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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.
Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bbl/d) in January, its energy minister said on Dec. 11, less than its final target under a global production deal reached last week, aiming for gradual, smooth reductions.
Russian oil output stood at 11.37 million barrels per day (MMbbl/d) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Dec.2.
Gazprom Neft Orenburg has tripled its oil production in the past five years and plans to produce 2.7 million tonnes in 2018—a level close to that of its Prirazlomnoye oil field in the Arctic Barents Sea, the only such project in Russia.
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.
Russian gas giant Gazprom said on Dec. 5 it had begun operations at a third and final unit at its Bovanenkovo gas field on the Arctic Yamal peninsula, allowing it to boost natural gas production.
U.S. officials said Russia facilitated the delivery of oil from Iran to Syria, and that a variety of mechanisms were used in an attempt to conceal the shipments and oil-related payments.
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.
Neptune, located near the Sakhalin island in the Pacific Ocean, was Gazprom Neft’s largest oil discovery last year.
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.