India Begins Producing Oil Off The Coast of The Bay of Bengal
Prime Minister Narendra Modi congratulated the Petroleum and Natural Gas Corporation of India on the commencement of oil production from its flagship deepwater project in the offshore Krishna-Godavari basin, the Prime Minister’s Office said in a statement. The state-controlled Indian Oil and Natural Gas Corporation (ONGC) began maiden oil production …
RussNeft Will Resume Work at the Khanty-Mansi Autonomous Okrug Field, Which Was Closed Due to Sanctions
RussNeft will begin developing the Vostochno-Kamnoye field in the Khanty-Mansi Autonomous Okrug, which was suspended in 2023 due to sanctions and the economic crisis. The head of the Khanty-Mansiysk branch of the company, Alexey Shatalov, shared his plans for drilling new wells. “At the Vostochno-Kamenny field, work on industrial development …
ADNOC and Turkmengaz Will Develop the Third Phase at Galkynysh
The national oil company from the UAE – Abu Dhabi National Oil Company (ADNOC) – has agreed with Turkmenistan to participate in the development of the world’s second largest natural gas field. The memorandum of understanding concluded between the companies on the development of the largest gas field in the …
LUKOIL Put Into Trial Operation The Yukkun-Yoganskoe Field in Yugra
LLC LUKOIL-Western Siberia (100% subsidiary of PJSC LUKOIL) has put into trial production the Yukkun-Yoganskoye field in the Khanty-Mansiysk Autonomous Okrug. The fishery is located on the territory of the Nizhnevartovsk region, 30 kilometers from the city of Pokachi. At the exploration stage, seismic exploration work was carried out in …
Russian Oil Production is Preparing to Break the Post-Soviet Record, Media Writes
In the first 11 months of 2023, Russia drilled oil wells with a total depth of 28.1 thousand kilometers, which indicates successful resistance to Western sanctions, Bloomberg writes. The accelerated pace of drilling in Russia may break the post-Soviet record, the publication emphasized. According to analysts from Kpler and the …
US Oil Production Will Now Grow at Half The Rate
In the new year, US oil production will grow at half the rate it did last year. This forecast was announced by EOG Resources. U.S. oil production rose 900,000 barrels per day in 2023, EOG President Billy Helms said in a presentation to investors. “Given the high volume of production …
ONGC Begins First Oil Production From The Ultra-Challenging Deepwater Block KG-DWN-98/2
Oil and Natural Gas Corp (ONGC) has begun production from the First Oil project in the deepwater block KG-DWN-98/2 on the eastern Indian continental shelf. Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri announced this on January 7, 2024 on his page on the social network X (formerly …
Unconventional Oil Has Been Switched to AIT From 2024
From January 1, 2024, production of viscous and extra-viscous oil in the Russian Federation will be transferred to the added income tax (AIT). The main producers of viscous oils and natural bitumen in Russia are LUKOIL, Tatneft and Rosneft (to a lesser extent). Interfax writes about this. Areas where at …
Production of Viscous and Super-Viscous Oil and a Number of Fields of Rosneft and Bashneft are Switching to AIT
From January 1, 2024, production of viscous and extra-viscous oil will be subject to added income taxation (AIT). That is, areas in which at least 70% of the oil produced per year has a viscosity from 200 to 10 thousand mPa*s, as well as from 10 thousand mPa*s and more …
A Zero Mineral Extraction Tax Has Come Into Force For The Production of Gas Used For The Production of Hydrogen And Ammonia
On January 1, a law came into force establishing a zero rate of mineral extraction tax (MET) for the extraction of gas and (or) gas condensate in subsoil areas located wholly or partially on the Yamal and (or) Gydansky peninsulas in the Yamalo-Nenets Autonomous Okrug, used exclusively for the production …