Exclusives

The company plans to more than double its oil and gas production from overseas fields in four years.

Land & Leasing

OMV said the deal would reduce the group’s production costs, adding it would be entitled to the field’s dividends starting 2017, with annual payments of about $200 million expected in the mid-term.

Rosneft said the number of drilling rigs will increase by 19% following the deal, Reuters reported.

No agreement has been reached to date, the press release said, and any potential transaction requires regulatory approvals and other conditions including definitive documentation.

​Russian energy company Gazprom and Austrian oil and gas group OMV reached an outline deal on Dec. 14 to swap a 38.5% stake in OMV’s Norwegian unit for a 25% stake in a section of Gazprom’s Urengoy gas field.

Rustem Khamitov, president of Russia's internal Republic of Bashkortostan, said on Oct. 21 it was unlikely that Russian oil major Rosneft will offer to buy its 25% stake in Bashneft, Reuters reported.

Reservoir Evaluation

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.

Wildcats & Stepouts

In 2015, the U.S. restricted exports, reexports and transfers of technology and equipment to the Yuzhno-Kirinskoye Field, which is part of the wider Kirinskoye deposit, Reuters reported.

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.

Testing of well E-303 on the Elizavetovskoye Field in Ukraine indicates a gross pay of 167 m (548 ft) spread over eight reservoir horizons, JKX Oil & Gas said in a news release.