The share of BP’s profits from participation in Rosneft’s capital for 9 months amounted to 35 percent, which corresponds to $ 1.9 billion. The overall indicator of the company during this period amounted to 5.2 billion dollars. This follows from the British company’s financial statements published on Tuesday.
In the meantime, in the third quarter, BP received a net loss of 2.5 billion dollars. At the same time, the profit from the ownership of the share in Rosneft during this period amounted to 868 million dollars (for comparison in the second quarter – 643 million dollars).
One of the favorable factors for investors in reporting for 9 months was the extraction of BP hydrocarbons – 1.1 million barrels of the oil equivalent per day, and one third from all production (3.27 million barrels) was obtained due to Rosneft.
BP revenue in the third quarter increased by 37 percent, up to 36.17 billion dollars. Free cash flow for the reporting period amounted to 5.98 billion against $ 5.2 billion, a year earlier, and capital costs decreased by 20 percent, to 2.9 billion dollars.
BP is a strategic shareholder of Rosneft, in the Russian company it owns 19.75 percent of papers. The company does not plan to sell a stake in Rosneft, said the head of BP Bernard Luni in the Eurasian Economic Forum in Verona at the end of October. “We are 100 percent committed to Rosneft, this is a wonderful partnership, and we are very dangerous,” said Luni, adding that, in addition to successfully developing existing joint projects, companies also consider new opportunities.
Rosneft and BP are perennial partners. Companies have three joint ventures in Russia. This is the Ooo “Tas-Yuryakh Neftegazodobyche”, in which BP belongs to 20 percent of participation. The company is developing a Middle-capacity oil and gas condensate deposit in Eastern Siberia. Ooo “Yermak Neftegaz”, created in 2016, leads geological exploration in Western Siberia and the Yenisei Hatanga basin. Rosneft share in Ooo is 51 percent, and BP – 49 percent.
In the framework of the joint venture “Harampurneftegaz” (share of BP 49 percent), oil production is planned on mature fields and the implementation of a gas production project. The development of Senomanian deposits will allow obtaining over 10 billion cubic meters of gas. The project has the potential for further increasing gas production by mastering the touron deposits, which will make more than double the total production volumes.