Rosneft considers exiting JV with Crescent in Sharjah | The National:
"Russia’s Rosneft may exit its joint operations in Sharjah with the UAE’s Crescent Petroleum, after its two-well gas exploration programme proved unsuccessful.
The Russian energy producer issued a statement to The National that said the joint development, with two exploration wells drilled between 2011 and 2014, did not show any commercial hydrocarbon reserves. “As a result, Rosneft is considering the possibility of exiting the project,” it said.
Rosneft GDRs were down yesterday to US$4.861 in afternoon London trading, a slight dip from $4.987 at the close of Friday. Alpha Bank’s analyst covering Russia, Alexander Kornilov, said that Rosneft’s decision follows the same logic that is driving major global oil companies to cut capital expenditure (capex) amid lower oil prices."
'via Blog this'
No comments:
Post a Comment