Russia & CIS ///
Taas-Yuryakh Neftegazodobycha increased oil production by 18.9% in 2016 compared to the same period in 2015.
Gazpromneft-Sakhalin, a subsidiary of Gazprom Neft, has signed a contract with Hakuryu 5, Inc. (a 100%-owned subsidiary of Japan Drilling Co., Ltd., Japan) regarding the leasing of a drilling rig for construction of a prospecting and appraisal well at the Ayashsky licence block, located on the continental shelf of the Sea of Okhotsk.
Rosneft has begun drilling of the first exploration well at the Block 12 in the Republic of Iraq.
Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.
The biggest oil producers in the Middle East are helping crude from Western Siberia boldly go where it’s rarely gone before.
As part of its ongoing technology strategy, Gazprom Neft has established a program directed at developing technologies to exploit oil reserves located below a gas cap.
Russia’s largest oil field, so far past its prime that it now pumps almost 20 times more water than crude, could be on the verge of gushing profits again for Rosneft.
Based on the geological exploration results and the revision of previous estimates, LUKOIL added 0.7 Bbbl of oil equivalent to its proved reserves in 2016.
OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said.
Wintershall is moving its Russian branch office, which currently has around 90 employees, from Moscow to St. Petersburg in August 2017.
Fluor Corporation has announced its JV team, KPJV, has been selected by Tengizchevroil LLP (TCO) to execute the front-end engineering and design (FEED) for the multi-phase pump project in Kazakhstan.
European gas traders are once again focusing on exports from its biggest supplier as freezing weather is set to return to the region.
Gazprom Neft has successfully completed pilot testing of Russia’s first-ever domestically produced polycrystalline diamond composite (PDC) drill bit, during pilot drilling at its Vyngapurovskoye field, Yamalo-Nenets Autonomous Okrug.
Gazprom Neft has met its annual production targets at the Prirazlomnaya offshore platform, with a total 2,154,000 tonnes of ARCO (Arctic Oil) being produced at the field in 2016—a more than 2.5-fold increase on 2015 volumes.
Gazprom Neft subsidiary Gazpromneft-Shelf has commissioned two new production wells at Prirazlomnoye field, bringing the total number of wells in operation at the Prirazlomnaya platform—the only oil production project on the Russian Arctic Shelf—to 10.
Fluor Corp announced that it was awarded a two-year engineering services framework agreement with North Caspian Operating Co (NCOC) for conceptual studies and front-end engineering for its projects in the Caspian region.
Gazprom Neft subsidiary Gazpromneft-Yamal has announced plans to begin pilot operations at the Severo-Samburgskoye field, located in the Purovsky district in the Yamalo-Nenets Autonomous Okrug, in 2017.
Gazprom Neft has opened up a new field in Serbia with recoverable reserves in the order of 432,000 tonnes.
Halliburton Company has made a filing with the Federal Antimonopoly Service of Russia (FAS) in connection with a potential acquisition of an interest in Novomet Oil Services Holding Limited.
SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) have signed a Letter of Intent (LoI) for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea.