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 …
Rosneft’s Unit Production Costs for Hydrocarbons in Q1 Amounted to $3 per Barrel
Rosneft’s unit operating costs for hydrocarbon production in the first quarter of 2025 amounted to $3 per barrel of oil equivalent, according to Rosneft CEO Igor Sechin, as reported in the company’s statement. “Cost control remains our constant priority — in Q1 2025, unit production costs for hydrocarbons amounted to …
Samaraneftegaz Increases Drilling Volumes Through New Technologies
Samaraneftegaz, part of the oil production complex of Rosneft, achieved 216 thousand meters of development drilling in 2024, which is 4% higher than the figure for 2023. The increase in drilling footage was achieved through a range of measures aimed at increasing productivity in well drilling using new technologies. The …
Petroecuador Begins Drilling on Block 44 in Ecuador’s Orellana Province
Ecuador’s state company Petroecuador has started drilling at the Pucuna D-033 well on Block 44, with an estimated additional production volume of 2,500 barrels per day. The start of work in Orellana Province, Ecuador, marks the beginning of the 2025 drilling campaign, according to a press release from Petroecuador on …