Russia & FSU
News
February 19, 2026
bp has renewed a long-term offshore operations and maintenance contract covering eight platforms in Azerbaijan’s Caspian Sea, with the agreement potentially exceeding $1 billion and reinforcing long-standing partnerships supporting safe, efficient regional production.
News
February 18, 2026
Russia’s oil drilling activity fell to a three-year low in 2025 as sanctions, weaker prices and a strong ruble pressured revenues, raising concerns about the country’s ability to sustain crude production and meet future OPEC+ supply targets.
News
February 17, 2026
Condor Energies has reported a 5.3-MMscf/d test from a new well at the Kumli field in Uzbekistan, supporting field extension and ongoing gas development across its Central Asia operations.
News
January 29, 2026
Private equity firm Carlyle Group has agreed to acquire most of Lukoil PJSC’s international oil and gas assets in a transaction structured to comply with U.S. sanctions, excluding Kazakhstan and subject to regulatory and OFAC approvals.
News
January 29, 2026
Condor Energies Inc. reported progress on its multi-well drilling campaign in Uzbekistan, including a record-length horizontal well with strong gas shows, while announcing the sale of its Turkish gas assets to sharpen its strategic focus in Central Asia.
News
January 26, 2026
Kazakhstan has scored a partial win in a long-running arbitration with international oil companies, potentially leaving Karachaganak partners facing up to $4 billion in compensation tied to disputed cost recoveries.
News
January 26, 2026
Kazakhstan is moving to restore production at the Tengiz oil field after power disruptions, as operator Tengizchevroil works to normalize output and exports.
News
January 11, 2026
Ukraine said it struck multiple Lukoil-operated offshore oil platforms in the Caspian Sea, escalating pressure on Russia’s energy sector. The attack highlights growing risks to upstream infrastructure as energy assets become direct targets in the conflict.
News
December 17, 2025
MOL Group and SOCAR have signed a new onshore exploration and production sharing agreement in Azerbaijan’s Shamakhi-Gobustan region, with MOL as operator. The deal strengthens their Caspian partnership and sets the stage for seismic work in 2026, followed by future exploration drilling.
News
November 24, 2025
Condor Energies has reached TD on its first horizontal well in Uzbekistan’s Andakli field while two new Jurassic clastics workovers lifted production to nearly 12,000 boed. Early results point to a scalable new gas play as the company prepares for an expanded drilling program in 2026.
News
November 21, 2025
Russia’s Lukoil PJSC has dissolved the supervisory board of its international business as U.S. sanctions take effect, signaling deepening operational and financial strain for the oil producer. The move comes as global buyers examine Lukoil’s overseas assets and trading operations contract under mounting pressure.
News
November 18, 2025
ExxonMobil, Chevron, ADNOC and Carlyle are evaluating parts of Lukoil’s international portfolio as U.S. sanctions set to take effect in December accelerate the Russian producer’s efforts to divest global assets, including stakes in Iraq’s West Qurna 2 field and operations in Uzbekistan.
News
November 18, 2025
The U.S. Treasury says its latest sanctions on Rosneft and Lukoil are pushing Russian crude prices to multi-year lows and prompting major Indian and Chinese buyers to pause December purchases. Officials warn additional measures may follow as the U.S. targets Moscow’s oil revenue.
News
November 13, 2025
The IEA says new U.S. sanctions on Rosneft and Lukoil pose major downside risks to Russia’s oil output and global supply, despite exports holding steady for now.
News
November 11, 2025
Governments across Europe and the Middle East are scrambling to maintain operations at Lukoil’s global oil assets after the U.S. Treasury sanctioned Russia’s number two oil producer and blocked a proposed sale to Gunvor Group.
News
November 10, 2025
Lukoil has declared force majeure on oil shipments from Iraq’s West Qurna 2 field following new U.S. sanctions, marking the first major disruption to the Russian producer’s international operations.
News
October 29, 2025
U.S. President Donald Trump’s newly announced sanctions on Russian oil companies are facing a first major challenge in talks with Xi Jinping. Analysts say China’s response will be key to starving Kremlin revenue and tightening global oil markets.
News
October 24, 2025
Nomura Holdings says India’s shift away from discounted Russian crude will be offset by potential lower U.S. tariffs under a new trade deal, easing the impact on growth. Economists expect reduced levies to boost India’s export competitiveness while managing inflation risks from higher oil prices.
News
October 23, 2025
U.S. sanctions targeting Russian oil producers Rosneft and Lukoil are unsettling China’s oil industry, which relies on Moscow for up to 20% of its crude imports. The measures, part of the Trump administration’s wider energy sanctions, raise fears of supply disruptions and secondary penalties.
News
October 16, 2025
India’s foreign ministry said it was unaware of any conversation between Prime Minister Narendra Modi and President Donald Trump after the U.S. leader claimed Modi had agreed to stop Russian oil purchases. Despite U.S. pressure and new tariffs, India maintains it will continue buying Russian crude.
News
October 15, 2025
bp and the Shah Deniz consortium have awarded three major offshore contracts worth about $700 million to the Saipem and BOS Shelf joint venture for the Shah Deniz Compression (SDC) project in the Caspian Sea.
