Rosstat Reports 2.4% Increase in Gas Production in Russia in April
Natural gas production in Russia in April reached 55.9 billion cubic meters, which is 2.4% higher than in April 2024 (54.6 billion cubic meters), according to Rosstat. The demand for gas was supported by low hydroelectric power generation (down 15% compared to the previous year) and cold weather. The figure, …
Rosneft’s Yurubcheno-Tokhomskoye Field Reaches 20 Million Tonnes of Oil Production
The East Siberian Oil and Gas Company (VSNK), a subsidiary of Rosneft, has reached record figures in the development of the Yurubcheno-Tokhomskoye field, located in the Evenki District of Krasnoyarsk Krai. Since the start of commercial operation, 20 million tonnes of crude oil have been extracted. These high results were …
Arbitration Between ExxonMobil and Chevron Over Hess Merger to Begin on Monday
Two major American oil companies, ExxonMobil and Hess, will meet in court on Monday to determine whether Chevron’s planned $53 billion acquisition of Hess will go forward. The key issue at the heart of the dispute is rights to oil fields in Guyana, considered among the richest in the world, …
Canadian Oil Producers Also Affected by Decline in Oil Prices
The drilling rights sales boom in the oil-producing region of Alberta in western Canada is slowing down as commodity prices decline. According to provincial data, the average lease price for oil sands land has fallen to 771 Canadian dollars per hectare this year. That is eighteen percent lower than last …
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 …