Italian Saipem Will Carry Out Work at Shah Deniz and ACG for $300 Million
BP has signed a $300 million contract with a consortium led by Italy’s Saipem for work on the Shah Deniz and Azeri-Chirag-Gunashli (ACG) offshore projects in Azerbaijan. Under the contract, Saipem, in cooperation with BOS Shelf and BOS Shelf International, FZCO agreed with the operator of Azerbaijani projects BP on …
Gazprom Extended the License for the Chayandinskoye Field for 176 Years
PJSC Gazprom extended the license for the Chayandinsky hydrocarbon site in Yakutia. The relevant information has been published in the state register of subsoil areas and licenses. According to the changes made, the company will manage the field until the end of 2204. Previously, the license for the Chayandinsky site …
US Trade Regulator Slows Down ConocoPhillips’ Takeover of Competitor Marathon
ConocoPhillips said it has received a second request from the US Federal Trade Commission (FTC) for information about its proposed acquisition of rival Marathon Oil. Both companies received requests on July 11 and are working with the FTC to review the merger. In May, Conoco said it would pay $22.5 …
Geology for the Future: Opening a New Page of Cooperation of the BRICS Countries
The rapid development of the global economy, the introduction of new digital technologies, the growth of the planet’s population dictates the need to change the approach to the country’s resource and energy support. Currently, fossil fuel provides approximately 84% of the world and 88% of Russian energy consumption. According to …
Kazakhstan Intends to Increase Gas Production by 2.3%
The Minister of Energy of the Republic Almasadam Satkaliev said that the main increase in gas production is envisaged at the expense of large fields – Karachaganak, Tengiz and Kashagan. The Ministry of Energy of Kazakhstan plans that gas production in the republic in 2024 will increase by 2.3%, to …
“Investments in the Development of Hard-to-Recover Reserves in Small and Medium-Sized Fields Will Help to Avoid Resource Shortages”
New deposits and the development of difficult deposits could replenish the country with mineral reserves, but “if the process is not changed, Russia may face a shortage of necessary resources.” This forecast is given by Sergei Neruchev, an expert in the field of mining, candidate of geological and mineralogical sciences, …
POGC Begins Drilling 35 New Wells in South Pars
Pars Oil and Gas Company (POGC) has begun a project to drill 35 new wells in the South Pars gas field to increase and maintain gas production from the combined giant field. According to POGC, the operation was officially launched on Tuesday at a ceremony attended by the head of …
The IEA Predicts a 6% Increase in Gas Production in Russia in 2024
It could reach 675 billion cubic meters. Gas production in Russia in 2024 could grow by almost 6% and amount to 675 billion cubic meters, follows from the report of the International Energy Agency (IEA) on the gas market. This forecast is higher than the organization’s previous estimate of 670 …
NOVATEK Reports Preliminary Operating Data for the Second Quarter and First Half 2024
PAO NOVATEK (“NOVATEK” and/or the “Company”) reported today preliminary operating data for the second quarter and first half 2024. In the second quarter 2024, NOVATEK’s hydrocarbon production totaled 163.3 million barrels of oil equivalent (boe), including 20.60 billion cubic meters (bcm) of natural gas and 3.4 million tons (mmt) of liquids (gas condensate and …
Norilskgazprom Will Drill Five New Wells at the Pelyatkinskoye Gas Condensate Field
The company’s investment in the project will amount to about 10 billion rubles. The Norilskgazprom company (part of Norilsk Nickel) has started drilling five new wells at the Pelyatkinskoye gas condensate field (GCF) for the first time in 10 years; they are planned to be put into operation in 2026, …