Bloomberg: Russia has reduced production drilling under the OPEC+ agreement
From January to June, 14370 km of production wells were drilled in Russia, which is 2.5% less than in the same period a year ago. The slowdown follows Moscow‘s voluntary commitments under the OPEC+ deal, Bloomberg writes, citing industry data. Bloomberg points out that in June, Russia produced 9.139 million …
Bloomberg Has Learned that Oil Drilling in Russia Has Decreased
Kasatkin Consulting stressed that the slowdown in drilling rates could be influenced by a decrease in refinery utilization. It is expected that the total volume of production drilling in Russia will decrease to 29.4 thousand km this year. Russian oil companies have reduced drilling rates compared to last year’s record …
Kazakhstan to Compensate for Excess Oil Production Volumes by September 2025
The Ministry of Energy of the Republic noted that the country has prepared a detailed compensation plan. Kazakhstan is committed to the OPEC+ agreement and intends to compensate for excess oil production volumes by September next year. This was reported by the press service of the Ministry of Energy of …
Half of the Russian Seismic Exploration Vessels Are Idle Due to Underfunding of Marine Research. Review
Russia has unique seismic research vessels, including ice-class ones, but in the current situation not all of them are used. Half of the domestic geological exploration fleet is idle, which is quite expensive for shipowners – the maintenance of each vessel costs an average of 200 million rubles a year. …
Igor Sechin Noted That the World’s Oil Companies are Creating Reserves to Increase Production
The creation of reserves by global oil companies to increase production will neutralize the impact on the market of voluntary production restrictions within the framework of OPEC+, says Rosneft Chief Executive Officer Igor Sechin. “The formation of reserves we observe by both Western and Middle Eastern companies may be an …
Westwood Energy Predicts Stagnation in the Drilling Market
Westwood Energy predicts a decline in global demand for onshore drilling rigs. On average, oilmen will use 4,413 rigs this year, which is 6% lower than the forecast made by experts at the end of last year. The drop is due to stagnant oil prices and high costs of servicing …
Iraq Sells Oil and Gas Fields for First Time since 2018
For the first time in the last 6 years, Iraqi authorities are holding a competition for the distribution of oil and gas licenses. More than 20 European, Chinese, Arab and Iraqi companies entered the competition, but not a single major oil company from the United States. Let us recall that …
Oman Auctions Several Offshore Oil and Gas Blocks by 2025
Auctions for new units in Oman, which started in 2023, will now be held annually. Oman plans to auction several oil and gas blocks on the Arabian Sea shelf by the end of the year, said the head of the country’s Ministry of Energy, Salim al-Awfi. According to him, tenders …
Kazakhstan Intends To Compensate For Exceeding Oil Production Obligations In January
The country’s Ministry of Energy did not provide data on how much Kazakhstan exceeded its oil production obligations in January. The Kazakh authorities will continue to fulfill their obligations to reduce oil production under the OPEC+ agreement this year. At the same time, the republic will compensate for the excess …
Russia Reduced Oil Production By 1% in 2023
This is due to the country’s participation in the OPEC+ agreement, noted Deputy Prime Minister Alexander Novak. In 2023, Russia reduced oil and gas condensate production by within 1%, to about 530 million tons. This happened due to the restrictions of the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak …