Exclusives

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.

Deepwater International

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.

Exploration

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.

Chevron Corp. may pull out of a shale-gas project in western Ukraine, further frustrating the country’s efforts to cut its dependence on Russia.

Production

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.

Technology

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.

The stimulus program would consider compensating two-thirds of the central bank refinancing rate in effect when a credit agreement is signed, and the loans may be granted for seven to 10 years.

BP Plc is in talks to buy a direct stake in an East Siberian oil producer from OAO Rosneft, according to a person with direct knowledge of the matter.