oil production

The leader in oil reserves in Russia is the Khanty-Mansi Autonomous Okrug – Yugra, which holds more than 11 billion tonnes of “black gold,” according to RIA Novosti, based on open data. In total, about 31 billion tonnes of explored and preliminarily estimated oil reserves are recorded in the country. …

Shell has signed a number of agreements with Venezuela on cooperation in hydrocarbon exploration and production. The documents were signed on March 5, 2026, in Caracas at the headquarters of Petroleos de Venezuela S.A. (PDVSA). Bergam’s Visit The signing took place in the presence of US Secretary of the Interior …

Production at the Shah Deniz field in the Caspian offshore continues at full capacity despite Western sanctions against LUKOIL, which holds nearly 20% in the project, said BP Regional President for Azerbaijan, Georgia and Turkey Giovanni Cristofoli at a press conference in Baku. “Management of the company’s share and revenues …

Kuwait has begun reducing oil production at a number of fields as fuel storage facilities in the country fill up, The Wall Street Journal reports, citing informed sources. According to the sources, the country, which is the fifth-largest oil producer in OPEC, is considering reducing oil production and refining to …

California Governor Gavin Newsom has announced a legislative proposal aimed at simplifying the process for issuing licenses for new oil well drilling. However, environmentalists argue that the bill would strip authorities of essential oversight, according to Bloomberg. The bill outlines a “plug-to-drill” approach through 2036: in order to drill one …

Norwegian oil company Vaar Energi announced on Monday the discovery of an oil and gas field at the Vidsyn block in the Norwegian Sea. According to preliminary data presented by the company, recoverable reserves at the new field are estimated in the range of 25 million to 40 million barrels …

SLB’s performance improvement occurred due to stable demand for its services in certain international regions, which helped offset the slowdown in drilling operations in North America, Mexico, and Saudi Arabia. The company, the first among the major American oilfield service providers to release its report, had previously noted reduced activity …

Sierra Leone will delay its new oil and gas auction until the end of the year as the country awaits results from a large-scale seabed survey that has just concluded — the first such study in over ten years, according to Reuters. Last month, the company GeoPartners, together with the …

Russneft will continue active development this year of the uniquely complex Vostochno-Kamennoe field located in Western Siberia, said company CEO Evgeny Tolochok at the annual shareholders meeting. “Russneft has entered the active phase of industrial development of the uniquely complex greenfield – the Vostochno-Kamennoe field. We have drilled new wells …

President of the Russian Federation Vladimir Putin believes that production within OPEC+ is calculated based on the growing demand for oil. He expressed this opinion while answering questions from journalists. “The volumes of oil and petroleum products consumed in the world are increasing due to the growth of the global …