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Between now and 2025, a fairly stable production level is expected to be observed in Russia, analysts say.
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.
Gazprom Neft said on Jan. 9 that its affiliate, Gazpromneft-Yamal, completed the construction of Russia’s first ever multilateral well with four horizontal cased-hole sidetracks, at its Novoportovskoye Field.
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.
Rosneft has said it could delay the start of production at some new fields, namely east Siberia’s Uyrubcheno-Tokhomskoye and Russkoye in the northern Yamal Nenets region.
Iran and Russia signed a deal on March 14 to develop two oil fields in Iran, according to Iranian state TV.
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.