NOC Announced The Resumption of Oil Production at One of Libya’s Largest Fields
According to Libya al-Ahrar, the resumption of oil production was made possible thanks to the consent of local residents to leave Ash-Sharare. The Libyan National Oil Corporation (NOC) announced the termination of force majeure at one of the largest fields in the country, Al Sharara, and the resumption of oil …
Oil Production in Azerbaijan in 2024 Will Be About 29.5 Million Tons
The Azerbaijani government forecasts oil production in the country in 2024 at 29 million 492.3 thousand tons, a government source told Interfax-Azerbaijan. Actual data on oil production in the country for 2023 have not yet been published. However, the Accounts Chamber of Azerbaijan reported in November that oil production in …
The US Department of Energy Slightly Lowered Its Brent Price Forecast For 2024
The department believes that it will be $82.49 per barrel. The US Department of Energy lowered its forecast for the price of Brent crude oil in 2024 by less than $0.1 compared to the previous forecast – to $82.49 from $82.57 per barrel, according to a report from the ministry’s …
India Begins Producing Oil Off The Coast of The Bay of Bengal
Prime Minister Narendra Modi congratulated the Petroleum and Natural Gas Corporation of India on the commencement of oil production from its flagship deepwater project in the offshore Krishna-Godavari basin, the Prime Minister’s Office said in a statement. The state-controlled Indian Oil and Natural Gas Corporation (ONGC) began maiden oil production …
RussNeft Will Resume Work at the Khanty-Mansi Autonomous Okrug Field, Which Was Closed Due to Sanctions
RussNeft will begin developing the Vostochno-Kamnoye field in the Khanty-Mansi Autonomous Okrug, which was suspended in 2023 due to sanctions and the economic crisis. The head of the Khanty-Mansiysk branch of the company, Alexey Shatalov, shared his plans for drilling new wells. “At the Vostochno-Kamenny field, work on industrial development …
LUKOIL Put Into Trial Operation The Yukkun-Yoganskoe Field in Yugra
LLC LUKOIL-Western Siberia (100% subsidiary of PJSC LUKOIL) has put into trial production the Yukkun-Yoganskoye field in the Khanty-Mansiysk Autonomous Okrug. The fishery is located on the territory of the Nizhnevartovsk region, 30 kilometers from the city of Pokachi. At the exploration stage, seismic exploration work was carried out in …
Russian Oil Production is Preparing to Break the Post-Soviet Record, Media Writes
In the first 11 months of 2023, Russia drilled oil wells with a total depth of 28.1 thousand kilometers, which indicates successful resistance to Western sanctions, Bloomberg writes. The accelerated pace of drilling in Russia may break the post-Soviet record, the publication emphasized. According to analysts from Kpler and the …
US Oil Production Will Now Grow at Half The Rate
In the new year, US oil production will grow at half the rate it did last year. This forecast was announced by EOG Resources. U.S. oil production rose 900,000 barrels per day in 2023, EOG President Billy Helms said in a presentation to investors. “Given the high volume of production …
ONGC Begins First Oil Production From The Ultra-Challenging Deepwater Block KG-DWN-98/2
Oil and Natural Gas Corp (ONGC) has begun production from the First Oil project in the deepwater block KG-DWN-98/2 on the eastern Indian continental shelf. Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri announced this on January 7, 2024 on his page on the social network X (formerly …
Production of Viscous and Super-Viscous Oil and a Number of Fields of Rosneft and Bashneft are Switching to AIT
From January 1, 2024, production of viscous and extra-viscous oil will be subject to added income taxation (AIT). That is, areas in which at least 70% of the oil produced per year has a viscosity from 200 to 10 thousand mPa*s, as well as from 10 thousand mPa*s and more …