Venezuela Ordered to Pay ExxonMobil $1.6bn Over Nationalization – Both Sides Claim Victory
A World Bank arbitration tribunal on Thursday ordered Venezuela to pay ExxonMobil Corp about $1.6 billion to compensate for oil nationalization in 2007, though state oil company PDVSA expects to eventually pay closer to $1 billion. Venezuela’s socialist government hailed the long-awaited decision as a victory for its “sovereignty,” given …
Kirill Molodtsov: Russia Has the Tools to Go it Alone in the Arctic
Russia can continue the drilling the Kara Sea even if the US oil company ExxonMobil drops out the project, Deputy Energy Minister Kirill Molodtsov told reporters Monday reported RIA. There are enough Russian oil rigs to continue the drilling in the Kara Sea, where significant discoveries of petroleum and natural …
Rosneft Discovered a New Hydrocarbon Field in the Kara Sea
Rosneft successfully completed the drilling of the northernmost well in the world – the Universitetskaya-1 well in the Arctic. According to the results of the drilling Rosneft has made an oil discovery at the East-Prinovozemelskiy-1 license area. The drilling was completed in record-breaking time – in one and a half …
Sakhalin Oil and Gas 2014: Kirill Molodtsov – Kara Sea Drilling Continuing Till the 10th of October
Russia’s Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday. “They are drilling and will be drilling until Oct. 10. They did have to stop on Sept. 26 but they …
ExxonMobil: Confirms “Wind Down” Universitetskaya Exploration Well
ExxonMobil is complying with all U.S. sanctions. The U.S. Treasury Department, recognizing the complexity of the Universitetskaya-1 well and the sensitive Kara Sea arctic environment, has granted a license to ExxonMobil and other U.S. contractors and persons involved to enable the safe and responsible winding down of operations related to …
Rosneft and ExxonMobil Pause Kara Sea Drilling Due to Sanctions
Exxon and Rosneft oil companies have stopped oil development on the Arctic shelf, Bloomberg reported. Representatives of the Rosneft company have made no comment on Bloomberg’s report. According to Bloomberg, oil development was stopped in connection with the sanctions that the EU has imposed on Rosneft and other Russian companies, …
Rosneft and ExxonMobil Started Field Studies in the Shelf Area of the Laptev Sea
Rosneft and ExxonMobil started 2D seismic exploration at the Anisinsko-Novosibirsky and Ust-Oleneksky license blocks in the Laptev Sea. 2D seismic exploration work plans to acquire up to 6 thousand linear km, and will last until the end of October. Alongside geophysical research a license wide bathymetric survey of the seabed …
Rosneft and ExxonMobil’s Karmorneftegaz Start Drilling With West Alpha in the Kara Sea
Rosneft and ExxonMobil joint venture company Karmorneftegaz began drilling of Universitetskaya-1, the Russian Federation’s northernmost well using the Karmorneftegaz rig. The start of the drilling was launched by Russian President Vladimir Putin during a teleconference with head of Rosneft Igor Sechin and head of ExxonMobil Russia Glenn Waller who were both …
Kashagan Restart Slips to Optimistic Summer of 2016
Kazakhstan’s giant Kashagan oilfield may resume production in the first half of 2016 under an “optimistic scenario”, Kazakh Oil and Gas Minister Uzakbai Karabalin said on Wednesday, putting off his earlier estimate of the restart date. Production from the oil deposit in the Caspian Sea, one of the world’s biggest …
Rosneft Starts Up Field Work in the Kara Sea
On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will be carried out in the three Vostochno-Prinovozemelsky licenses. The field work will be conducted in the surface area that totals almost 7 thousand …