Saturn Drilling Rig Returned to Turkmenistan Accompanied by ASCO Vessels
The transportation operation lasted three days and involved six vessels. The Saturn oil drilling rig, which had been delivered from Turkmenistan to Azerbaijan in May of last year, was returned to Turkmen waters of the Caspian Sea accompanied by vessels of ASCO, which is part of AZCON Holding. This was …
France’s TotalEnergies Produces First Oil from Mero-4 Field in Brazil
French energy company TotalEnergies has announced the first oil production from the fourth development phase of the Mero field, located in the Libra block, approximately 180 kilometers off the coast of Rio de Janeiro, in the pre-salt zone of the Santos Basin, Brazil. Launched in August 2021, the new phase—known …
Saudi Arabia and Kuwait Discover New Oil Field
Wafra Joint Operations has discovered a new oil field in the Neutral Zone between Saudi Arabia and Kuwait, according to the Saudi Press Agency (SPA), citing the governments of both countries. The field was discovered in the North Wafra Wara-Burgan area, located five kilometers north of the Wafra field. “This …
Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
U.S. Oil Producers Predict the Decline of the Shale Boom
Major oil companies are now openly discussing the end of the shale boom in the United States, attributing it to Donald Trump’s trade policy, which has led to a decline in commodity prices, according to the Financial Times. Market participants told the publication that they are being forced to reduce …
Japan Does Not Believe Gas Production in Alaska Will Begin in 2031
Donald Trump is encouraging Asian countries, including Japan, to participate in the construction of an LNG plant in Alaska, under the pretext of reducing the trade deficit. However, Japanese companies are skeptical about the profitability of this project, which is estimated to cost at least 44 billion US dollars, according …
Gas Production in the Russian Federation May Halve by 2040 Without Hard-to-Recover Reserves
Reserves, Including Offshore Fields, Gas Production in the Russian Federation May Decline by Nearly Half by 2040. Recoverable gas reserves are being depleted, and without the development of hard-to-recover reserves, including offshore fields, gas production in the Russian Federation could decrease by nearly fifty percent by 2040. This data was …
Tatneft Has Oil Reserves Sufficient for Two Centuries
The total oil reserves of Tatneft amount to 10.5 billion tonnes. At the current production level, the company’s resources are sufficient for more than 200 years.This was stated by Nail Maganov, General Director of the company, during a shareholders’ meeting. It was clarified that out of the total oil resources …
Investments in Geological Exploration in the Arctic Have Reached Nearly 175 Billion Russian Rubles
The combined investment from both the Russian state and subsoil users in geological exploration in the Arctic zone of the Russian Federation amounted to nearly 175 billion rubles in 2024, according to Alexander Kozlov, Minister of Natural Resources and Environment of the Russian Federation. He made the statement during a …
The Ministry of Natural Resources of the Russian Federation Has Commented on the Profitability of Oil Reserves in the Country
Only 13 billion out of 31 billion metric tons of oil reserves in the Russian Federation are considered economically viable, while the majority are hard-to-recover reserves, and at the current production rate, the total reserves will last for 26 years, according to Alexander Kozlov, the Minister of Natural Resources and …