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According to the offshore engineering website on May 14, Russia’s largest oil producer Rosneft (Rosneft) announced on Friday that its net income for the first quarter was 149 billion rubles (2 billion rubles).
Supported by the global production reduction agreement, oil prices have risen by 20% annually, driving about one-fifth of the group's profit growth.
Rosneft’s oil and gas condensate production in the first quarter fell to 3.
Rosneft sells some brownfield assets in southern Russia, as well as underperforming brownfields elsewhere in order to raise funds to develop its huge northern Vostok oil project, which has also put pressure on production.
Sova Capital Brokerage said earlier this week: “We believe that the volatility of Russian state oil revenue is related to the development of Vostok oil and meaningful changes in commodity prices.
Rosneft’s revenue in the 1-3 quarters fell slightly by 1.
(1 USD = 73.
Wu Henglei compiled from offshore engineering
The original text is as follows:
Rosneft Posts $2B Income in 1Q, Boosted by Oil Price Recovery
Russia's largest oil producer Rosneft on Friday reported first-quarter net income of 149 billion roubles ($2 billion), buoyed by a recovery in oil prices, after a $2.
Earnings at the group, which is around one-fifth owned by BP, have been boosted by a 20% annual increase in oil prices, supported by a global deal on production cuts.
The deal was also partly behind a first-quarter decline in Rosneft's oil and gas condensate production to 3.
Production was also pressured by Rosneft's sale of some brownfield, or mature, assets, in southern Russia, along with underperforming brownfields elsewhere, to raise capital to develop its giant northern Vostok Oil project.
"We think catalysts for Rosneft are related to the development of Vostok Oil, along with meaningful moves in commodity prices," Sova Capital brokerage said earlier this week.
Rosneft's revenue for the January to March quarter edged down 1.
($1 = 73.
