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 …
ExxonMobil Has Finally Left Iraq
The American oil company has finally abandoned the West Qurna 1 project in southern Iraq, transferring operational functions at one of the world’s largest oil fields to PetroChina. In 2023, the Iraqi authorities approved an agreement to transfer ExxonMobil’s 22.7% share in the West Qurna-1 project to the state-owned Basra …
Belarusian Oil Workers Produced a Record 1.87 Million Tons of Oil in 2023
The Belorusneft company noted that 201 thousand tons of oil were produced from wells drilled last year. The Belorusneft company produced a record 1.87 million tons of oil in 2023. The BelTA agency reported this with reference to company data. The company noted that 201 thousand tons of oil were …
KazMunayGas Plans to Produce Up to 6.7 Billion Cubic Meters of Gas Per Year By 2030
KazMunayGas is developing a Gas Strategy, within which it plans to increase natural gas production to 6.7 billion cubic meters per year by 2030, excluding large projects – Tengiz, Karachaganak and Kashagan, Kazinform agency reports with reference to the press service of the national company KMG. In 2023, the exploitation …
Kazakhstan Plans to Commission Two Large Gas Fields
The national company of Kazakhstan Kazmunaigas intends to commission the Western Prorva and Kalamkas fields in 2027, production will amount to 1.1 billion cubic meters per year, the KMG press service reported on Friday. “In 2027, Kazmunaigas intends to put into operation the Western Prorva and Kalamkas fields. Gas production …
Belorusneft’s Well Stock Was Replenished With 66 New Objects in 2023
Belorusneft’s well stock was replenished with 66 new objects in 2023, Belorusneft Deputy General Director for Geology Petr Povzhik told BELTA. In total, by the end of 2023, the company drilled 66 new wells. The volume of production from them amounted to 201 thousand tons of oil, said Petr Povzhik. …