Ireland-based Caspian explorer Dragon Oil has increased its first-half 2007 production by 52 percent to 28,300 barrels of oil per day, with an eighth new well planned for month’s end. 
Statoil would neither confirm nor deny on Tuesday the Norwegian state champion had been invited by Gazprom Neft, the gas monopoly's oil business, to help develop a field offshore Sakhalin island. 
Independent Russia producer Imperial Energy has rejected reports in the Russian English-language press in which Russia’s Ministery of Natural Resources reportedly disputes the oil company’s reserves claims. 
Total has all but secured reserves from Gazprom’s giant Shtokman gas field in the eastern Barents Sea, after a signing ceremony in Moscow Friday clinched a 25-year development deal, with options. 
U.K.-based Kazakh player Max Petroleum reported Friday that a “competant persons” audit of the reserves in its Kuzbak prospect suggest “risked” resources of 250 million barrels of oil equivalent. 
Gazprom has chose French oil company Total to jointly own the Shtokman project company which will own some $16 billion in infrastructure at the 3.6-trillion-cubic metre gas field in the eastern Barents Sea. 
TNK-BP’s gas business in Russia will spend $4 billion investing and acquiring in Russian and abroad this year, judging from a company statement.
Sakhalin Energy has started drilling Russia’s first two offshore gas-production wells from the Lunskoye-A platform in the Russian Far East after the Shtokman exploration wells in the Barents Sea. 
The European Bank for Reconstruction and Devleopment will raise by $8 million to $32 million the money it will put into a company developing a marine base by the Caspian Sea in the Bay of Bautimo, Kazakhstan. 
Sibir today announces that the crude oil production rate at its Salym fields now exceeds 80,000 barrels per day (bopd), a new record for the company. The Salym fields are located in western Siberia and are operated by Salym Petroleum Development NV (SPD, Sibir’s 50:50 joint venture with Shell). |
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Imperial Oil on Tuesday affirmed the oil industry’s 130-year-old fixation with Russia with an oil strike and the declaration of a $245-million pipeline project for wells expected to come on stream. 
Kaliningrad terminal owner and Western Siberian explorer Baltic Oil Terminals blamed costs and reported on Tuesday the widening of losses in 2006 by some £7.4 million over 2005 to £8.23 million, despite rising revenues. 
Oslo-listed Saga Oil has raised NOK180 million ($30 million) listing to private and institutional investors, it was announced Monday. 
BP’s Russian business TNK-BP has agreed to sell to Russian gas giant Gazprom its 62.89 percent stake in Rusia Petroleum, the company holding the license for the Kovytka gas field in East Siberia. 
TNK-BP will invest $1 billion every year for five years as the joint venture takes the lever of production for 2008, it was understood Thursday. 
Wintershall and Gazprom subsidiary WINGAS will build a $4 billion pipeline by 2015 to link up to Nord Stream, the pipeline being built under the Baltic Sea to help the Russian gas giant meet German demand.
Norwegian oil company Hydro has presented three design proposals for the development of Gazprom’s 3-trillion-cubic-metre gas field Shtokman in the Russian Barents Sea, judging from illustrations OilGas24.com saw Tuesday. 
Shell will continue to invest in Russian oilfield projects despite losing control of the Sakhalin project to Gazprom, Royal Dutch chief exec Jeroen van der Veer reportedly said Friday.
Russian license regulator Rosnedr has ruled a BP-owned company violated agreed terms at the giant Siberian gas field Kovytka, having pumped just 38.8 million annual cubic metres of gas and not the bargained for 9 bcm.
BP could lose hold of the 2-trillion-cubic-metre Kovytka gas field in Siberia this week, as regulators examine evidence brought by license-monitoring agencies that subsidiary TNK-BP has never attained agreed production rates. |
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