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Stratas Advisors forecasts that East Siberia will ultimately replace West Siberia as the country’s most productive region.
Costs for the development have swelled to about $50 billion as the industry copes with lower commodity prices, prompting concern among analysts about project partners’ capex recovery.
Despite much of the upstream industry’s Arctic ambitions being in deep freeze, Russia has been quietly operating its handful of producing projects with little fuss.
Despite the downturn and sanctions, Russia has grown production but there are signs of fragility in the energy sector, panelists say.
“Russia is increasingly looking east and the various deals made between Rosneft and China are likely to see more Russian crude head to China permanently,” an analyst told Bloomberg.
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.
Novatek said the field has estimated reserves of more than 320 billion cubic meters (Bcm) of natural gas under Russian reserve classification, and its total resources at the drilled well area are estimated at more than 900 Bcm of natural gas.
Austrian energy group OMV on Oct. 3 said it has agreed to buy Siberian gas assets from Gazprom instead of swapping them for some of its own assets, giving in to opposition from Norway to the initial plans.
Rosneft filed the suit in the Sakhalin district arbitration court in Russia’s Far East, accusing the consortium of unjust enrichment, an allegation the consortium denied. Rosneft did not disclose the exact nature of the dispute.
Russian average monthly oil output exceeded 11 MMbbl/d in June for the first time since April 2017 as leading global oil producers started to ease output curbs, Energy Ministry data showed on July 2.
Italian oil major Eni has no plans to pull out of its joint venture with Russia's Rosneft despite escalating sanctions against Russia, CEO Claudio Descalzi says.
Russian oil output reached 11.36 million barrels per day (MMbbl/d) in September, a post-Soviet high helped by higher production from Rosneft and foreign-led projects, Energy Ministry data showed on Oct. 2.
Production of oil and natural gas at the Russian Pacific island of Sakhalin is expected to decline next year, the local government said in an emailed response to a Reuters query on Sept. 20.
Energy minister says Russia can raise output if needed.
Neptune, located near the Sakhalin island in the Pacific Ocean, was Gazprom Neft’s largest oil discovery last year.
The Gazpromneft-Vostok joint venture represents Mubadala Petroleum’s first investment in the Russian oil and gas sector.
Global energy bosses assembled in Moscow on Oct. 3 said the world needed Russian gas to keep the lights on, in a clear message to U.S. President Donald Trump who has warned he may impose sanctions on Russian gas export projects.
The Kremlin on July 12 rejected President Donald Trump's description of Germany as a "captive" of Russia due to its energy reliance, saying his statement was part of a U.S. campaign to bully Europe into buying American energy supplies.
President Donald Trump accused Germany of being a “captive” of Russia on July 11 as Western leaders gathered in Brussels for a NATO summit where Trump wants Europeans to pay more for their own defense.
Russian Energy Minister Alexander Novak said on June 26 he discussed U.S. sanctions on Russia and Moscow’s plan to expand its Nord Stream gas pipeline to Germany, which has irked Washington, in talks with U.S. Treasury and Energy Secretaries.
U.S. Energy Secretary Rick Perry will meet Russia’s energy minister next week in Washington, D.C., a person familiar with the situation said on June22.