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.


Russia struggles to speed up oil and gas exploration in resource-rich offshore Arctic areas due to Western sanctions restricting foreign companies from helping it tap the deposits, Reuters said. 

In 2014, PetroRio transferred a controlling interest in Solimoes blocks to Rosneft, which struck deal with Petrobras to find ways to sell gas trapped in the remote Amazon, Reuters said. 

Taas-Yuriakh Neftegazodobycha LLC’s blocks near China’s northern border will supply the planned Tianjin refinery on the east coast, according to OAO Rosneft, which sold the 20% holding last week.

BP will take a 20% stake in Taas-Yuriakh Neftegazodobycha LLC in Russia’s Far East, according to statements from Rosneft and BP.

In February, Schlumberger said it planned buying a 45.65% stake in Eurasia for about $1.7 billion, potentially becoming sole owner of Russia's most active oilfield services company, Reuters said.


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.

Rosneft OAO weighs whether to join Venezuela’s PDVSA in the Mariscal Sucre natural gas project offshore Venezuela, Bloomberg said. Venezuela might use the gas to phase out imports from Colombia. 

The production license is valid until 2035 and covers about 50 sq km. Morskaya Field might  hold 157Mboe in gross contingent resources. 

LLC Petroresurs owns the field. 

As companies including OAO Gazprom, OAO Novatek and OAO Rosneft get new Siberian gas fields up and running, they’re also boosting output of ultralight condensate, Bloomberg 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.

"The Russian bid covers underwater area of some 1.2 million square km extending for more than 350 nautical miles from the coast," the Russian Foreign Ministry said, Reuters reported.

Located on the northeast coast of Russia’s Sakhalin Island, the Berkut oil platform is one of the world’s largest floatover platforms and is designed so that the topsides are isolated from the base using friction pendulum bearings, a news release said.

U.S. output surged to highest level in over 40 years. OPEC is increasing output, and its 12 members recently maintained 30 million barrels per day joint output target, Bloomberg said. 

In appointing Baranov, Rosneft gains an executive with more than seven years’ experience at another large, state-controlled company, where he held a similar post.