Russia & CIS ///

Kazakhstan overtakes Iraq as OPEC pact's biggest over-producer

Kazakhstan has overtaken Iraq to become the biggest over-producer in the pact between OPEC and its allies to curb oil output.

Petro Matad completes 3D survey in Mongolia's Tugrug basin

Further to the Company’s announcement on Oct. 4, 2017, Petro Matad, the AIM quoted Mongolian oil explorer has provided an update on its 3D seismic acquisition program.

Gazprom Neft drills first-ever multi-lateral well in Russia

Gazprom Neft subsidiary Gazpromneft-Yamal has completed construction of Russia’s first ever multi-lateral well with four horizontal cased-hole side tracks, at its Novoportovskoye field.

Saudi Aramco cuts oil pricing to U.S. amid record-low supply

Saudi Arabia cut February pricing for most of its crude sales to the U.S. for a second month even as the world’s largest oil exporter ships record-low volumes to American buyers in an effort to help trim a global glut.

Russia-China oil friendship makes crude costlier for Europe

Europe’s set to be stuck with a higher oil bill as Russia shifts more of its supply to the Chinese oil market.

Russia natural gas output jumps to record in expansion drive

Russia’s natural gas production rose to its highest ever last year, driven by increasing sales to Europe and rising domestic demand.

Russia tightens oil grip in top market as China opens second pipeline

A second Sino-Russian oil pipeline began operations on New Year’s Day, doubling China’s capacity to import crude from the East Siberia-Pacific Ocean system.

Messoyakhaneftegaz secures loan to develop Russia's northernmost onshore field

Gazprombank and Sberbank have released credit facilities under the first tranche of a syndicated loan facility for the Messoyakha project, agreed on Dec. 22, 2017.

Gazprom says Austrian blast isn't reason to worry

Europe shouldn’t overreact to the shock to natural gas markets caused by an explosion earlier this month in Austria, according to Gazprom PJSC.

Russia to keep its grip on Europe's gas market after record 2017

Russia is working to keep natural gas exports to Europe near record levels in 2018 after the continent’s biggest supplier, Gazprom PJSC, said its deliveries this year signal it is achieving on its ambitions to expand.

Lukoil produces one million tonnes of oil at Yarega field in 2017

Lukoil has reached another milestone with one million tonnes of oil produced at Yarega field, in the Komi Republic, since the beginning of 2017.

Rosneft spuds first ultra-deepwater exploration well in Black Sea

Rosneft has spudded the Maria-1 exploration well offshore in the Black Sea. Forecasted oil in place for Zapadno-Chernomorskaya licence area is estimated to exceed 570 million tons.

Basis laid for another pipeline route of Russian gas supplies to China, Gazprom says

Negotiations continue over the planned supplies from Russia’s Far East.

Russia led the world for oil and gas discoveries in Q3 2017, GlobalData reports

A total of 30 oil and gas discoveries were made in the third quarter of 2017. Of these, 18 are conventional oil, one is heavy oil, one is unconventional gas, and the remaining 10 are conventional gas, according to GlobalData, a data and analytics company.

Rosneft board agrees on Samotlor development program

Rosneft's board of directors affirmed key parameters for Samotlor field development program.

Gazprom to splurge on EU gas pipe as U.S. weighs penalties

Russia’s natural gas exporter is channeling more money into the fight for market share as the U.S. threatens its biggest European pipeline project with possible sanctions and delivers tankers of fuel to the region.

Russia's upstream projects will require $102.6 billion by 2020, says GlobalData

An average of $34.1 billion per year in capital expenditure will be spent on 1,673 oil and gas fields in Russia between 2018 and 2020, according to GlobalData, a leading data and analytics company.

Drilling Advances

Jim Redden, Contributing Editor

Bigger nail and hammer

Genoil to develop 1.8 Bbbl of reserves in Sakha Republic, Russia

Genoil (GNOLF) has signed an agreement to develop five oil and gas fields in the Sakha Republic (Yakutia), Russia, with recoverable reserves of 1.8 Bbbl. The scale of the project will require $35 billion, with the first phase costing $6 billion, representing a landmark agreement for Genoil.

Novatek acquires Chernichnoye field

PAO Novatek has announced that an agreement was concluded to acquire OOO Chernichnoye from Oil Company “Mangazeya” JSC. The transaction is expected to close in early 2018.