The Republic of Tatarstan Has Enough Oil Reserves to Last for 200 Years
Today, a one-percentage-point increase in the oil recovery factor could expand the recoverable reserves of Public Joint Stock Company Tatneft by an amount equivalent to the discovery of a major new oil field. Following the lifting of production restrictions under the OPEC+ agreement, Tatneft is positioned to significantly increase oil …
Trump’s Tariffs Leave Shale Industry Stunned
No one fully understands yet how the global economy will ultimately respond to sweeping new tariffs announced by newly re-elected U.S. President Donald Trump — especially as policies continue to shift. One thing is clear: demand forecasts for oil are falling across the board, keeping Brent crude prices from rising …
Alexander Novak: Oil Production in Russia in 2025 Will Decrease to 515-520 Million Tons
The volume of oil production in Russia in 2025 is projected at 515-520 million tons. This was announced to journalists by Russian Deputy Prime Minister Alexander Novak. “Around 515-520 million tons,“ he said, answering a question about the forecast for oil production this year. By the end of 2024, oil …
Kazakhstan Compensates for Overproduction of Oil at Kashagan
The Kazakh authorities intend to compensate for a significant amount of overproduction of oil during repairs at the Kashagan field in October. This was reported by the press service of the Ministry of Energy of Kazakhstan. “The government has denied information about the postponement of repairs at the Kashagan field. …
In Ugra, It Was Proposed to Introduce Benefits for Exploration and Production of Hard-to-Recover Oil
According to the Federal Agency for Subsoil Use, in Russia over the past nine years, the volume of hard-to-recover oil reserves (TRIZ) has increased by 3.8 billion tons, an annual increase of three percent on average. In Western Siberia, 37 percent of the resources belong to this category. In the …
Kazakhstan Has Declared Its Commitment to Cooperation Within the Framework of OPEC+
The Kazakh authorities intend to continue cooperation within the framework of OPEC+. This was stated by the head of the Government of the republic Olzhas Bektenov at a meeting in Astana with OPEC Secretary General Haitham al–Gais. “Kazakhstan is committed to further cooperation within the framework of OPEC+. We support …
Drilling Activity in Shale Is Falling
According to Reuters, oil and gas development in the United States is showing further signs of leveling off with the prospect of a decline as a result of falling energy prices (from a peak of $124 per barrel of oil recorded in June 2022). The drop in oil prices has …
Kazakhstan Has Updated the Oil Production Compensation Plan Within the Framework of OPEC+
The Kazakh authorities have updated the oil production compensation plan under the OPEC+ agreement and sent it to the association‘s secretariat. This was reported by the press service of the Ministry of Energy of the Republic. “Kazakhstan confirms its commitment to the OPEC+ agreement and supports the decisions taken jointly …
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 …