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.


Rosneft has completed its deal to sell a 20% share of Taas-Yuryakh Neftegazodobycha LLC to BP, according to a news release.

Denis Khramov, the first deputy minister, said the Erginskoye oil field could be auctioned in the first or second quarter of 2016, adding he expected the sale to draw high interest from producing companies.

The government has recently recommended the agency speed up large asset sales irrespective of market conditions, she added.

India imports about 80 percent of its crude needs and has mandated its oil firms to acquire oil and gas assets overseas in a bid to cut an oil import bill running in billions of dollars.

DEA Group and LetterOne didn’t give financial details, but a LetterOne spokesman confirmed the sale. In April, Britain's Energy Ministry gave Fridman six months to dispose of fields, Reuters said.


The well is currently producing at a rate of 16.3 MMcf/d through a 27/64-in. choke, with a flowing wellhead pressure of 3,370 psi, JKX Oil & Gas said in a news release.

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%.


"We have already applied and are waiting for a decision," said Mohamed Zayed Awad, Sudan’s oil and gas minister, according to Russia’s RIA news agency, Reuters reported.

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.

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.

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.