Maxim Reshetnikov Urged to Be Prepared for Zeroing Out the Mineral Extraction Tax
The mineral extraction tax (MET) in Russia, including oil, will have to be zeroed out at some point in order to maintain production volumes; a new period of the super cycle is beginning – falling prices, said Russian Minister of Economic Development Maxim Reshetnikov. “It is very important for us …
Saudi Arabia Plans to Increase Oil Production Capacity in the Next Three Years
Energy Minister Prince Abdulaziz bin Salman noted that there are also plans to increase oil export capabilities. Saudi Arabia will increase its oil production capacity in the next three years, said Saudi Arabian Energy Minister Prince Abdulaziz bin Salman during a speech at the St. Petersburg International Economic Forum (SPIEF). …
In the Saratov Region, an Oil and Gas Company Will Invest 12.5 Billion Rubles in Production
It is planned to create about 70 new jobs. In 2024, the oil and gas company Dial Alliance will begin mining in the Yershovsky District of the Saratov Region. The total investment will amount to 12.5 billion rubles, the press service of the regional government reported. The corresponding agreement was …
Rosnedra Expects the Start of Lithium Production at the Kovykta Deposit
Rosnedra expects the start of lithium production at the Kovykta gas condensate field in the next 2-3 years in case of successful implementation of industrial technology for the extraction of lithium from bottom water, Rosnedra head Evgeny Petrov said in an interview with RIA Novosti on the sidelines of SPIEF. …
The Head of Rosnedra Spoke About the Volume of Exploration in Russian Companies
Russian companies in 2023 still maintain the volume of exploration both in the oil industry and in solid minerals, despite the sanctions pressure, said the head of Rosnedra Evgeny Petrov in an interview with RIA Novosti on the sidelines of the SPIEF. “So far, no company has reduced the volume …
It is Planned to Start Developing 4 Oilfields in the Irkutsk Region
The governor of the Irkutsk region I. Kobzev and the CEO of the company Russian Coal of Siberia O. Kharlamov signed a cooperation agreement for the development of 4 deposits in the Angara region. The signing of the agreement took place within the framework of SPIEF-2023. The company is going …
World Oil Reserves Are Already Replenished by 90 Percent, Igor Sechin Said
Underinvestment occurs not only in oil production, but also in exploration, world reserves are already being replenished by only 90%, Rosneft head Igor Sechin said at the St. Petersburg International Economic Forum. “Underinvestment occurs not only in production, but also in exploration, which has already led to an undercompensation of …
Igor Sechin Urged to Make the Oil and Gas Sector a Priority
Improving technologies in traditional oil production reduces emissions more than immature alternative technologies, the oil and gas sector at the current stage of the green transition should become a priority for development, said the head of Rosneft Igor Sechin, speaking at the St. Petersburg International Economic Forum. “Today, improving technologies …
Rosneft and CNPC Discussed the Implementation of Joint Production Projects
The head of Rosneft, Igor Sechin, and the chairman of the board of directors of CNPC, Dai Houlian, discussed the prospects for the implementation of joint production projects and cooperation in the technological field at the SPIEF, the Russian company said. “Igor Sechin and Chairman of the Board of Directors …
Three Russian Companies Will Jointly Explore the Continental Shelf
Rosneft, Rosgeologiya and Innopraktika signed contracts on the sidelines of the SPIEF to conduct research work to study the Russian continental shelf, the oil company said. “As part of the 26th St. Petersburg International Economic Forum, PJSC NK Rosneft, the non-state development institute Innopraktika and JSC Rosgeo signed contracts to …