2 2017 of RUB 68 billion ($1.13 billion) Rosneft made a net profit for Q2 2017 of RUB 68 billion ($1.13 billion)


Rosneft on August 4, 2017, reported a near 5-fold rise in 2nd quarter net profit of RUB 68 billion compared with RUB 13 billion for the previous 1st quarter.

 

In 2nd quarter oil output slipped to 56.08 million tonnes from 56.12 million in the 1st quarter but was up from 50.49 million a year earlier.

«In the 2nd quarter of 2017, the average crude oil price declined by 9.2 % in rubles terms, having a considerable negative impact on key financials,» Rosneft´s CEO Igor Sechin said in a statement.

 

During the Q2 Rosneft produced 5.70 million barrels of oil equivalent a day. Daily production fell 1.2 % compared to the Q1 due to the restrictions mandated by the OPEC deal.

 

«The global hydrocarbon market conditions remain unstable with high crude oil and oil product pricing volatility. In such conditions, the Company keeps focusing on further operating efficiency improvement, including on the maximization of the existing assets synergy on the domestic and international markets», Sechin said.

 

Rosneft's growth in gas output came from 2 wells in operation at the northern tip of Chayvo field on Sakhalin Island in 2016; reaching the design capacity at Rospan's Novo-Urengoy gas and condensate treatment plant in August 2016; successfully launching 3 new wells at the Tyumen suite of Yem-Yegovskoye field in 1Q 2017; growing gas deliveries from Van-Yeganskoye field; and new wells at the Severo-Varyeganskoe field.

 

Rospan production facilities construction for a gas processing plant is under way at the Vostochno-Urengoiski license area; 5 compressor units assembled at the booster compressor station, 7 gas turbine facilities assembled at the gas turbine power plant of Vostochno-Urengoysky licence area; construction of the rail loading terminal at Korotchaevo station, trunk and intra field pipelines and power supply facilities are in progress.

 

To read the full article in Russian.

 

Source : Neftegaz.RU