oil production

Lukoil’s proven hydrocarbon reserves decreased by 3% in 2024, totaling 14.689 billion barrels of oil equivalent (boe), according to materials prepared for the company’s upcoming annual shareholders’ meeting. The company noted that 75% of its proven reserves are liquid hydrocarbons, while 25% are natural gas. Russia accounts for 91% of …

Lukoil Reduces Gas Production by 2.3% in 2024 Lukoil reported a 2.3% decrease in gas production for 2024, totaling 34.3 billion cubic meters, according to the company’s annual report. “Gas production in 2024 amounted to 34.3 billion cubic meters, which is 2.3% lower than the previous year,” the report stated. …

No one fully understands yet how the global economy will ultimately respond to sweeping new tariffs announced by newly re-elected U.S. President Donald Trump — especially as policies continue to shift. One thing is clear: demand forecasts for oil are falling across the board, keeping Brent crude prices from rising …

Halliburton Reports Nearly Threefold Drop in Q1 Net Profit U.S. oilfield services company Halliburton Co. saw its net profit fall nearly threefold in the first quarter of 2025, although its revenue exceeded analysts’ expectations. According to the company’s press release, net income for January–March totaled $204 million, down from $606 …

Specialists from the Rosneft Scientific Institute in Ufa have improved the search for promising areas of oil-bearing rocks in Western Siberia. The new approach makes it possible to identify the most priority areas for drilling in difficult geological conditions typical of the Bazhenov formation*. The specialists analyzed an expanded set …

Water can be converted into steam at the bottom of an oil well for long–range delivery. Anatoly Zamri, General Director of the Intersectoral Expert and Analytical Center at the Union of Oil and Gas Industrialists of Russia, proposed a way to increase the efficiency of thermal methods in the extraction …

Russian scientists have proposed to improve the accuracy of 3D models of carbonate reservoirs using the tracer method. Perm Polytechnic University scientists have developed an approach that increases the reliability of modeling complex oil deposits. It makes it possible to qualitatively assess the actual filtration flows through which the liquid …

The volume of oil production in Russia in 2025 is projected at 515-520 million tons. This was announced to journalists by Russian Deputy Prime Minister Alexander Novak. “Around 515-520 million tons,“ he said, answering a question about the forecast for oil production this year. By the end of 2024, oil …

Gazprom Neft is ready to increase oil production if the relevant order is received from the Ministry of Energy, Alexander Dyukov, the head of the company, told reporters on the sidelines of the Russian Union of Industrialists and Entrepreneurs congress. “If the Ministry of Energy informs us about the corresponding …

Gazpromneft–Orenburg will also teach students of specialized colleges there. Gazpromneft–Orenburg has opened a new training center for practicing practical skills in 12 oil and gas specialties. The new site will be used to improve the skills of the company’s employees and train students of specialized regional colleges. The Devon News …