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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.
The company plans to more than double its oil and gas production from overseas fields in four years.
Russia relies on companies including ExxonMobil, BP, Halliburton and Schlumberger for the latest technology and expertise.
The Obama administration’s targets include OAO Rosneft, OAO Novatek, OAO Gazprombank and eight defense firms.
Novatek has reached an agreement to acquire the Chernichnoye Field from oil company Mangazeya JSC, the company said on Dec. 11.
Russia’s Gazprom Neft will work with the world’s largest oil producer Saudi Aramco in hard-to-recover oil production and on a technology known as hydraulic fracturing, Gazprom Neft CEO Alexander Dyukov said on Oct. 18.
The two neighboring countries have already signed a deal to exchange older seismic data from the border zone, Reuters said.
Keppel O&M and Rosneft will have shares of 45% each in the JV, while MHWirth will hold 10% while adhering to existing U.S. and EU sanctions imposed on Russia’s offshore sector, Reuters reported.
Rosneft OAO weighs whether to join Venezuela’s PDVSA in the Mariscal Sucre natural gas project offshore Venezuela, Bloomberg said. Venezuela might use the gas to phase out imports from Colombia.
New oilfields lead to larger capacity of Caspian pipeline.
Chornomornaftogaz said it had moved the two rigs, worth 25 billion rubles (US$357 million), into Russian territorial waters, Reuters reported. Russia annexed Crimea from Ukraine last year.
Located on the northeast coast of Russia’s Sakhalin Island, the Berkut oil platform is one of the world’s largest floatover platforms and is designed so that the topsides are isolated from the base using friction pendulum bearings, a news release said.
The stimulus program would consider compensating two-thirds of the central bank refinancing rate in effect when a credit agreement is signed, and the loans may be granted for seven to 10 years.
West Alpha could end up operating offshore Norway instead of going back to Russia in 2015, said Dominic Genetti, operations manager for Exxon Mobil in Norway.
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.
Iran and Russia signed a deal on March 14 to develop two oil fields in Iran, according to Iranian state TV.
ExxonMobil’s exit from projects will not affect the Sakhalin project off the eastern coast of Russia, ExxonMobil and Rosneft spokesmen said.
The fund between Russia and Saudi Arabia was part of efforts by two of the world's biggest oil producers to expand cooperation, Russian Energy Minister Alexander Novak said.
The company has billions of dollars in debt coming due in the months ahead. And the Rosneft deal—CEFC’s most high-profile to date—will aggravate its debt burden.
Market players are concerned that the change of a top manager in charge of oil supplies might result in Lukoil supplying less oil to the domestic market, Reuters reported.
One person was killed and six injured on July 27 in a gas explosion at the Verkhnechonsk Field in eastern Siberia operated by Russia's largest oil producer Rosneft, the company said.
Vadim Son will become CFO of Volga Gas Plc, the company working in Russia’s Volga region said April 13. Effective that day, Tony Alves resigned as CFO.
DEA Group and LetterOne didn’t give financial details, but a LetterOne spokesman confirmed the sale. In April, Britain's Energy Ministry gave Fridman six months to dispose of fields, Reuters said.
The assets are 11 oil and gas fields, including a 70% stake in the Breagh Field which produces 3% of Britain's annual gas output, Reuters said.
Russian oil output was stagnant at 10.97 million barrels per day for a third month in a row in May, again exceeding quotas set under a global deal.
Russian oil output stood at 10.97 million barrels per day (bbl/d) in April, unchanged from an 11-month high in March and above a target set by a deal with OPEC on curbing output, Energy Ministry data showed on May 2.
The U.S. sanctions list also now includes Sergey Topor-Gilka, head of the Russian engineering company Technopromexport, as well as multiple subsidiaries of oil producer Surgutneftegaz.
House Science and Technology Committee Chairman Lamar Smith, a Texas Republican and climate change denier, asked the CEOs of the technology companies to turn over documents by Oct. 10 that detail the involvement of Russian-based or funded entities detected on their platforms, information on ads they purchased and any communications concerning ads advocating for “so-called green initiatives.”
Houston-based Schlumberger applied to the watchdog for approval to buy the stake in late July in a deal widely seen as testing the state of relations between Russia and the U.S.