The company plans to more than double its oil and gas production from overseas fields in four years.

Russia relies on companies including ExxonMobil, BP, Halliburton and Schlumberger for the latest technology and expertise.

The Obama administration’s targets include OAO Rosneft, OAO Novatek, OAO Gazprombank and eight defense firms.

At 20%, BP holds the single biggest foreign investment in Russia.

Investment from energy companies is vital to Ukraine’s mission to pull away from Russian control.

Deepwater International

Oil is now flowing from the last of three shallow water but very harsh environment fields developed by ExxonMobil in the sub-Arctic Sakhalin area off the east coast of Russia.


Yuri Shafranik, a former Russian energy minister, also said the private company had frozen its two onshore oil and gas projects in the country, Reuters said.

The assets are 11 oil and gas fields, including a 70% stake in the Breagh Field which produces 3% of Britain's annual gas output, Reuters said.

The option is part of an agreement on cooperation within the proposed joint development of the two oil fields that was signed in Beijing, Rosneft said in a statement.

Rosneft said that 10 oil basins and blocks, located onshore and offshore Brazil, would be put up for sale at the licensing round, Reuters reported. 

The Rosneft subsidiary obtained approval from the Federal Antimonopoly Service of the Russian Federation to acquire Canada’s Trican Well Service LLC. The transaction is scheduled to close Aug. 20.


Output rose from 10.68 MMbbl/d in August and eclipsed the previous record of 10.71 MMbbl/d reached earlier this year, adding to a global glut that has battered oil prices.    

China’s COSL will use the Nanhai-9 rig to drill two exploration oil wells in water depths less than 150m in the Sea of Okhotsk in 2016, Reuters said. 

Rosneft oil production was slightly down last year to 4.1 million barrels per day (MMbbl/d) from 4.2 MMbbl/d in 2013, due to lower output at mature fields.

The Gazprom Neft-led oilfield now produces around 35Mbbl/d, the company said, up from 27Mbbl/d to 28Mbbl/d in June, Reuters said. This is an increase of 25%.

Russian oil and gas condensate production hit the latest in a string of post-Soviet highs in March and has since stayed at that level, feeding exports and adding to a global glut preventing global oil prices from rising.


In response to the offer, the board formed a special committee comprised of the Lord Clanwilliam, who serves as chairman; Dr. Alexander Shokhin and Dr. Igor Belikov to negotiate on behalf of the board with assistance from advisers. The offer comes after a proposed merger with Schlumberger collapsed.

Russia is seeking ways to replenish state coffers hit by an economic downturn, due to the plummeting price of oil, its main export, as well as international sanctions over Moscow's role in the Ukrainian conflict.

Initially broadly endorsed by Russia's anti-monopoly body, the bid has been postponed several times.

The transaction involves the sale of all shares of Trican Well Service LLC, an indirect wholly-owned subsidiary of Trican that holds the Russian pressure pumping business, to Trican for a purchase price of $150 million, a news release said.

Adding the field to the list means license will be required for exports, re-exports or transfers of oil, Reuters reported. Field is in Sea of Okhotsk off the Siberian coast.