Azerbaijan Steps Up Oil Exploration to Offset Depleted Azeri–Chirag–Gunashli Reserves
Against the backdrop of declining production at the Azeri–Chirag–Gunashli field, Azerbaijan has signed exploration agreements with four international companies — ExxonMobil, TPAO, MOL, and Gran Tierra. The focus is on finding new onshore and offshore resources. These agreements emerged from the country’s first open tender, in which 11 companies participated. …
Surgutneftegaz Reduced Oil Production by 4.8% in 2024
Surgutneftegaz reduced its oil production by 4.8% in 2024 to 53.7 million tonnes, and oil refining decreased by 1.1% to 17.5 million tonnes, according to the company’s materials. “In 2024, the company’s oil production amounted to 53.7 million tonnes, and gas production was 6.2 billion cubic meters,” the draft annual …
Surgutneftegaz Increased Oil Reserves in 2024
The increase in oil reserves at Surgutneftegaz in 2024 amounted to 56.3 million tonnes, and oil resources rose by 19.1 million tonnes, according to the company’s annual report draft. “As a result of comprehensive work on resource development, PJSC Surgutneftegaz achieved an increase in oil reserves of 56.3 million tonnes …
The Number of Oil and Gas Rigs Worldwide Declined in May Due to North America
The Number of Active Oil and Gas Rigs Worldwide Decreased by 40 in May Compared to the Previous Month, Mainly Due to North America, According to U.S. Oilfield Services Company Baker Hughes. On average, 1,576 rigs were operating worldwide, compared to 1,616 in April. The May level was also 99 …
Rosneft Implements Artificial Intelligence in Core Analysis
Rosneft continues its digital transformation of the oil and gas industry, taking work with geological data to a qualitatively new level. Specialists at the company’s Tyumen research institute have developed and implemented a service based on large language models (LLM) to automate the analysis of lithological core descriptions. The digital …
Fires in Alberta Lead to a 7% Drop in Oil Production in Canada
Massive wildfires have engulfed Alberta, a key energy-producing province in Canada, forcing oil companies to halt production. As of June 2, the total volume of shut-in production is estimated at nearly 350,000 barrels of heavy oil per day, which represents approximately 7% of the country’s total production. The immediate threat …
Global Investment Needs in the Oil Production Sector Estimated at $17.4 Trillion Until 2050
The global investment needs in the oil production sector until 2050 are estimated at $17.4 trillion, stated Haitham Al Ghais, Secretary General of OPEC. “Hydrocarbons still account for 80% of today’s energy mix, just as they did in the 1980s. (…) Today, the world continues to consume more and more …
Alaska Promised Exemption from Oil and Gas Production Ban
During his visit to Alaska, U.S. Interior Secretary Doug Burgum promised to reverse a decision by the previous administration and “free up” 13 million acres of land—out of a total of 23 million acres—for oil and gas production. Joe Biden had previously designated these lands as “special zones.” Companies such …
Rosneft Improves Methods for Studying Gas and Gas Condensate Wells
Rosneft’s research institute specialists in Ufa have enhanced the corporate software complex RN-VEGA by adding the capability to perform comprehensive analysis of dynamic data from gas and gas condensate wells without requiring their shutdown. The improved functionality of the digital product allows for detailed modeling and analysis of well performance …
Rosneft Begins Pilot Hydrocarbon Production at Two Fields in the Vostok Oil Project
In January–March 2025, Rosneft began pilot hydrocarbon production at the Payakhskoye and Ichemmenskoye fields of the Vostok Oil project, the company announced. “Rosneft continues pilot industrial development at the Payakhskoye, Ichemmenskoye, and Baikalovskoye fields: in Q1 2025, development drilling exceeded 30,000 meters, and four development wells were completed. Pilot production …