Russia relies on companies including ExxonMobil, BP, Halliburton and Schlumberger for the latest technology and expertise.
The Obama administration’s targets include OAO Rosneft, OAO Novatek, OAO Gazprombank and eight defense firms.
At 20%, BP holds the single biggest foreign investment in Russia.
Investment from energy companies is vital to Ukraine’s mission to pull away from Russian control.
The potential loosening of Russian red tape could provide enough slack for both foreign and domestic oil and gas companies to increase profits and build partnerships.
Oil is now flowing from the last of three shallow water but very harsh environment fields developed by ExxonMobil in the sub-Arctic Sakhalin area off the east coast of Russia.
Lukoil owns 30% in the project in West Africa. New Age Ltd. is the operator with 30%, Bowleven Plc has 20% and Societe Nationale des Hydrocarbures of Cameroon has 20%, Reuters said.
Following additional perforations in the shallower A2 carbonate reservoir and acid treatment, co-mingled production with the G7-12 sandstone reservoirs, the well produced 5.21 MMcf/d of gas and 18 bbl/d of condensate.
The Makeevskoye-22 (M-22) exploration well has encountered gas in six zones after reaching a depth of 3,629 m (11,906 ft), Serinus Energy Inc. (SEN) said in a news release.
Eni, in partnership with Rockhopper, has been awarded an exploration license within the Croatian First Offshore Licensing Round.
The second-largest U.S. energy producer will pull out of an agreement for exploring the Oleska field in western Ukraine, a government official said this week.
Western sanctions against Russia and Rosneft led Rosneft to cancel a roughly-$150 million contract for Northern Offshore’s Energy Endeavour jackup in the Russian Arctic, Reuters said.
Statoil believes the drilling proposals lie outside the scope of current international sanctions against Russia. The company plans to drill the wells with OAO Rosneft, Reuters said.
Output of 505 million metric tons is equivalent to about 10.1 MMbbl/d, while Saudi Arabia’s output last month was 9.75 MMbbl/d last month, according to Bloomberg estimates. Oil and gas account for more than half of Russia’s budget revenue.
An existing law stipulates that only state energy majors Rosneft and Gazprom can explore offshore fields, but Lukoil, Russia's No.2 oil producer, calls for allowing private firms, Reuters said.
North Atlantic Drilling said the contract was scheduled to begin in December and last until November 2020, Reuters said. Rosneft also issued a termination notice for the West Navigator vessel.
The SOCAR Cape JV has been awarded three significant contracts in Azerbaijan.
The company has set its plans for this year based on an average oil price of $50/bbl.
The Skytop drilling rig is being stacked following its recent completion of well Ig-140, and operational and ancillary costs reduced.