When Will Russia Run Out Of Oil?

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On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 When will Russia run out of oil?

Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

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November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. Both, it would seem, have incentive to do so, as each has lost over $100 billion in crude revenues in 2015—and Russia bears the extra burden of U.S.

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Opinion: Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry

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Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. The result is a heavier discount for Russia’s crude oil, the so-called Urals blend.

Russia 118

Russia falls further behind in renewable energy as oil keeps Putin in power

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It's difficult to invest in renewable, alternative sources of energy when state-run oil pays the bills. Now The Financial Times has taken a look at Russia's growing lag in embracing renewable energy to offer a serious alternative to oil and. oil Politics Russia renewable energy fossil fuelsAnd it's even harder for renewable energy when gasoline is all but free, courtesy of the same state.

Opinion: Is Russia Plotting To Bring Down OPEC?

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President Putin’s recent moves in the Middle East—to shore up Bashar al-Assad’s regime in Syria through deployment of combat aircraft, equipment, and manpower and build-out of air-, naval-, and ground-force bases, and the agreement in the last week with Iran, Iraq, and Syria on intelligence and security cooperation—could contribute to Russian efforts to combat the myriad negative pressures on Russia’s vital energy industry. Russia supplied about 30 percent (146.6

IEA: key oil trends 2018

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Total OECD annual production of crude oil, natural gas liquids (NGL), and refinery feedstocks increased by 10.3% Canadian production also increased on an annual basis (+8.1%), due to robust production of crude oil, while Mexico’s production continued to fall (-6.3%).

2019 100

Eni report: global oil reserves and oil production up in 2018 due to US

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Eni has released the 18 th edition of the World Oil, Gas and Renewables Review , the annual statistics report on oil, natural gas and renewables sources. In 2018, global oil reserves rose slightly (+0.4%), mainly due to growth in the US. Source: Eni World Oil Review 2019.

2019 83

GE and Rosneft to form joint venture to modernize Russia’s oil and gas infrastructure Downloads

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GE and OJSC Rosneft, one of the world’s leading oil companies, signed a strategic agreement to establish a joint venture focused on developing local expertise and technology solutions for the growing oil and gas sector in the Russian Federation. The agreement, which will strengthen both GE and Rosneft manufacturing and commercial capabilities, is part of GE’s plan to invest $1 billion in the oil and gas industry in Russia by 2020.

Russia’s Rosneft to invest $16B to develop Carabobo 2 extra-heavy crude in Venezuela; first oil from Junin

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Daily crude oil production is expected to be approximately 450,000 barrels per day, according to Rosneft. Oil-in-place at the blocks is approximately 6.5 oil sands). The US Geological Survey (USGS) characterizes extra-heavy oil as having an API gravity of less than 10°.

Russia to cut export duty on ultra-heavy oil to stimulate production

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Business Mir reports that the Russian government has decided to cut the export duty on ultra-heavy oil to a mere 10% of the standard rate for 10 years to stimulate production. According to estimates, oil companies will save $100mn with current production levels and as much as $1.3bn if output of that grade increases according to Energy Ministry forecasts. The decision will mostly benefit Tatneft, LUKoil and Alliance Oil, according to the report.

OPIS: Russia’s shipments of diesel to Europe surged 55% in first eight months of 2014

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Satellite tracking of oil cargoes by market reporting group OPIS shows that Europe’s dependence on Russia for road fuels in the 28 member countries has deepened significantly. Diesel imports from Russia are at a record in the first eight months of 2014, with Germany the most reliant, followed by France, and then the UK. Russia exported around 10.3

2014 88

Westport & Gazprom sign agreement targeting NGV system & component manufacturing in Russia

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and Gazprom of Russia’s subsidiary Gazprom Gazomotornoye Toplivo (Gazprom) have signed a market development agreement focused on expanding the use of natural gas vehicles in Russia and the localization of manufacturing of Westport’s Emer brand natural gas products. Thirty-one regions in Russia have been selected for investment projects promoting the use of natural gas as a vehicle fuel. Westport Innovations Inc.

2015 73

Russia Moves To Rein In Gas Flaring, Mandating 95% Gas Capture by 2012; Signals About-Face On Climate Change

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The Russian government has ordered oil companies to take steps to. We really do need to take quick and decisive action, and no objections from the [oil] production companies should be. Prime Minister Vladimir Putin, directing oil companies to achieve 95%. by Jack Rosebro.

Repsol and Alliance Oil to form an exploration and production JV in Russia

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Repsol and Alliance Oil Company have signed a Memorandum of Understanding to form a joint exploration and production (E&P) venture that will serve as a growth platform for both companies in the Russian Federation, the world’s largest oil and gas producer. Russia was the largest producer of crude oil in 2009, surpassing Saudi Arabia.). Alliance Oil Company Ltd is a leading independent oil company with vertically integrated operations in Russia and Kazakhstan.

Skolkovo Foundation greenlights £9.3M international consortium to make oil refining in Russia more efficient and sustainable

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Russia’s Skolkovo Foundation has approved the establishment of a £9.3-million (US$15 million) Center of Applied Research on Energy efficient Heat Exchange and Catalysis (Project “UNIHEAT”), involving Imperial College London, the Boreskov Institute of Catalysis and BP. The Center will be funded by the Skolkovo Foundation and BP Russia.

Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. In October, Saudi sources first prepared the market with statements that the country would be comfortable with oil prices as low as $80 per barrel for “a year or two.” Plunging oil prices have substantially reduced Saudi revenues.

2015 98

Arctic oil on life support

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Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored. As drilling technology advances, conventional oil reserves become harder to find, and climate change contributes to melting sea ice, the Arctic has moved up on the list of priorities in oil company board rooms. Arctic Oil

2015 76

The Oil War Is Only Just Getting Started

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The Oil War Is Only Just Getting Started. It’s been a month now that investors and analysts have been closely watching two main drivers for oil prices: how OPEC is doing with the supply-cut deal, and how US shale is responding to fifty-plus-dollar oil with rebounding drilling activity. In the next couple of months, official production figures will point to who's winning this round of the oil wars. Oil demand growth is expected to slow down in the years to come.

2017 78

Opinion: Who Will Be Left Standing At The End Of The Oil War?

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But these are just the costs of lifting oil out of the ground. State-owned oil companies often have many more responsibilities than just producing oil. It’s hard to measure costs when this oil has to pay for all the luxuries of the Saudi royal family. Oil Opinion

2016 109

National oil companies hold top spots in Energy Intelligence’s ranking of top oil firms

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State-owned oil companies are retaining their dominant position in the world petroleum industry according to Energy Intelligence ’s annual ranking of the world’s top 50 oil and gas companies, which was published today in Petroleum Intelligence Weekly (PIW). It is the only ranking system that compares private sector firms with national oil companies. The top three spots are held by national oil companies and more than 60% of the top 25 firms are majority government-owned.

Are The Saudis About To Reveal The Best Kept Secret In Oil?

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One of the oil world’s longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades. Saudi Arabia often trades off with Russia—and more recently, with the US—as the world’s largest oil producer. But while it produces at similar levels as Russia and the US, it is long been a vastly more influential player in the oil world.

New vessel could halt future oil spills

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With the world still reeling from the Deepwater Horizon, it’s encouraging to hear that major oil spills may be tackled with greater urgency in the future thanks to a new generation of icebreaking and rescue vessels. Tags: Green credentials Latest news Deepwater Horizon Finland Green cars icebreaking vessel new vessel oil spill Russia tackling oil spills

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Opinion: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

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If You’re a Free Range Oil Producer. Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. as the drop in oil prices over the last year has put a strain on the nation’s finances.". Market Background Oil Opinion

2015 101

Gazprom begins oil production in offshore Arctic

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Russia’s Gazprom has begun oil production at the offshore Prirazlomnoye field in the Arctic—the first development on the Russian offshore Arctic shelf. Recoverable oil reserves for the field are 71.96

2013 99

Statoil and Rosneft move to implement strategic cooperation agreement; Barents Sea and onshore Russia

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The Joint Technical Evaluation Agreement covers shale oil deposits at the Khadumsky formation in the Stavropol territory and highly viscous oil located below the gas cap at the Severo-Komsomolsky field in the Yamalo-Nenets autonomous district. Statoil and Rosneft signed agreements on joint bidding for exploration licenses in the Norwegian Barents Sea and on Joint Technical Evaluation covering two Russian onshore assets.

$67 Oil Has All The Majors Converging in Argentina

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Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry. Market Background Oil

US Shale Is Immune To An Oil Price Crash In 2017

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shale in particular—is effectively capping the oil price gains from that agreement. Four months after the OPEC/NOPEC deal took effect, oil prices dropped to the levels preceding the agreement, amid concerns over still stubbornly high inventories and rising U.S. Oil production in the Lower 48 excluding the Gulf of Mexico is expected to rise until the end of the year even if the price of oil plunges to US$40, Rystad’s analysis shows.

2017 65

Opinion: China To Continue Expanding Its Influence In The Oil And Gas Sector

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Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the U.S. China also made large investments in Saudi Arabia’s oil refining industry as well. But China’s oil investments didn’t stop there; they also pursued oil producing Canadian assets in 2011-12. China’s other recent mid-stream pipeline deal was made with Russia.

2015 77

New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. The US Energy Information Administration (EIA) has released a new report that estimates that shale oil and shale gas resources in the United States and in 137 shale formations in 41 other countries represent 10% of the world’s crude oil and 32% of the world’s natural gas technically recoverable resources—i.e., US tight oil production increased from an average 0.2 Natural Gas Oil

2013 93

IEA World Energy Outlook 2013 sees CO2 emissions rising by 20% to 2035; oil use on upward trend

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China is about to become the largest oil-importing country and India becomes the largest importer of coal by the early 2020s. The Middle East becomes the world’s second-largest gas consumer by 2020 and third-largest oil consumer by 2030, redefining its role in global energy markets.

2013 119

Opinion: Oil Megaprojects Won’t Stay On The Shelf For Long

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One casualty of the oil price downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production. Extracting oil from these frontier areas required more advanced technology and a lot more capital: Ultra deepwater, Arctic offshore, heavy oil sands, and increasingly, the Lower Tertiary. Oil Opinion

2015 73

Opinion: Oil Price War May Benefit both US Shale and Saudi Arabia

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Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? After the oil price crash in 1985, it took almost twenty years for prices to revert to previous levels. If oil does not return to $100 a barrel until 2035, there will be a lot less shale companies around. Oil Opinionby Michael McDonald on Oilprice.com.

US Lifted The Crude Oil Export Ban, And Exports Went Down

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Just over three months after the authorities lifted the four-decade ban on crude oil exports, the US has actually exported less this year than it did over the same period the year before, when the ban was still in place. crude oil export volumes since the beginning of this year. had exported just shy of 400,000 barrels of oil, which again was 25 percent less than what was exported for the same week in 2014. crude oil, but things haven’t really picked up pace since then.

2016 65

Rosneft and BP sign agreement on development of Domanik tight-oil formations

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Rosneft and BP Exploration Operating Company Limited signed a Heads of Agreement on Domanik tight oil formations. The joint venture company (Rosneft 51%, BP 49%) will be incorporated in Russia. The Domanik region in Russia.

2014 96

UK Oil & Gas announces significant onshore oil-in-place in South of England

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UK Oil & Gas Investments PLC (UKOG) announced that analysis by US-based NUTECH Ltd of the results from its Horse Hill-1 (HH-1) well in the Weald Basin onshore in the South of England suggests that the area has a total oil in place (OIP) of 158 million barrels (MMBO) per square mile, excluding a previously reported Upper Portland Sandstone oil discovery.

2015 77

Rosneft and ExxonMobil enter strategic partnership for development of Arctic and Black Sea resources, expand technology sharing and implement joint international projects; $3.2B exploration program planned

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billion barrels of oil and 10.3 The East-Prinovozemelsky field is located on the continental shelf of Russia in the South Kara Sea between the Yamal Peninsula and Novaya Zemlya island. billion barrels of oil and 10.3 Tuapse has estimated recoverable oil resources of 8.2

2011 93

G-20 Summit Agrees To End Oil Subsidies, Phase Out CFCs

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Petersburg, Russia, world leaders took two steps toward mitigating climate change. At the recent G-20 summit in St. Well, two rather small steps. The leaders agreed in principle to phase out fossil-fuel subsidies and the use of hydrofluorocarbons, Environment News Service reports. The G-20 leaders had discussed phasing out such subsidies at a 2009

The Saudi Dilemma: To Cut Or Not To Cut

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million barrels daily, including from Russia, to reverse the free fall of oil prices. A recent report from Capital Economics said Saudi Arabia has its problems but it could withstand lower oil prices without feeling too much of a pinch. shale oil. On the other hand, Saudi Arabia could start cutting, but it will need to convince all other OPEC members to join the cuts and, more importantly, Russia. Market Background Oilby Irina Slav for Oilprice.com.

ICCT study examines current & projected use of heavy fuel oil in Arctic shipping; growth in BC emissions points to need for policies

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A new study by the International Council on Clean Transportation (ICCT) estimates heavy fuel oil (HFO) use, HFO carriage, the use and carriage of other fuels, black carbon (BC) emissions, and emissions of other air and climate pollutants for the year 2015, with projections to 2020 and 2025.

2017 122

US EIA reminder: Strait of Hormuz world’s most important oil chokepoint; almost 20% of oil traded worldwide

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Flows through the Strait in 2011 were roughly 35 percent of all seaborne traded oil, or almost 20 percent of oil traded worldwide. ”. They are a critical part of global energy security due to the high volume of oil traded through their narrow straits. million bbl/d was crude oil.

2011 128

SCF Group partners with Shell on LNG-fueled Aframax crude oil tankers

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Russia-based SCF Group (Sovcomflot) recently signed an agreement with Shell Western LNG B.V. for the supply of liquefied natural gas (LNG) to fuel the first Aframax crude oil tankers in the world to be powered by LNG.

2017 78

IEA: Estonia is pioneering technologies for more efficient and cleaner use of oil shale

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An article in the latest issue of IEA Energy: The Journal of the International Energy Agency reports that Estonia, which has the most developed oil shale industry in the world, is collaborating in pursuing wider use of oil shale in a cleaner, more sustainable manner. Oil shale.

WRI: global oil consumption hits all-time high

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between 2008 and 2009 due to the global financial crisis, global oil consumption recovered by 3.1% About one third of this growth came from China, which now uses more than 10% of the world’s oil. The United States, Brazil, Russia, and the Middle East accounted for an additional 48% of the increase. of total oil consumption in 2010. Responding to this falling demand, global oil production fell 2.1% The Middle East remains the largest exporter of oil with 35.3%