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gas

  • 3
    JUN15
    Oil and Gas - After four years of decline, dividends key

    Yesterday, we published Russian Oil and Gas - After four years of decline, dividends key. Excerpts from the front page are given below. The sector’s profitability has been on a declining trend for the fourth consecutive year, and not just because of worsening macro. We think that in the current ...

  • 6
    MAY15
    Oil and gas – tax breaks for companies using Russian equipment in exploration might be introduced

    Prime Minister Dmitry Medvedev has requested that the ministries of Finance, Economy, Energy and Natural Resources develop a mechanism of tax breaks for Russian oil and gas companies using domestic equipment in exploration activities, according to Kommersant. The mechanism might imply deductions of exploration expenses from taxable income, starting from 2016. No further details are available yet. The ministries are due ...

  • 22
    APR15
    Oil & Gas – independents might get access to offshore oil deposits via consortiums

    Oil companies might get access to offshore oil deposits via consortiums, according to Minister of Natural Resources Sergey Donskoy, quoted by Vedomosti. Consortiums are to be approved by the government and state companies are not required to participate. However, the companies must have experience of offshore development and sufficient technical and financial resources. The ministry’s proposal assumes two types of licence: seismic and exploration/development. The seismic licence can be granted to...

  • 15
    APR15
    Russian Oil & Gas – wholesale kerosene prices hiked 26% for the last two months on SPIMEX

    As reported by Vedomosti, the Russian Air Transport Association has sent a request to the Federal Antimonopoly Service (FAS) to investigate the recent kerosene price hike at airports. According to the paper, fuel prices at some airports rose 10-15% for the last month. The tax manoeuvre has set the export duty for kerosene at 48% of oil export duty in 2015, from 65% in 2014. As a result of the change in both the policy and the macro environment, the kerosene domestic market premium has decreased from...

  • 6
    MAR15
    Oil and Gas - High-beta sector

    This morning, we have published Russian Oil and Gas - High-beta sector. Excerpts from the front page are given below. Oil stocks have risen 22% YTD in 2015, outperforming the RTS on its way up on the back of strengthening oil prices. This supports our conviction that oil has changed from being a defensive ...

  • 10
    NOV14
    Oil and Gas - No rush

    This morning, we have published Russian oil and gas: No rush. The front page is given below. Russian O&G has been outperforming the wider Russian market, in line with its usual historical role as a defensive low-beta sector and now also supported by harsh RUB devaluation. Nevertheless, the stocks ...

  • 7
    NOV14
    Oil and gas companies – terms of a number of licenses softened

    The Federal Agency on Subsoil Usage has changed the terms of 165 licences owned by Rosneft, Gazprom, Novatek, Surgutneftegas, Bashneft and Tatneft, Vedomosti reports. The changes might relate to their periods. Among potential reasons for the changes are the negative macro environment, sanctions and other difficulties. Given that no information has been disclosed about ...

  • 22
    OCT14
    Oil and gas – Duma approves new tax regime for oil and gas industry at the first reading

    The new tax regime law for the oil industry was passed at the first reading in the State Duma, according to Interfax. The following parameters have been approved. Additionally, the gas export to Turkey via Blue Stream is subject to a 30% excise tax, according to the law. Our View: The parameters of the proposed new tax law are close to the draft law which was proposed by the Ministry of Finance in August. The overall impetus ...

  • 21
    AUG14
    Oil & Gas – Ministry of Finance publishes draft tax manoeuvre

    ... growth in tax collection – can be explained by the fact that these tax changes are to be sponsored by third parties. That is first and foremost Belarus, independent refineries, other buyers of crude oil condensate and, of course, the consumers of gas oil in Russia, as well as independent bunkering and jet fuellers, etc. There are no new tax parameters for gas condensate, so it is unclear what the potential impact on gas companies would be. On the back of the currently available information, among ...

  • 3
    JUL14
    Oil and gas – production statistics for June

    CDU TEK has published its Russian oil and gas production for June. Crude production slightly rose 0.2% YoY to 10.5mmb/d, with Bashneft (+12.4% YoY) and Gazprom Neft (+4.7% YoY) among the leaders. Bashneft’s production growth YoY figure continues to rise, while Gazprom Neft’s production is ...

  • 2
    JUN14
    Russian Oil And Gas – Tax Manoeuvres Episode III: The Phantom Menace

    We have published Russian Oil & Gas – Tax manoeuvres Episode III: The Phantom Menace. A summary is provided below. On a number of occasions, we have highlighted the risk of further potential tax amendments in the Russian oil industry. We now see these as imminent. In anticipation ...

  • 29
    JAN14
    China gas – the mighty moving parts and the mysteries

    Chinese gas demand increased 15.4% YoY in 2013 to 169bcm, up 22.6bcm. Domestic production increased 12.8% to 121bcm, leading to a 22.6% growth rate in the import requirement to 48bcm. However, actual imports totalled 52bcm, up over a quarter YoY, implying a build ...

  • 15
    JAN14
    European hub gas price remains robust despite milder-than-usual winter

    ... winter so far, as measured in terms of heating degree days (HDDs). HDDs represent the sum of temperature differentials below 18°C (65°F) over a specified period, meaning that a higher HDD represents a colder spell of weather. Despite that, European gas hub prices have been fairly robust. Only recently have gas prices eased, with the UK’s NBP month-ahead gas price down 10% from its recent peak in early December to USD 10.9/mmbtu (USD 385/kcm). Forecasts call for a continuation of the mild winter,...

  • 10
    JAN14
    Oil & Gas Price View - 2014 outlook, 2013 wrap

    We have published a detailed outlook on our oil and gas price forecasts for 2014 and a review of 2013 (see Oil & Gas Price View - 2014 outlook, 2013 wrap, of 10 January). We maintain our USD 100/bbl Brent forecast for 2014, as we expect OPEC will be able to manage production to around 30mmb/d, mainly as ...

  • 18
    DEC13
    Azeri natural gas to Europe gets go-ahead

    The members of the Shah Deniz consortium (BP, SOCAR, Statoil, Total, NICO and TPAO) have, as widely expected, reached a final investment decision (FID) over the development of Shah Deniz Stage 2, which would ultimately see Azeri natural gas delivered to Europe. The project will involve the expansion of the South Caucasus Pipeline (SCP) in Azerbaijan and Georgia and the construction of the Trans Anatolian Gas Pipeline (TANAP) across Turkey and the Trans Adriatic Pipeline (TAP) through ...

  • 27
    SEP13
    European spot gas price increasing

    European spot gas is showing signs of life as winter looms, and remains at multiples of the US gas price. Since the end of August, the European spot price has risen from USD 349/kcm (USD 9.88/mmbtu) to USD 370/kcm (USD 10.49/mmbtu) for a total increase of USD 21/kcm ...

  • 8
    JUL13
    The Duma has proposed a decrease in gas MET for certain offshore projects

    According to Kommersant, the Duma has proposed that gas mineral extraction tax (gas MET) for several types of offshore fields range between 1% and 1.3%. According to the proposal, projects in the Black Sea (with a depth of more than 100m), the North of the Sea of Okhotsk and in part of the Barents Sea ...

  • 3
    JUL13
    Oil and Gas taxation changes passed at the first reading in the State Duma

    Interfax reports that all the changes to oil and gas taxation recently proposed by the Ministry of Energy and the Ministry of Finance (apart from offshore oil development) have been passed at the first reading in the State Duma. These are: new excise taxes with higher rates for Euro-4-5 gasoline, tight ...

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