Sakhalin-1 Contractor Wins $9.6 Million Lawsuit Against U.S. Firm Parker Drilling
The Moscow Arbitration Court has granted the claim of Sakhalin Drilling Services LLC against its former American owner — Parker Drilling Management Services, Ltd. (PDMS) — in the amount of $9.854 million (944 million rubles, according to the court’s calculation), according to the case file materials from the arbitration registry. …
California Wants to Simplify the Issuance of Oil Drilling Permits
California Governor Gavin Newsom has announced a legislative proposal aimed at simplifying the process for issuing licenses for new oil well drilling. However, environmentalists argue that the bill would strip authorities of essential oversight, according to Bloomberg. The bill outlines a “plug-to-drill” approach through 2036: in order to drill one …
Vaar Energi Discovers New Oil and Gas Field in the Norwegian Sea
Norwegian oil company Vaar Energi announced on Monday the discovery of an oil and gas field at the Vidsyn block in the Norwegian Sea. According to preliminary data presented by the company, recoverable reserves at the new field are estimated in the range of 25 million to 40 million barrels …
SLB’s Profit Exceeds Forecasts Due to Steady Demand for Oilfield Services
SLB’s performance improvement occurred due to stable demand for its services in certain international regions, which helped offset the slowdown in drilling operations in North America, Mexico, and Saudi Arabia. The company, the first among the major American oilfield service providers to release its report, had previously noted reduced activity …
India Aims to Replicate Guyana’s Success in Deepwater Oil Exploration
India is stepping up its efforts to boost domestic fossil fuel production, placing special emphasis on deepwater exploration in the Andaman region, and aiming to replicate Guyana’s success. This was stated to journalists by Minister of Petroleum and Natural Gas Hardeep Singh Puri. The minister recalled that the government had …
Deepwater production in the United States is more profitable than shale projects
In the spring, Chevron began developing oil and natural gas at the Ballymore deepwater field in the Gulf of America. This is just one of a series of projects in a key American oil and gas province aimed at producing an additional 300,000 barrels of oil equivalent per day by …
The Gulf of Mexico Will Save the U.S. from a Sharp Decline in Oil Production
Oil production in the United States is likely to decline next year, but the scale of the downturn will be significantly reduced thanks to the Gulf of Mexico. According to Wood Mackenzie, offshore producers in the Gulf are expected to add 300,000 barrels per day in 2025, and an additional …
China’s CNPC Begins Exploration of Oil and Gas Fields in Tajikistan
Geophysical works in the form of 2D seismic surveys have begun at oil and gas fields in the southwestern regions of Tajikistan. The operations are being carried out by the China National Petroleum Corporation (CNPC), according to the press service of the Ministry of Energy and Water Resources of Tajikistan. …
A New Drilling Speed Record Has Been Set at the Northern Asset Site of Belorusneft
A new record for well drilling speed has been set at the northern asset site of Belorusneft’s oil company Yangpur, according to a report from BELTA citing Belorusneft. In May and June, teams from Yangpur, the Well Construction Management Center of NGDU Rechitsaneft, Belorusneft-Siberia, and the BN-Nefteservice branch completed the …
NNK Continues Geological Exploration in the Komi Republic
The site is located in the region of the North Ural marginal trough, which is characterized by a complex geological structure. The area of exploration and prospecting is considered attractive in terms of the potential to expand the resource base and make new oil and gas discoveries. A complicating factor …