USA Expects OPEC to Increase Oil Production Next Year
The US Department of Energy expects OPEC oil production to fall by 300 thousand barrels per day in 2023, however, if the current production cut in OPEC + ends, in 2024 the organization will be able to increase liquid hydrocarbon production by 600 thousand barrels per day, follows from the …
Saudi Aramco 1Q 2023 Profit Down 19% To $31.9 Billion
Saudi Aramco’s average hydrocarbon production was 12.8 mmboe/d (-1% YoY). Net profit of Saudi Aramco in the 1st quarter of 2023 amounted to 31.9 billion US dollars against 39.5 billion for the same period in 2022, down 19% (YoY). The information follows from the company’s reporting. In the reporting period, …
The United States Slightly Lowered the Forecast of Oil Production in the Country in 2023 – by 10 Thousand b/d, to 12.53 Million b/d
The US Department of Energy has lowered the forecast for oil production in the country (excluding other liquid hydrocarbons) for 2023 from 12.54 million b / d to 12.53 million b / d, according to the monthly forecast of the Energy Information Administration (EIA) of the Department of Energy. At …
Gazprom Neft Built the First Building in the Arctic Using a 3D Printer
Gazprom Neft has built the first 3D-printed building in the Russian Arctic in the town of Labytnangi in the Yamalo-Nenets Autonomous District. It houses a recreation area for employees of the production base of Gazpromneft-Snabzheniya. Building with a 3D printer is 1.5 times faster and on average 30% cheaper than …
BP Increased Gas Production From the Shah Deniz Field by 17% In the First Quarter
In the first quarter of 2023, BP-Azerbaijan produced 7 billion cubic meters of gas from the Shah Deniz field in the Azerbaijani sector of the Caspian Sea, which is 16.7% more than in January-March 2022, Interfax-Azerbaijan was told in a press release. company service. The Shah Deniz field also produced …
Ilham Aliyev Expects for the First Gas From the Caspian Field “Absheron” This Year
Baku is waiting for the first gas from the Absheron field in the Caspian Sea already in 2023, Azerbaijani President Ilham Aliyev said at the fourth international conference on the topic “Formation of the geopolitics of Greater Eurasia: from past to present and future”, which is taking place in Shusha. …
Russia Reaffirms Commitment to Voluntary Cuts in Oil Production
Russia reaffirms its full commitment to and implementation of its voluntary cut in oil production, Russian Deputy Prime Minister Alexander Novak told reporters. “Given the unfounded speculation in the press regarding oil production levels, Russia reaffirms its full commitment to and implementation of voluntary oil production cut levels,” he said. …
NOVATEK is Implementing an Oil Program at the Harbeyskoye Field
NOVATEK-Tarkosaleneftegaz, a subsidiary of NOVATEK, is building an oil treatment unit (OTF) at the Harbeyskoye oil and gas condensate field (NGKM) in the Yamalo-Nenets Autonomous Okrug (YaNAO). NOVATEK announced this on May 3, 2023 in its Telegram channel. The OTU is being built on a neighboring site with an operating …
Which Russian Oil Companies Have the Most Increase in the Number of Idle Wells
The number of idle oil wells has increased in Russia. According to Bloomberg, their share rose to 18.1% in March from 15.6% in February, the largest since May 2022, when the Russian Federation carried out short-term production cuts amid the first waves of international energy sanctions. Bashneft and Slavneft announced …
Russian Oilmen Increased Commissioning of New Wells
In the first quarter of 2023, Russian oil companies put into operation 2001 new oil wells, which is 10% more than in the same period in 2022. This was reported to Vedomosti by two sources familiar with the statistics of the Ministry of Energy. According to them, the increase in …