Russia & CIS ///
The Norwegian Petroleum Directorate (NPD) and Russia’s Federal Subsoil Resources Management Agency (Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea.
Oil dropped for a third day after industry data showed U.S. crude stockpiles expanded as Russia reiterated it would prefer freezing output at current levels rather than cutting.
Lukoil has started commercial production at Pyakyakhinskoye oil and gas condensate field in the Yamal-Nenets Autononous District, the company said Tuesday.
As Russia gets ready for talks on cooperation with OPEC on Monday, it’s using the playbooks of Iran, Iraq and Venezuela to gain leverage.
Russia’s largest oil company said the nation is capable of a substantial increase in production, less than two weeks after President Vladimir Putin pledged his support for international efforts to limit output.
Condor Petroleum Inc. has announced that commercial oil production has commenced at Taskuduk field in Kazakhstan.
Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
OPEC’s most senior official talked up Russia’s commitment to joining efforts to limit oil production even as the group’s internal disagreements over how to share the burden of cuts stood in the way of a global deal.
Russian oil companies will unify behind their government if talks with the Organization of Petroleum Exporting Countries result in an agreement to limit output, including cuts, said the country’s second-largest producer.
Oil rose to a one-year high in London as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord.
Oil dropped near $50/bbl after Russia cast doubt over a deal anytime soon with OPEC, following the cartel’s pledge to reduce output.
Russia is sticking with an assumption that oil will average $40/bbl in the next three years and won’t take a bait by revising its budget outlook after a preliminary agreement by OPEC on its first production cut in eight years, according to Finance Minister Anton Siluanov.
Topaz Energy and Marine, a leading offshore support vessel company, has secured substantial contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016. The two contract wins announced in the second and third quarter together represent revenue of more than $500 million. The two contracts bring Topaz’s backlog to approximately $1.6 billion.
Topaz Energy and Marine has been named as the technical manager of three vessels by a consortium comprising Blue Water Shipping and Kazmortransflot.
MOSCOW – Gazprom has reported a new gas and condensate field in the Sea of Okhotsk, near Russia’s Sakhalin island.
Russia’s northernmost active oil field has entered commercial production.
ONGC Videsh, a wholly owned subsidiary of India's Oil and Natural Gas Corporation, has signed definitive agreements with Rosneft to acquire an additional 11% stake in JSC Vankorneft, which is the owner of Vankor field and the North Vankor license.
Is the Russian ruble more weakly linked to oil than before?
Kazakhstan’s giant Kashagan oil field has taken 16 years and more than $50 billion to bring to the verge of production. It could take another decade to reach its potential, with initial output at half the forecast level.
Condor Petroleum Inc. has announced that the Shoba Production Contract has been executed with the Government of Kazakhstan, which provides for commercial production at the company’s 100% owned Shoba oil field.