LUKOIL Reduced Oil and Gas Production in Russia in 2025, While Refining Partially Recovered After 2024 Maintenance
LUKOIL reduced oil production in Russia in 2025 by 2.1% compared to 2024, while refining increased by 2.3%. This follows from the company’s 2025 annual report, published in materials for the shareholders’ meeting scheduled for April 23, 2026. Financial Aspect The company does not separately disclose financial results for 2025, …
Ministry of Natural Resources Proposed to Strengthen Support for Companies Operating at Mature Fields
The Ministry of Natural Resources proposes to strengthen state support for companies developing mature and high water-cut fields, said Minister Alexander Kozlov at an expanded meeting of the Rosnedra board. “I would also like to say a few words about hard-to-recover reserves (TRIZ). In the structure of production from proven …
Oil Production in Khanty-Mansi Autonomous Okrug Increased by 2.6% in January–February
Oil production in January–February in Russia’s largest oil-producing region, the Khanty-Mansi Autonomous Okrug – Yugra, increased by 2.6%, and by the end of 2026 it is expected to remain at least at the level of 2025, said Egor Zbrodov, First Deputy Director of the Department of Subsoil Use and Natural …
Gazprom Neft Plans to Increase Hydrocarbon Production in 2026
Gazprom Neft plans to increase hydrocarbon production in 2026, primarily oil, company head Alexander Dyukov told journalists. “There are quotas established under the OPEC+ agreement. Our task is to produce oil in accordance with these quotas. Overall, this year we plan to increase hydrocarbon production, primarily oil,” he said. The …
Surgutneftegas Stated It Could Increase Oil Production
Surgutneftegas has the technical capability to increase oil production given the current situation on the global market, company head Vladimir Bogdanov told journalists on the sidelines of the Russian Union of Industrialists and Entrepreneurs (RSPP) congress. Bogdanov added that before the OPEC+ agreement came into effect, the company produced 60 …
KazMunayGas Suspends Development of Caspian Fields with LUKOIL Due to Sanctions
The implementation of a project involving LUKOIL for the development of the Kalamkas-Sea and Khazar fields in the Kazakh sector of the Caspian Sea has been suspended, Chairman of the Management Board of KazMunayGas, Askhat Khassenov, said during a video conference with analysts. “Last year, we completed the design phase …
Restoring Oil Production Will Require Time and Investment, Iraq Said
The suspension of oil production due to the situation around Iran is damaging Iraq’s oil industry, and restoring previous production levels will require investment and time, RIA Novosti was told by Mazhar Mohammed Saleh, financial advisor to the Prime Minister of Iraq. “Closing oil fields is not the same as …
Venezuela Reveals Terms for Oil Production for Foreign Investors
“Nearly two-thirds of the value of a barrel of oil produced in Venezuela may be subject to negotiation with investors, and the legal framework allows for flexible arrangements”, said Delcy Rodríguez, Special Representative of the President of Venezuela, at the FII Priority investment forum in Miami. “The new hydrocarbons law …
Iraq Reduced Oil Production at Southern Fields by 80%
Oil production at southern fields in Iraq has decreased by 80% since the beginning of the conflict between the United States and Israel with Iran, dropping to about 800 thousand barrels per day, and may decline further in the coming days, Reuters reports citing Iraqi officials. “Production at Iraq’s main …
Capital Investments of Russian Vertically Integrated Oil Companies in Oil Production Increased by 0.8% to 1.93 Trillion Rubles in 2025
Capital investments of vertically integrated companies in oil production increased in 2025 by 0.8% to 1.93 trillion rubles. This is stated in a presentation by Russian Energy Minister Sergey Tsivilev, prepared for the ministry’s board meeting. Oil and condensate production in Russia decreased by 0.9% compared to 2024, to 511.5 …