Russian Oilmen Increased the Commissioning of Oil Wells in April by 16.5%
The commissioning of new oil wells in Russia in April 2023 increased by 16.5% compared to April last year and amounted to 627 wells. This was reported by two sources of Vedomosti, familiar with the statistics of the Ministry of Energy. The growth rate for vertically integrated oil companies (VIOCs) …
Weatherford Plans to Continue Operations in Russia
The international oilfield services company Weatherford plans to continue its activities in Russia, despite the decision to stop investments, follows from the reporting of a subsidiary of Weatherford LLC. “In March 2022, Weatherford International announced the termination of investments and the introduction of technologies in Russia. At the same time, …
Russia and Iraq Confirmed the Commitment to Reducing Oil Production
Energy Deputy Prime Minister, oil minister Iraq Hayan Abdel Gani and his Russian colleague, Deputy Prime Minister of the Russian Federation Alexander Novak announced the importance of collective actions and unified positions of the OPEC-OPEC+ oil and stability for the stability of world oil markets, confirming the retention of oil …
Iran and Russia Signed 8 Memorandums of Understanding, 2 Contracts in Different Oilfields
Iran and Russia signed as many as 10 agreements and memorandums of understanding (MOU) on cooperation in the oil industry on Wednesday. The memorandums of understanding and agreements were signed following a meeting between Iranian Oil Minister Javad Ovji and Russian Deputy Prime Minister Alexander Novak, who are also co-chairs …
SLB Restricted Business in Russia
Oilfield services giant SLB has restricted business in Russia to continue operating under sanctions. Among the measures taken by SLB to continue working in Russia under sanctions is the restriction of the supply of products and technologies produced in the US, UK, EU and Canada. The largest oilfield services company …
Russia Reaffirms Commitment to Voluntary Cuts in Oil Production
Russia reaffirms its full commitment to and implementation of its voluntary cut in oil production, Russian Deputy Prime Minister Alexander Novak told reporters. “Given the unfounded speculation in the press regarding oil production levels, Russia reaffirms its full commitment to and implementation of voluntary oil production cut levels,” he said. …
Russian Oil Companies in February 2023 Increased Production by Almost 1% Compared to the Average Level in January
In the first week of February 2023, Russian oil companies increased crude oil production by 0.7% compared to the January average, to 1,491 t/d. Kommersant reported this on February 9, 2023. In February 2022, oil companies in Russia produced an average of 1.508 million tons per day. Thus, the volume …
Russia Produced 2% More Oil Last Year
But in 2023, oil production may fall by 7-8%. Russia in 2022 increased oil production by 2%, to almost 535 million tons. Almost all major oil companies have increased production. Writes about this “Kommersant” (Dmitry Kozlov). LUKOIL grew by 6% to 81 million tons. Surgutneftegaz, which became the third in …
Rystad Energy: Russian Crude Output Rebounds Strongly, But Hard Times Lie Ahead
Russia has so far demonstrated high resilience to the unprecedented pressure imposed by Europe and the US – but the worst is yet to come, according Rystad Energy research. While Russian crude output is expected to remain high for the remainder of the Northern Hemisphere summer it is expected to decline …
Baker Hughes Announces Local Management Buyout of its Oilfield Services Business in Russia
Baker Hughes has signed an agreement to sell its Oilfield Services business in Russia (“OFS Russia”) to its local management team. The agreement follows on the Company’s previously announced suspension of new investments for its Russia operations and commitment to comply with appliable laws and sanctions. The new business will …