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Russian oil firms raise profits and output, spurred by rouble weakness

MOSCOW – Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world’s most profitable. Russia has kept its production, which includes gas condensate, near post-Soviet highs as its producers benefit from getting the bulk of their export revenues in dollars while most of their ...

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BP names former UK MI6 spy chief as director

LONDON – BP has appointed Britain’s former MI6 spy chief and veteran diplomat John Sawers as a non-executive board member in a development highlighting long running links between the British establishment and the oil major. The appointment comes only weeks after the cabinet issued a warning saying it would oppose any potential takeover of BP as it wants the company ...

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Morgan Stanley renews U.S. oil storage deal ahead of trading unit sale

NEW YORK – Morgan Stanley’s commodities group has renewed a refined product storage deal with TransMontaigne Partners L.P. seven months early, as the Wall Street bank plans to sell its physical oil business. In a statement on Wednesday, TransMontaigne said Morgan Stanley Capital Group extended its lease agreements for about 2.7 million barrels of refined product storage in Mississippi. The ...

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Russia’s Rosneft discloses Sechin’s basic salary for first time

MOSCOW – The head of Russia’s Rosneft earns at least 15-20 million roubles ($295,000-$390,000) a month, the oil company said on Tuesday, disclosing Igor Sechin’s basic salary after President Vladimir Putin encouraged greater wage transparency. In a document on its website, Rosneft said its top executives receive additional payments besides the basic salary, including for working on the management board ...

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Russia’s sole offshore Arctic field to double oil output in 2015

MOSCOW – Gazprom Neft, the oil arm of Russia’s top natural gas producer Gazprom, plans to more than double oil output this year at the Prirazlomnoye field, Russia’s sole Arctic offshore oil project, the company said on Friday. Last year, oil production at the field totalled 300,000 tonnes. Development of Russia’s offshore Arctic riches has been hampered by Western sanctions ...

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Top 5 Bakken stories of the week

Here are the top five stories from Bakken.com for the week of April 11 through April 17. Enjoy! 5. From the East Coast, Bakken Oil’s outlook not so bad PHILADELPHIA, Pennsylvania — Doom and gloom over production declines, and a rapid decline in oil-field jobs has many people worried in North Dakota, but the outlook sketched in by analysts and energy ...

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Rosneft sets world record for longest well

Rosneft, an integrated oil company majority owned by the government of Russia, broke another world record Tuesday. Off the coast of Russia’s Sakhalin Island at the Chayvo field, the company reports that it has drilled the longest well in the world. Petro Global News reports that the O-14 production well drilled to a depth of 44,291 feet and reached horizontally ...

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Russian March oil output hits new post-Soviet high

MOSCOW – Russian oil production hit the latest in a line of post-Soviet highs in March, feeding higher exports that added to a global glut keeping crude prices low and hurting its economy. The big Gulf producers of OPEC have opted for holding on to market share, saying they will only cut output to raise oil prices if others – ...

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