TCO and KPO Plan Maintenance at Tengiz and Karachaganak Oilfields for Aug-Oct 2018
Tengizchevroil (TCO) and Karachaganak Petroleum Operating (KPO) plan to carry out maintenance at their Tengiz and Karachaganak oilfields in Kazakhstan in summer and autumn, respectively, , Kazakhstan’s Energy ministry said on Monday. Oil production at TCO’s Tengiz is expected to fall by around 500,000 tonnes in August and by 380,000 …
Yamal LNG Ships Second Million Tons of LNG
OAO Yamal LNG has shipped the second million tons of LNG produced at its first LNG train. The LNG produced at Yamal LNG commenced shipments from December 2017 utilizing Arc7 ice class carriers each holding 170 thousand cubic meters, or approximately 74 thousand tons of LNG. Yamal LNG reached the …
Glencore Cancels Proposed Sale of Stake in Russian Oil Co.
Commodities giant Glencore says it is terminating a proposed deal to sell nearly all its stake in Russian oil company Rosneft to a Chinese energy company. Baar, Switzerland-based Glencore said Friday that it has sent notice to CEFC China Energy Company Ltd. that the deal has been canceled. Representatives from …
GlobalData: Russia’s New NDM Tax Scheme Scope is Limited
The scope of Russia’s profit-based tax (NDM) pilot scheme will still be limited in the context of Russia’s upstream sector, according to GlobalData, a leading data and analytics company. In April 2018, Russia’s Ministry of Energy proposed widening the application of the pilot scheme for an NDM system on oil …
RussNeft: First Quarter Results
The revenue of RussNeft in the first quarter amounted to RUB 38.326 billion versus RUB 28.438 billion YOY. Cost of sales grew by 32% to RUB 30.101 billion. Profit on sales rose by a factor of 1.8 to RUB 4. 909 billion. Profit before tax showed an 11%-increase and amounted …
Additional Provisions to Rosneft-2022 Strategy and New Initiatives Focused on Shareholder Value Creation
Rosneft Board of Directors approved additional initiatives to “Rosneft-2022” Strategy taking into account the message of the President of the Russian Federation Vladimir Putin to the Federal Assembly. As previously announced, Rosneft-2022 key strategic focus is to increase profitability and returns on the existing assets. Our portfolio is comprised of …
Eni: HPC4 Supercomputer Delivers Record Breaking Reservoir Model Simulations
Eni’s industry-leading HPC4 supercomputer, recently deployed in Eni’s Green Data Center facility, performed a breakthrough calculation, opening the path to a new era for reservoir engineering numerical modeling. HPC4 executed 100,000 high-resolution reservoir model simulation runs, taking into account geological uncertainties, in a record time of 15 hours. In comparison, …
LUKOIL NVN: Installs Yuri Korchargin Wellhead Platform
LUKOIL has completed the installation of the wellhead platform’s topside as part of Yury Korchagin field Phase 2 development in the Russian sector of the Caspian Sea. The wellhead platform is a satellite platform designed to drill wells in the eastern part of the field. Drilling at Phase 2 is …
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 …