Pemex Has Decided to Increase Oil Production from Old Deposits in the Gulf of Mexico
The Mexican state oil company Petroleos Mexicanos (Pemex) has agreed with the private oilfield services company CME Oil and Gas on the reconstruction of the mature Bacab and Lum fields in the Gulf of Mexico, Bloomberg reports. Investments over 15 years are planned in the amount of $1.65 billion. It …
MOL Pakistan Makes 3 New Discoveries in the TAL Block with Razgir-1 Exploratory Well
MOL Pakistan has made 3 significant gas discoveries in the TAL Block, where the company has operated for 25 years and produced hydrocarbons for 19 years. The Razgir-1 exploratory well was spudded on 9 January 2024, and drilled to 3,950 meters. Three successful well tests have been performed so far in …
By 2023 about 53% of Russia’s Oil Reserves Were Potentially Preferential
By the beginning of 2023, about 53% of Russia‘s oil reserves were classified as potentially preferential, of which 58% are hard-to-recover reserves. This is reported in the state report “On the state and use of mineral resources of the Russian Federation in 2022“, published by the Ministry of Natural Resources …
Rusgeology Is Embarking on a New Stage of Research on the Continental Shelf in the Arctic
The holding company noted that for many years Russian geologists have been successfully carrying out work on the study of the outer underwater margin of the continent in the Arctic Ocean by various methods, including remote integrated geophysical studies and direct sampling of rocks Rusgeology is embarking on a new …
BP Has Started Drilling a Second Production Well at the Azerbaijan’s ACG
British BP, the technical operator of the Azeri–Chirag–Guneshli (ACG) offshore project in Azerbaijan, has begun drilling a second well at the field from the Azeri Central East offshore platform. Oil began to be pumped from the first well in April, now the production volume is 8 thousand barrels, Interfax writes. …
The Office of Maritime Policy Will Protect Russia’s Rights on the Shelf
The Office of the President of the Russian Federation for National Maritime Policy will deal with issues of protecting Russia‘s rights on its continental shelf, follows from the regulations on the Office of the President of the Russian Federation for National Maritime Policy. The decree of the President of Russia …
Nigeria Holds the Status of the Largest Oil Producer in Africa
Nigeria‘s average daily production at the end of July exceeded 1.6 million barrels per day, compared to 1.25 million barrels per day in June, the Nigerian regulator NUPRC claims. Thus, the West African state retains the status of the largest oil producer on the continent. Nigeria‘s reserves are estimated at 37.5 billion …
British Shell Invests in Water Injection at the Vito Field in the Gulf of Mexico
Shell, the largest British oil company, announced that its subsidiary Shell Offshore Inc. has made a final investment decision (FID) on the flooding project at the Vito field in the Gulf of Mexico. The cost of the work was not disclosed. The process of pumping water into the reservoir to …
Belorusneft: We Constantly Support the Growth Trend of Annual Oil Production
“We constantly support the trend of annual oil production growth. And this year is no exception,“ Petr Povzhik stressed. “The technologies that we use today for the development of hard-to-recover reserves are mainly related to drilling long extended horizontal shafts (at least 2 km each horizontal well) and performing multi-volume …
Marathon Oil’s Net Profit Increased by Almost 20% in the Second Quarter
In the second quarter of 2024, the American oil company Marathon Oil increased its net profit and revenue, and also confirmed the annual production forecast. In April–June, the company‘s net income increased to $349 million, or 62 cents per share, from $287 million, or 47 cents per share, a year …