BP Announces Production Forecast at ACG in 2019
The production of Azeri-Chirag-Gunashli (ACG) blocks in the Azerbaijani sector of the Caspian Sea in 2019 is expected to remain approximately at the level of 2018. This was stated by BP Azerbaijan Vice President Bakhtiyar Aslanbayli in Baku on December 13. “In 2019, the production at the Azeri-Chirag-Guneshli field is expected …
NOVATEK Elects a New Member to the Management Board
The Board of Directors (the “Board”) of PAO NOVATEK (“NOVATEK” and/or the “Company”) has made the following decisions: Starting from 14 January 2019, the Company’s Board has elected Evgeny A. Kot (Deputy Chairman of the Management Board – LNG Director) to NOVATEK’s Management Board; and The Board of Directors approved …
Chevron Bets Big On Supergiant Oil Field
Chevron announced last week its capital and exploratory budget for 2019, which sees the first annual increase in spending since the 2014 oil price crash. While most of the investment is geared toward short-cycle projects that could start bringing in cash flows within two years, the U.S. supermajor continues to channel a significant portion …
TatNIPIneft: Microdispersed Silicate Gel (MDS) Enhances Oil Recovery
The technology of using microdispersed silicate gel (MDS) developed by TATNEFT Company’s TatNIPIneft experts allowed producing additionally more than 250 thousand tonnes of crude oil. The use of surface-active substances (surfactants) and polymers that contribute to enhanced oil recovery is one of the areas of the TatNIPIneft scientific activity. Crude …
OPEC Daily Basket Price: 14 December 2018, Stood at $59.07 a Barrel Friday
Vienna, Austria, 17 December 2018–The price of OPEC basket of fifteen crudes stood at $59.07 a barrel on Friday, compared with $58.67 the previous day, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), …
Gazprom and Itochu Sign Memorandum of Understanding on Baltic LNG Project
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Yoshihisa Suzuki, President and Chief Operating Officer of Itochu Corporation, took place in St. Petersburg today. In the course of the meeting, Gazprom and Itochu Corporation signed a Memorandum of Understanding on the Baltic LNG project. With this document, the parties confirmed their interest in potential cooperation in the framework of the …
Russia has Highest Capex on Crude and Natural Gas Projects in Former Soviet Union Over Next Seven Years
Russia accounts for more than 90% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the Former Soviet Union (FSU) over the period 2018–2025, according to GlobalData, a leading data and analytics company. The company’s report: ‘H2 2018 Production and Capital Expenditure Outlook …
Shell Says Talks Over Gazprom Asset Swap Suspended
Talks about a possible asset swap deal between Royal Dutch Shell and Gazprom have been suspended, Kommersant business daily reported on Wednesday, citing Cederic Cremers, head of Shell’s business in Russia. The memorandum on the possible asset swap was signed in 2015 and was seen as a coup for Gazprom …
Chevron Boosts Spending 9% with Focus on Permian, Kazakhstan
Chevron said Thursday it will hike its 2019 capital spending by 9 percent up to $20 billion with major focuses on West Texas’ booming Permian Basin and the massive Tengiz oil field in Kazakhstan. The spending increase comes despite oil prices falling by more than 30 percent since early October …
Chevron to Quit Caspian Field
US major Chevron has told Azeri state-run Socar and PB, operator of the Azeri-Chirag-Guneshli block, that it plans to leave this project in order to focus on its other businesses, an Azerbaijan government source told NGW December 5. Reuters cited industrial sources December 4, who said that both Chevron and Exxon Mobil are seeking to sell …