Russian Oil Giant Prepares Massive $157 Billion Arctic Oil Project
Rosneft is preparing to lead an Arctic oil field development project that will cost an estimated $157 billion (10 trillion rubles). Reuters quoted Russia’s Deputy Energy Minister Pavel Sorokin as announcing the price tag of the Vostok Oil project to media last week, adding that the Kremlin had already agreed on a …
Kazakhstan’s Oil Production Is Surging Despite Pledges to Cut
Kazakhstan’s oil production is setting new daily records after maintenance works were completed at the country’s three big oil fields. Barring unforeseen issues, the Central Asian nation’s output looks set to stay well above its OPEC+ quota under an output deal that runs to the end of March. Daily production …
Hungary’s MOL in Talks for Chevron’s $2 Billion Stake in Giant Azeri oilfield
Hungarian energy firm MOL MOLB.BU is in talks to acquire Chevron’s (CVX.N) stake in a giant oilfield in Azerbaijan for more than $2 billion, according to three banking and industry sources involved in the process. Both Chevron and its larger U.S. rival Exxon Mobil (XOM.N) are seeking to sell their …
OPEC Daily Basket Price: Monday, 28 October 2019, Stood at $61.65 a Barrel
Vienna, Austria, 29 October 2019–The price of OPEC basket of fourteen crudes stood at $61.65 a barrel on Monday, compared with $62.16 the previous Friday, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno …
BP’s 3Q 2019 Results
3Q in detail Financial results Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather impacts. A divestment-related, non-cash, non-operating after-tax charge of $2.6 …
National Oilwell Varco Reports Third Quarter 2019 Results
National Oilwell Varco, Inc. (NYSE: NOV) today reported third quarter 2019 revenues of $2.13 billion, compared to $2.13 billion for the second quarter of 2019 and $2.15 billion for the third quarter of 2018. Net loss for the third quarter of 2019 was $244 million, which included non-cash, pre-tax charges (“other items”, see Other Corporate Items for …
OPEC Daily Basket Price: Friday, 25 October 2019, Stood at $62.16 a Barrel
Vienna, Austria, 28 October 2019–The price of OPEC basket of fourteen crudes stood at $62.16 a barrel on Friday, compared with $61.63 the previous day, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno …
Representatives of TATNEFT Visited LUKOIL-Engineering
The enterprises exchanged the experience in the design engineering and management of the internal industrial processes’ operation. In the process of the round table employees of LUKOIL-Engineering shared their best practices on the areas of interest for TATNEFT Company. The meeting participants discussed issues relating to the scope of work …
Helped by New Technologies, Gazprom Neft Sets a New Record in Drilling Speeds
A new record in well-drilling at Gazprom Neft has been set at the company’s Novoportovskoye field, with a 1,000-metre horizontal shaft being covered in just under three days (2.93 days or 70 hours and 33 minutes). This result was achieved by using an experimental drill bit,* the design of which had been specially fine-tuned by domestic producers for drilling in permafrost, with equipment having been …
OPEC Daily Basket Price: Thursday, 24 October 2019, Stood at $61.63 a Barrel
Vienna, Austria, 25 October 2019–The price of OPEC basket of fourteen crudes stood at $61.63 a barrel on Thursday, compared with $60.42 the previous day, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno …