RN-Vankor Introduces a Modular Approach to Field Development
RN-Vankor, an enterprise of the Rosneft oil production complex, is implementing an innovative approach to field development. It is based on modular, scalable solutions, the advantages of which are mobility, economic viability and speed of construction of technological equipment. One of these facilities was commissioned at the Vankor cluster an …
SLB Increased Quarterly Revenue by 20%
U.S. oilfield services company SLB (formerly Schlumberger) increased its net income in 2Q 2023 by 7% to $1.03 billion compared to $959 million in the same period in 2022. This is stated in a message published on July 21 on the company’s website. Earnings per share rose to $0.72 from …
Russia is Threatened With a Decline in Oil Production Due to the Refusal to Develop “Difficult” Fields
A pause in stimulating the development of hard-to-recover oil reserves (HRR) could lead to a failure of production in a few years. Now Russia is reducing production under the influence of external factors and under the terms of agreements with OPEC+. But the investment cycle in the industry is long …
LUKOIL-Komi Will be Abolished After Joining LUKOIL-Perm
LUKOIL decided to reorganize 2 of its production subsidiaries by merging LUKOIL-Komi with LUKOIL-Perm. The corresponding decision was made on July 24, 2023, according to the Fedresurs portal. As the message notes: after completion of the reorganization in the form of a merger, LUKOIL-Perm will continue to operate, LUKOIL-Komi will …
SOCAR Slightly Reduced Oil Production in the First Half of 2023, Increased Gas Production by 14.6%
SOCAR (State Oil Company of Azerbaijan) produced 3 million 851.465 thousand tons of oil in January-June 2023, the company’s press service told Interfax-Azerbaijan. According to SOCAR, in the first half of 2022, the company produced 3 million 864,839 thousand tons of oil. Thus, the decline in oil production in January-June …
SOCAR Increased Drilling Volumes by 1% in the First Half of 2023
The volume of drilling by the drilling departments of SOCAR (State Oil Company of Azerbaijan, SOCAR) in January-June 2023 amounted to 38.562 thousand meters, SOCAR told Interfax-Azerbaijan. “Compared to the indicator of the first half of 2022, SOCAR achieved an increase in drilling volumes. The company drilled 38,562 meters, which …
Vladimir Putin Allowed Oilfield Services Company Eriell to Leave Russia
The buyer of the Russian business of the Uzbek Eriell will be MetallStroyService. Its leaders previously worked in one of the sold “daughters” of Eriell – “Energy of Oil and Gas Service”. President Vladimir Putin allowed the international oilfield services company Eriell to sell its Russian subsidiaries to MetallSeverStroy, a …
Experts Called the Reason for the Growth in the Rate of Drilling of Oil Wells in Russia
The increase in the rate of drilling by Russian oil companies is due, among other things, to the depletion of existing wells – oil companies are forced to drill more in order to maintain production at the current level; the increase in horizontal drilling and the completion of work since …
Fields with Heavy Oil were Transferred to the Third Group of AIT
New amendments to the Tax Code regarding the taxation of oil companies will come into force in 2024. This is stated in the Federal Law No. 389 published today. Areas with extra-viscous (EVO) and high-viscosity oil are transferred to the payment of income tax on the third group of AIT, …
Orenburg Subsidiary of Rosneft Transfers Wells to Solar Panels
Orenburgneft reduced electricity consumption by 365 million kWh from 2018 to 2022. More than 1.3 billion rubles have been saved by increasing energy efficiency over five years. The Devon news agency learned about this from a message from the press service of Rosneft Oil Company. As part of the corporate …