China Increased Oil Production By 2.5% and Gas Production By 5.3% in November
China increased oil production in November by 2.5% compared to the same month last year to 17.2 million tons, the State Statistics Administration reported. For eleven months, production amounted to 191.25 million tons, which is 1.8% higher than the figure for the same period in 2022. The volume of oil …
Vladimir Putin Ordered to Deprive Wintershall and OMV of a Stake in Russian Assets
Putin signed decrees depriving Wintershall and OMV of their shares in two joint ventures with Gazprom. Putin ordered the creation of an LLC to manage the Yuzhno-Russkoye and sections of the Achimov deposits of the Urengoy oil and gas condensate field; SOGAZ and Gas Technologies are offered to acquire shares …
Gazprom Board of Directors Approves Investment Program and Budget For 2024
The Gazprom Board of Directors took note of the information about the Company’s preliminary operating results for 2023 and the projected investment program and budget (financial plan) for 2025–2026. The Board of Directors approved the investment program and budget (financial plan) of Gazprom for 2024. The figures of the investment program did not change compared to the version endorsed …
State Funding for Oil and Gas Exploration in 2024 Will Amount to 11.3 Billion Rubles
The Ministry of Natural Resources emphasized that starting from 2022, five objects are being studied within the framework of the federal project “Geology: Revival of a Legend” in order to search for gas deposits. Federal funding for geological exploration of hydrocarbons in Russia in 2024 will remain approximately at the …
Equinor Will Increase Its Stake in a Gas Field in The Norwegian Sea
Equinor will increase its stake in the Linnorm gas field in the Norwegian Sea, the transaction is expected to be closed in the first quarter of 2024, according to a company press release. “Equinor will acquire a 30% stake in PL 255, which owns the Linnorm field, subject to the …
British Shell, American APA and Argentine YPF Have Confirmed Their Interest in Searching For Oil Off The Coast of Uruguay
Uruguay’s state energy company ANCAP has signed contracts for four offshore blocks with three oil and gas players under the framework of the Open Uruguay Round, in effect since 2019. As a result, the British Shell, the American corporation APA and the Argentine national oil company (NOC) YPF will be …
The Cost of Gas Production at SOCAR Fields in 2022 Increased By 10%
The cost of gas production at the fields of SOCAR (State Oil Company of Azerbaijan) in 2022, compared to 2021, increased by 10.35% – to 67.57 manats ($39.74 at the current exchange rate) per 1 thousand cubic meters. Such data are provided in the company’s annual report for 2022, published …
LUKOIL Has Created the Largest-Scale Model of a Field in the Russian Federation
The digital twin of the Vatyeganskoye field in the Khanty-Mansi Autonomous Okrug covered the entire chain – from the reservoir to the central oil collection and treatment point. LUKOIL-Western Siberia has introduced an innovative model for managing hydrocarbon production based on integrated operations. The “smart field” project was implemented at …
Khudainatov’s Company is Expanding Its Assets in Khanty-Mansi Autonomous Okrug
IPC acquired subsidiaries of the British Ruspetro, and Nyaganneft acquired a number of wells in Yugra. The buyer of the former assets of the Ruspetro oil company in Khanty-Mansi Autonomous Okrug-Yugra was the Independent Oil and Gas Company, owned by former Rosneft President Eduard KHUDAINATOV. IPC acquired the bankrupt companies Inga …
Perenco Brazil Announces First Oil to FSO Pargo
Perenco Brazil is pleased to announce that first oil to the Floating Storage and Offloading (FSO) vessel, “FSO PARGO”, has been successfully received following issuance of all operational licensing from the Brazilian regulatory authorities earlier in December. The vessel’s operational start-up is the culmination of significant workstreams from Perenco’s technical …