Russian Companies Make their Mark at Houston's OTC
Pat Davis Szymczak
Welcome to the May issue of Oil&Gas Eurasia. We're just back from the Offshore Technology conference in Houston. There we exhibited together with several other Russia-based companies. And as usual with Russia (be it history, politics or business) we found ourselves surrounded by paradox.
The third and the last day of the 5th Petroleum and Gas Congress held alongside the 9th MIOGE exhibition in Moscow was marked by the strong message sent by EU officials and European companies: Russia is and will remain Europe’s most important strategic partner in the energy sector for years to come.
On 24 April 2007, in the Turkish seaport Ceyhan, a groundbreaking ceremony took place to lay the first stone of the new Trans-Anatolian Pipeline Project (TAP).
Continued from Part 1 published in OGE #4, 2007
In 1988, we started to use the expandable technology to case off caving formations penetrated by slanted wells and to control caving and well stability issues when drilling horizontal wells through the Kynovian formation targeting the Pashiyan deposits.
High-viscous oil and bitumen are not the most popular types of hydrocarbons at present; however, some countries select these hydrocarbons as an alternative to traditional crude oil and gas.
According to estimates of Western specialists, total world geological reserves of natural bitumen amount to approximately 260 billion tons, 70 billion tons of which are considered to be recoverable.
The first stone in the foundation of a new forum for the upcoming oil and gas engineer generation has been laid - the young stars of Western Siberia now have a means of presenting their points of view to the world, and most importantly, to the industry's most significant companies.
Gazprom denied its interest in bidding for British company Centrica which controls British Gas despite earlier reports stating the Russian gas giant was looking to take it over along with Scottish and Southern Energy which caused their shares to grow. Still, Gazprom confirmed its intention to expand its presence in the UK market.
Russian state controlled company Rosneft reported a 25% decrease in earnings in the first quarter of 2007 compared to the first 3 months of 2006 linking it to the growth in export duties and ruble’s growing value.
BP and TNK-BP announced that they had signed a memorandum of understanding to create a strategic alliance with the Russian gas giant, Gazprom, to invest jointly in major long-term energy projects or swap assets around the world.
Don’t forget to visit the Moscow International Oil&Gas Exhibition this week at the Expo Center. And while you’re there, visit OGE’s stand at Pavillion 1, Stand 202 and learn more about AUTUS Corporation.
Energy programs director for the US embassy in Moscow Jane Kitson went on stump during the 5th oil and gas congress, held as a part of the MIOGE exhibition which got off to its start today, to deliver a positive message to the US companies willing to invest in Russia. “This market is a predictable market,” said Kitson.