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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.
The U.S. and EU imposed economic sanctions on Russia over its annexation of the Crimea region in 2014 and role in the conflict in eastern Ukraine.
Russia's Gazprom Neft, the oil arm of gas giant Gazprom, said on Jan. 20 it has launched two more production wells at the Prirazlomnoye offshore Arctic oil field.
China’s COSL will use the Nanhai-9 rig to drill two exploration oil wells in water depths less than 150m in the Sea of Okhotsk in 2016, Reuters said.
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.
Novatek has reached an agreement to acquire the Chernichnoye Field from oil company Mangazeya JSC, the company said on Dec. 11.
BP and Azerbaijan agreed in September to extend to 2050 the contract to develop the country’s biggest oil fields, Azeri-Chirag-Guneshli (ACG), a deal dubbed “the contract of the century” when first signed in 1994 until 2024.
Iraq said on Oct. 18 it wanted to bring back BP Plc (NYSE: BP) to help develop Kirkuk oil fields.
Russian energy giant Gazprom plans to launch the Yuzhno-Kirinskoye gas field offshore Russia's Sakhalin Island.
The two companies recently signed a memorandum of understanding confirming their interest in further developing Evrotek-Yugra, a joint enterprise between Gazprom Neft and Repsol, according to a news release.