New Oil Asset in the Arctic
Norway has officially brought one of its most important Arctic energy projects into production. On March 31, 2025, the Johan Castberg oil field in the Barents Sea began operations, marking a major milestone in the country’s strategy to develop Arctic resources and solidify its position as a key energy supplier …
U.S. Plans to Expand Offshore Continental Shelf for Drilling
The United States will launch a 45-day public consultation period to gather feedback on a new five-year leasing program for offshore oil and gas exploration. The results of the discussions will shape a long-term plan for resource development on the U.S. Outer Continental Shelf. According to Reuters, the program could …
Lukoil Reduces Proven Hydrocarbon Reserves by 3% in 2024
Lukoil’s proven hydrocarbon reserves decreased by 3% in 2024, totaling 14.689 billion barrels of oil equivalent (boe), according to materials prepared for the company’s upcoming annual shareholders’ meeting. The company noted that 75% of its proven reserves are liquid hydrocarbons, while 25% are natural gas. Russia accounts for 91% of …
Lukoil Reduces Gas Production by 2.3%
Lukoil Reduces Gas Production by 2.3% in 2024 Lukoil reported a 2.3% decrease in gas production for 2024, totaling 34.3 billion cubic meters, according to the company’s annual report. “Gas production in 2024 amounted to 34.3 billion cubic meters, which is 2.3% lower than the previous year,” the report stated. …
Trump’s Tariffs Leave Shale Industry Stunned
No one fully understands yet how the global economy will ultimately respond to sweeping new tariffs announced by newly re-elected U.S. President Donald Trump — especially as policies continue to shift. One thing is clear: demand forecasts for oil are falling across the board, keeping Brent crude prices from rising …
ROGTEC Team Participates in Neftegaz-2025 Exhibition and National Oil & Gas Forum
The ROGTEC Magazine team took part in two of the year’s most significant industry events — the 24th international Neftegaz-2025 exhibition and the National Oil & Gas Forum, held from April 14 to 17 at the Expocentre Fairgrounds in Moscow. The events brought together key players from across the oil and …
Rosneft Improves the Accuracy of Oil Production Forecasts
Specialists from the Rosneft Scientific Institute in Ufa have improved the search for promising areas of oil-bearing rocks in Western Siberia. The new approach makes it possible to identify the most priority areas for drilling in difficult geological conditions typical of the Bazhenov formation*. The specialists analyzed an expanded set …
Alexander Novak: Oil Production in Russia in 2025 Will Decrease to 515-520 Million Tons
The volume of oil production in Russia in 2025 is projected at 515-520 million tons. This was announced to journalists by Russian Deputy Prime Minister Alexander Novak. “Around 515-520 million tons,“ he said, answering a question about the forecast for oil production this year. By the end of 2024, oil …
Gazprom Neft Is Ready to Increase Oil Production If Instructed By the Ministry of Energy
Gazprom Neft is ready to increase oil production if the relevant order is received from the Ministry of Energy, Alexander Dyukov, the head of the company, told reporters on the sidelines of the Russian Union of Industrialists and Entrepreneurs congress. “If the Ministry of Energy informs us about the corresponding …
Alexander Novak: Western Companies Can Return Only If It Is Beneficial for Russia
Western oil and gas companies can return only if it is beneficial to Russia, if they bring something new to the industry and do not harm Russian companies. This was stated to journalists by Deputy Prime Minister Alexander Novak on the sidelines of the congress of the Russian Union of …