DNV GL: 49% of Senior Managers Expect Companies to Diversify
New research by DNV GL, the technical advisor to the oil and gas industry, shows oil and gas companies seeking to rebalance business portfolios and reorganizing for a new era. In a period of drawn-out recovery, almost half (49%) of senior oil and gas professionals surveyed expect their businesses to …
Gazpromneft Sakhalin: Awarded the Offshore Ayashsky Block
Gazprom Neft subsidiary Gazpromneft Sakhalin has acquired a licence for the exploration, development and production of hydrocarbons at the Ayashsky block, located on the continental shelf of the Sea of Okhotsk. The licence, awarded by the Federal Subsoil Resources Management Agency (Rosnedra), runs until 1 July 2039. The Ayashsky block, located next to the developed fields of the Sakhalin-1 and …
Novatek: Proved Reserves Up 2.8% yoy
PAO NOVATEK announced that independent petroleum engineers, DeGolyer & MacNaughton (“D&M”), have completed their comprehensive reserve appraisal of the Company’s hydrocarbon reserves as of 31 December 2016. Total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 12,775 million barrels of oil equivalent (boe), including 1,755 billion …
Bovanenkovskoye: Bovanenkovo – Ukhta 2 Pipeline Comes On Stream
The ceremonial inauguration of new production capacities and the Bovanenkovo – Ukhta 2 gas trunkline took place today at the Bovanenkovskoye field. The event was attended by Alexey Miller, Chairman of the Gazprom Management Committee, and heads of Gazprom’s specialized structural units, subsidiaries and contracting organizations. The ceremony featured an address by Russian President Vladimir Putin, who spoke …
Urals Energy: Aiming to Cautiously Ramp Up Activity in 2017
The board of Urals Energy PCL , the independent exploration and production company with operations in Russia, provides a post year-end update on trading for the year ended 31 December 2016 and the outlook for 2017. The Board also provides details of an intended capital reduction and share consolidation and a …
Surgutneftegas Reports Preliminary Operating Results for 2016
Over twelve months of 2016, OJSC “Surgutneftegas” produced 61,848.6 thousand tonnes of crude oil. Last year, crude output in the Republic of Sakha (Yakutia) equaled to 8,894 thousand tonnes, 5% up versus 2015. Over twelve months of 2016, gas production amounted to 9,663 million cubic meters. For the year to …
Tethys Petroleum: Moves Kazakh Office and Adjusts Georgia Seismic Work Plan
Tethys partner in Georgia, Georgia Oil and Gas Limited (“GOG”), has been notified by the Georgian State Agency of Oil and Gas that GOG and Tethys will not be required to complete the previously agreed work programme commitment to conduct 50 km of 2D seismic acquisition in Block XIN by …
Kashagan: Exports First Million Tonnes of Crude and Condensate
North Caspian Operating Company N.V., Operator of the first offshore oil and gas project in the Kazakhstan sector of the Caspian Sea, announced that as of 8 January it has safely produced and exported one million tonnes of crude oil and condensate from the Kashagan field. Production commenced in September …
GlobalData: Russian Cuts In Concert with OPEC
”At the November Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna, Russia delivered many surprises. Not only did the country broker an agreement between rival Saudi Arabia and Iran, but Russia also committed itself to substantial production cuts. For almost a year, Russia signaled that it would only …
Gazprom: Gas Sales To Europe Up 12.5% yoy
“According to the most recent data, Gazprom produced 419.07 billion cubic meters of gas in 2016, which was some 11 billion cubic meters more than planned and 0.57 billion cubic meters more than in 2015. We are always responsive to the market demand and extract as much gas as consumers need. However, our production potential exceeds the actual annual …