Kazakhstan is Ready to Legislate the Right of Exploration Companies for Further Production
Kazakhstan plans to legislate a rule to grant companies that conduct exploration work in the country the rights to further exploration and production, said Minister of Industry and Infrastructure Development Marat Karabaev. “One of the options being discussed is for a company that conducts geological exploration of the subsoil to …
U.S. Oil Production Rose by 200,000 Barrels in the Week to June 2
U.S. oil production for the week ended June 2 increased by 200,000 barrels per day to 12.4 million barrels per day, according to a weekly review by the Energy Information Administration of the country’s Energy Department. On average, over the past four weeks, US oil production amounted to 12.275 million …
The Government Expands the List of Hard-to-Recover Oil Reserves
An interdepartmental working group, established on the initiative of the Ministry of Natural Resources, proposed expanding the criteria for classifying hydrocarbon deposits as hard-to-recover reserves (TRIZ) in a new draft classifier. This is stated in the report of Rosnedr. Vedomosti got acquainted with him. “It is proposed to expand the …
Oil and Gas Production at Sakhalin-1 Reached the Level Before the Start of the Special Operation
Oil and gas production at the Sakhalin-1 project, where work almost completely stopped almost a year ago due to force majeure declared by the American operator ExxonMobil, has returned to the level before the start of Russia’s special operation in Ukraine, Governor of the Sakhalin Region Valery Limarenko said during …
First Gas Produced at Gorgon Stage 2 in Western Australia
Chevron said on Tuesday it has begun gas production from its Gorgon Stage 2 development project off the coast of Western Australia. The development expands the Gorgon project’s existing subsea gas gathering network, which exports LNG to customers across Asia and produces gas for the Western Australian domestic market, Chevron …
Joe Biden imposed restrictions on the development of oil and gas fields near the Chaco Canyon
On June 2, 2023, the Biden Administration decided to stop issuing new oil and gas leases within 10 miles (16 km) of the Chaco Culture National Historical Park. Natives, environmentalists and state officials have long called on the federal government to ban well drilling in the area. The park is …
Lukoil Increased Oil Production at West Qurna-2
Lukoil put into operation two well pads – No. 4 and No. 9 – at the West Qurna 2 field in Iraq, increased oil production to the target of 480,000 barrels per day, a subsidiary of the Lukoil Mid-East Limited group said. “In accordance with the service contract, the company …
Lukoil Named the Volume of Investments in Exploration and Production in 2022
Lukoil’s investments in exploration and production of hydrocarbons in 2022 amounted to more than 400 billion rubles, follows from the presentation of the company’s vice president Ilya Mandrik at the conference “Hard-to-recover reserves – the present and the future.” The materials report that the company invested more than 400 billion …
Rosneft Has Reduced the Cost of Hydrocarbon Production in Russia
Rosneft, thanks to strict cost control in the first quarter of 2023, reduced operating costs for hydrocarbon production in Russia by 5% qoq to less than $3 per barrel of oil equivalent, the company said. “The company is systematically working to reduce operating costs to a minimum level, despite the …
Daily Production at Sakhalin-1 Increased by 1.8 Times, Igor Sechin Said
Daily production at Sakhalin-1 increased by 1.8 times in the first quarter, becoming the driver for the growth of Rosneft’s hydrocarbon production, but the forced shutdown of the project due to the departure of the American ExxonMobil had a negative impact on the technical conditions for field development, the head …