Russia is Threatened With a Decline in Oil Production Due to the Refusal to Develop “Difficult” Fields
A pause in stimulating the development of hard-to-recover oil reserves (HRR) could lead to a failure of production in a few years. Now Russia is reducing production under the influence of external factors and under the terms of agreements with OPEC+. But the investment cycle in the industry is long …
LUKOIL-Komi Will be Abolished After Joining LUKOIL-Perm
LUKOIL decided to reorganize 2 of its production subsidiaries by merging LUKOIL-Komi with LUKOIL-Perm. The corresponding decision was made on July 24, 2023, according to the Fedresurs portal. As the message notes: after completion of the reorganization in the form of a merger, LUKOIL-Perm will continue to operate, LUKOIL-Komi will …
SOCAR Slightly Reduced Oil Production in the First Half of 2023, Increased Gas Production by 14.6%
SOCAR (State Oil Company of Azerbaijan) produced 3 million 851.465 thousand tons of oil in January-June 2023, the company’s press service told Interfax-Azerbaijan. According to SOCAR, in the first half of 2022, the company produced 3 million 864,839 thousand tons of oil. Thus, the decline in oil production in January-June …
Experts Called the Reason for the Growth in the Rate of Drilling of Oil Wells in Russia
The increase in the rate of drilling by Russian oil companies is due, among other things, to the depletion of existing wells – oil companies are forced to drill more in order to maintain production at the current level; the increase in horizontal drilling and the completion of work since …
KazMunayGas Increased Oil and Condensate Production in the First Half of the Year
The National Oil and Gas Company of Kazakhstan Kazmunaigas (KMG) produced 11.86 million tons of oil and gas condensate in six months of 2023, which is 10.1% more than in the first half of 2022, the company’s press service reported. “The volume of oil and gas condensate production by KMG …
Oil Production at ACG in the First Half of the Year was Carried out From 137 Wells
Oil production from the Azeri-Chirag-Guneshli (ACG) block in the first half of 2023 was carried out from 137 production wells, Interfax-Azerbaijan was told in the press service of the bp company (operator for the development of the Azeri-Chirag-Guneshli field block, ACG). “In January-June 2023, three oil producing and four water …
Saudi Arabia and Russia were Thanked for Cutting Oil Production
The OPEC+ Monitoring Committee expressed gratitude to Saudi Arabia for extending the voluntary cut in oil production by 1 million barrels per day in September, and to Russia for the voluntary cut in exports by 300,000 barrels per day, the communiqué says. “The Committee also expressed its recognition and support …
Oil Production in the Largest Oil and Gas Regions of the US Will Decrease in August
Oil production in the main oil and gas producing regions of the United States, in which a significant part of the production is shale oil, will fall in August compared to the current month by 18 thousand barrels per day, or 0.2%, to 9.397 million barrels, the Energy Information Administration …
Libya Announced the Resumption of Oil Production at the Largest Fields
The Libyan Ministry of Oil and Gas announced the resumption of oil production at the country’s two largest fields – El-Fil and Ash-Sharara after they were unblocked by protesters, the agency said in a statement. Earlier, the head of the Supreme Council of Al-Azvia Tribals, Sheikh Al-Senussi Al-Khalik, told RIA …
Angola Hopes to Stabilize Oil Production at 1.2 Million b/d in the Medium Term
Angola expects to stabilize oil production at the level of 1.2 million barrels per day in the medium term compared to the existing level of 1.15 million b/d, the Africa Oil+Gas Report portal reports with reference to the Director of production of the National Oil, Gas and Biofuels Agency (ANPG) …