OAO Rosneft , Russia’s largest oil producer, said profit rose 18 percent in the first quarter to the highest level since the economic crisis hit the country 18 months ago, after crude prices advanced and output increased.
OAO Rosneft could add as much as 10 billion barrels of oil equivalent reserves if it had better access to Russia’s natural-gas system, said Peter O’Brien , vice president of the Russian state-run company.
OAO Rosneft’s First Deputy Vice President Pavel Fedorov may quit to become a deputy energy minister as early as this week, Kommersant reported, citing unidentified people close to the state-run Russian oil producer.
Russia may raise 883.5 billion rubles ($29 billion) to help cover its budget deficit by selling minority stakes in 10 companies including OAO Rosneft, the country’s largest oil producer, the Finance Ministry said.
OAO Rosneft said it could increase its 5 percent stake in BP Plc if the new relationship between the two is a success, the Daily Telegraph reported, citing Peter O’Brien, vice-president of the largest Russian oil producer. O’Brien said he would not “exclude” it, but that it will be “probably some time before that question might come up,” according to the Telegraph.