SOCAR and BP Sign New Production Sharing Agreement for Azerbaijan Exploration
New deal to explore new Caspian opportunities Potential to support Azerbaijan’s long-term production SOCAR and BP today signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. The PSA was signed …
RDCR 2018: Post Show Report
TMG Worldwide hosted the 6th RDCR last week, on the 12th April at the Kempinski Baltschug Hotel in centre of Moscow. The organizers were proud to partner with National Oilwell Varco as the 2018 Platinum Sponsor, as well as MTU and Hardbanding Solutions as Gold Sponsors. The RDCR is the leading gathering …
International Arbitration Tribunal Rules ConocoPhillips is Owed $2.04 Billion in its Dispute with PDVSA
ConocoPhillips announced today that it is owed $2.04 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its subsidiaries as a result of the decision of an international arbitration tribunal constituted under the rules of the International Chamber of Commerce (ICC). The ruling arises out of ConocoPhillips’ contracts with …
PetroNeft: Quarterly Production Update
PetroNeft, an oil and gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, provides an update on oil production at Licence 61 for the first quarter of 2018. Licence 61 Gross Production Q1-2018 Q4-2017 Q3-2017 Q2-2017 Q1-2017 …
KMG EP: Financial Results for the First Three Months of 2018
JSC KazMunaiGas Exploration Production announces its consolidated interim financial results for the first three months ended 31 March 2018. Revenue for the first quarter of 2018 was up 27% year-on-year at 270bn Tenge (US$837m[1]). This was largely a result of a 24% increase in the price of Brent and an …
Helge Lund to Succeed Carl-Henric Svanberg as BP Chairman
BP announced that it has appointed Helge Lund to succeed Carl-Henric Svanberg as chairman of BP. Mr Lund will join the BP Board as chairman designate and a non-executive director on 1 September 2018. He will be appointed chairman on 1 January 2019. Mr Lund will have a base in …
KMG EP Operating Results for the First Quarter of 2018
KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 2,898 thousand tonnes of crude oil (238 kbopd) for the first quarter of 2018, at the same level compared to the same period of 2017. In the first quarter of 2018, Ozenmunaigas JSC (“OMG”) produced …
Tatneft: 2017 Reserves Audit Results
Based on the audit by an independent oil and gas consulting firm Miller & Lents, Ltd. net recoverable oil and gas reserves of Tatneft in accordance with the standards of the Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE-PRMS) …
Gazprom and Saudi Aramco to Set Up Joint Coordinating Committee
Alexey Miller, Chairman of the Gazprom Management Committee, had working meetings today in Riyadh and Dhahran (Kingdom of Saudi Arabia) with Khalid Abdulaziz Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, and Amin Bin Hassan Nasser, President and CEO of Saudi Arabian Oil Company. The parties expressed their appreciation for the cooperation prospects …
TatNIPIneft: Develops New ESP Reduces Workover Costs
Professionals of TATNEFT’s TatNIPIneft have developed a pumping unit for lifting production of the wells without the use of tubing, therefore reducing the cost of crude oil production through the application of a new equipment package. The unit allows performing well repairs without the use of a lifting unit and …