Igor Sechin Noted That the World’s Oil Companies are Creating Reserves to Increase Production
The creation of reserves by global oil companies to increase production will neutralize the impact on the market of voluntary production restrictions within the framework of OPEC+, says Rosneft Chief Executive Officer Igor Sechin. “The formation of reserves we observe by both Western and Middle Eastern companies may be an …
New Zealand Plans to Lift Ban on Offshore Oil Production
The New Zealand government will introduce legislation to lift the ban on offshore oil production. This was announced by Minister of Resources Shane Jones, reports Reuters. The authorities intend to lift the ban to attract investment in the country’s oil and gas sector. According to Jones, the bill will be …
Gazprom Neft has Completed Industry Tests of the First Russian Set of Equipment for Hydraulic Fracturing
Gazprom Neft, together with its partners, has successfully completed unified industry tests of the first domestic fleet for hydraulic fracturing (HF), the main method of enhancing oil recovery, without which the development of most fields is impossible. Before testing the domestic hydraulic fracturing fleet in field conditions, the Institute of …
An Agreement to Develop the Changule Oil Field Will be Signed Soon
The head of the National Iranian Oil Company (NIOC) said that the contract for the development of the Changuleh oil field will be signed soon, Shana reports. The agreement to develop the Chengule oil field, which has reserves of 3.2 billion barrels of oil, aims to produce 60,000 barrels of …
Gazprom Lost 156 Billion Cubic Meters of Gas Production in Two Years
In 2023, Gazprom’s production decreased in annual terms by 13%, to a historical low of 359 billion cubic meters. These figures are presented in the company’s annual report. Compared to 2021, the drop was 30%, or 156 billion cubic meters. m. Gazprom’s gas processing, on the contrary, increased last year. …
Mud Volcanoes in the Barents Sea Could Open up New Prospects for Oil and Gas Exploration
The EXTREME24 expedition discovered 10 new mud volcanoes in the western part of the Barents Sea off the coast of Norway at a depth of 440-480 meters, Offshore reports The team on board the research vessel Kronprins Haakon included Rune Mattingsdal, a geologist from the Norwegian Maritime Directorate (NOD), and …
Wintershall Dea Leaves the Ghasha Concession in Abu Dhabi with the Participation of LUKOIL
Wintershall Dea has signed an agreement with Indonesia’s PTT Exploration and Production Public Company Limited (PTTEP) to sell its 10% interest in the Ghasha concession in Abu Dhabi. “All conditions required for closing, including regulatory approvals, have been met,” Wintershall Dea said, without specifying the sale price. “The transaction is …
Oil Production Begins on the Senegal Shelf
Australian Woodside Energy has begun oil production at Senegal’s first offshore project, the Sangomara field. The Sangomara field is located 100 km south of the country’s capital, Dakar, and the project cost is $5.2 billion. The planned production is still at the level of 100 thousand b/d; production will use …
Maxim Reshetnikov Urged to Be Prepared for Zeroing Out the Mineral Extraction Tax
The mineral extraction tax (MET) in Russia, including oil, will have to be zeroed out at some point in order to maintain production volumes; a new period of the super cycle is beginning – falling prices, said Russian Minister of Economic Development Maxim Reshetnikov. “It is very important for us …
Saudi Arabia Plans to Increase Oil Production Capacity in the Next Three Years
Energy Minister Prince Abdulaziz bin Salman noted that there are also plans to increase oil export capabilities. Saudi Arabia will increase its oil production capacity in the next three years, said Saudi Arabian Energy Minister Prince Abdulaziz bin Salman during a speech at the St. Petersburg International Economic Forum (SPIEF). …