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 …
British Harbour Energy Expects to Close the Acquisition of Wintershall Dea at the Beginning of the Fourth Quarter of 2024
Harbour Energy, the UK‘s largest oil and gas producer, has published results for the first half of the year. The production forecast for 2024 has been improved with confirmation of the forecast for 2025. In the report, the company also said that the results achieved this year in various areas …
The Authorities Have Increased the Deduction for Mineral Extraction Tax for the Samotlorskoye field
Russian President Vladimir Putin signed a law that increases the deduction for the mineral extraction tax (MET) for the Samotlorskoye field of Rosneft in the period from July 1, 2024 to December 31, 2026; the total amount of the increase should not exceed 16.6 billion rubles. The relevant document is …
The Benchmark for the Record. Belorusneft Plans to Reach 232 Thousand Meters of Rock Penetration in 2024
“Over the past five years, in the Republic of Belarus, we have performed a total of more than 3 thousand square kilometers of 3D seismic, about 4 thousand square kilometers of 3D seismic materials processing, drilled 209 thousand meters of rocks in the direction of search and exploration, drilled 52 …
The Graifer field Will Be Brought to Its Design Capacity of 1.2 Million Tons in 2028
The output of the design capacity of the Valery Graifer deposit in the Russian sector of the Caspian Sea of 1.2 million tons is planned for 2028, according to the state report on the state and use of mineral resources in 2022, published by the Ministry of Natural Resources and …
Argentina’s YPF Sells Assets to Develop a “Dead Cow”
Argentina‘s state oil company YPF SA plans to get rid of a number of businesses and a share in the capital in order to finance work on the country‘s largest shale field Vaca Muerta (Dead Cow). The sale of half of the shares in the Refinor refinery has already started, …