Rising Oil Production in September will Pose a Dilemma for Oil Workers
In September, oil workers will be forced to choose: continue to reduce oil exports or reduce production. Since the beginning of September, Russia has been increasing oil exports by sea. According to the Kommersant newspaper, in the first days of this month, sea exports amounted to 3.3 million bpd. These …
Putin: in the Far East There is Opportunity for Multiple Growth in Extractive Industries
According to the president, the percentage of subsoil exploration in the Far East on average across regions is now 35% The subsoil in the Far East is only 35% explored, taking into account this there is scope for multiple growth in the extractive industries, including scarce and strategically important types …
Novatek Intends to Maintain Gas Production Volumes in 2023
Production of liquid hydrocarbons will increase by 2-2.5% due to gas condensate, said the head of the company Leonid Mikhelson Based on the results of 2023, Novatek plans gas production at the level of 2022 – approximately 82 billion cubic meters. m or a little more. Production of liquid hydrocarbons …
The US Department of Energy Predicts that Oil Production in Russia will Decrease in 2023
The US Department of Energy predicts that oil production in Russia in 2023 will decrease by an average of 300 thousand barrels per day, and will not change in 2024, follows from the monthly short-term forecast of the Energy Information Administration (EIA) of the department. “We expect oil production in …
Kazakhstan Must Develop Its Own Oil Services – Tokayev
Kazakhstan should create mechanisms for financial support for its oil service companies, said the country’s President Kassym-Jomart Tokayev. “It is necessary to take effective measures to provide bank financing to Kazakh enterprises under signed contracts with oil and gas corporations. Financial regulators need to finally make a decision on this …
The President Instructed to Promote Oil Service Companies of Kazakhstan Abroad
In Akorda, at a meeting with representatives of domestic business, President Kassym-Jomart Tokayev noted that the oil service industry should become an important engine of growth and diversification of the domestic economy, MIA Kazinform reports with reference to the Akorda press service. According to the Head of State, it is …
Gas Production in Azerbaijan Increased by 5% in January-August
Gas production in Azerbaijan in January-August 2023 increased by 5% compared to the same period last year – to 32.2 billion cubic meters. According to operational data from the country’s Ministry of Energy, which is available to the Interfax-Azerbaijan agency, 8.6 billion cubic meters of associated gas were produced from …
Sechin: Investments in the Implementation of the Vostok Oil Project are Estimated at 12 Trillion Rubles
The head of Rosneft noted that the project is self-sustaining Investments in the implementation of the Vostok Oil project are estimated at 12 trillion rubles for the development period. The head of Rosneft, Igor Sechin, announced this to Russian President Vladimir Putin during a visit to the Zvezda shipyard. “The …
Drilling of Another Well Has Been Completed in the Nasiriya Field in Iraq
Drillers from the Iraqi Drilling Company (IDC) completed drilling of oil production well 61, reaching a depth of 2096 meters in the Nasiriyah oil field in the Dhi Qar province. The Iraqi Ministry of Oil reported this on September 4, 2023. This is the 15th production well constructed by IDC …
Azerbaijan Lagged Behind the OPEC+ Quota by 184 Thousand b/d in August
Oil production in Azerbaijan in August 2023 amounted to 500 thousand bpd. This is stated in the Platts review conducted by S&P Global Commodity Insights, which is available to the Interfax-Azerbaijan agency. As of August, Azerbaijan’s oil production quota under the OPEC+ deal was 684 thousand bpd. Thus, according to …