The company plans to more than double its oil and gas production from overseas fields in four years.
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.
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.
In February, Schlumberger said it planned buying a 45.65% stake in Eurasia for about $1.7 billion, potentially becoming sole owner of Russia's most active oilfield services company, Reuters said.
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 production license is valid until 2035 and covers about 50 sq km. Morskaya Field might hold 157Mboe in gross contingent resources.
LLC Petroresurs owns the field.
As companies including OAO Gazprom, OAO Novatek and OAO Rosneft get new Siberian gas fields up and running, they’re also boosting output of ultralight condensate, Bloomberg said.
Vankor, launched by state-run Rosneft in August 2009, is Russia's northernmost onshore oil production project. It has 476 million tonnes of recoverable oil and gas condensate reserves, Reuters said.
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.
In appointing Baranov, Rosneft gains an executive with more than seven years’ experience at another large, state-controlled company, where he held a similar post.
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.