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Baku/17.02.21//Turan: Rosneft, the largest production company in Russia, which accounts for every second barrel extracted from the subsoil, unexpectedly ended 2020 with a profit.
Despite the unprecedented collapse of global demand, the collapse of prices to the levels of the late 1980s and the OPEC + deal, forcing Russia to cut production to a 10-year low, the company reported a positive financial result of 147 billion rubles.
“To date, the only company from the global oil and gas sector that has turned out to be profitable is us,” the head of Rosneft, Igor Sechin, said victoriously, telling Vladimir Putin about the results of the year.
Sechin's statement amazed the head of state. "Is that the only one?" He asked.
“Today, yes,” Sechin confirmed without batting an eye. "I admit that some other leaders may appear in the reports that will be provided by the results of the year to other companies, but today this is so."
How did Rosneft manage it? Rosneft paid 823 billion rubles for the company that owns licenses for the Payakh and Irkino fields. And on my balance sheet I took into account the purchased at a cost 1.6 times higher - 1.3 trillion rubles. This allowed Rosneft to reflect 504 billion rubles as a benefit from the transaction, analysts say Raiffeisenbank. Without this amount, the company would have remained deeply in the red for the year. -0-
Energy
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The State Oil Company of Azerbaijan (SOCAR) is launching the Leucipa monitoring program for the first time in the Caspian region to enhance production efficiency in the oil and gas industry, KOKAR reported. “SOCAR is implementing an innovative digital solution – the Leucipa monitoring program – to optimize processes and improve extraction efficiency. This initiative is part of a strategic collaboration with Baker Hughes. This project is a key part of SOCAR’s digital transformation strategy,” the company’s statement said.
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The daily oil production, including condensate, in Azerbaijan in January amounted to 74.5 thousand tons (559 thousand barrels). Of this volume, oil accounted for 61.7 thousand tons (454 thousand barrels per day), and condensate – 12.8 thousand tons (105 thousand barrels per day), the press service of Azerbaijan’s Ministry of Energy. Thus, Azerbaijan used 82.4% of its OPEC quota in January.
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In January 2025, Azerbaijan exported a total of 2 bcm of natural gas. Compared to January of the previous year, export volumes decreased by 300 mcm, the website of Azerbaijan’s Ministry of Energy. According to the ministry’s data, during the reporting period, Azerbaijan’s gas exports to Europe amounted to 1 bcm (a decrease of 100 mcm.)
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In January 2025, Azerbaijan exported 2 million tons of oil and condensate to foreign markets. The export volumes of liquid hydrocarbons from Azerbaijan decreased by 100 thousand tons, the website of Azerbaijan’s Ministry of Energy.
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