Oil and Gas Industry Latest News

10.07.2014 Russian Majors Among Investors in Iraqi Refining

As Iraq’s demand in oil products rises, the government in Baghdad is taking efforts to enhance the country’s refining capacities by promoting incentives offered to foreign investors.

10.07.2014 Rosneft To Fund Polar Bear Studies In The Arctic Shelf

The Arctic Research and Design Center (the Rosneft and ExxonMobil JV) and public organization called The Marine Mammals Council have entered in a research-and-development contract for staging polar bear studies in the areas of potential hydrocarbon development projects.

09.07.2014 Finance Ministry Pushes IFRS while State Firms Push Back

The Russian government’s desire to standardize corporate financial reporting according to IFRS is encountering pushback from state companies. 

09.07.2014 Lukoil, Bashneft Define Plans to Develop Two JVs in the Nenets Autonomous District

The Lukoil and Bashneft JV – VOSTOK NAO oil company presented its plans for development in the Nenets Autonomous District, Lukoil press service reports.

The contract establishing the JV was signed by the partner companies in March 2014.

09.07.2014 A Sun-Powered Energy Station Has Been Built in Tyumen Region

A sun-powered energy station has been built in Tyumen region, in Yarkovsky district. The plant supplies energy to a private fishery.

08.07.2014 Komarova to Restructure Yugra Based on Presidential Administration Recommendations

Regional governor Natalia Komarova has begun implementing “The 20-30 Strategy”.  Diversification of economy and transformation of “one-company towns” are on the agenda.

08.07.2014 Gazprom Resumes Gas Supplies Through Blue Stream One Day Early

Gazprom resumed gas supply to Turkey via the Blue Stream ahead of time, after completing  scheduled annual maintenance and workover. Gas deliveries resumed at 9 a.m. local time, one day ahead of schedule.

07.07.2014 Mandatory EIA for Shale Gas Development – EU Recommendations Target Fracking

The recent turbulence in Ukraine and Russia’s politics have multiple dimensions. Energy  security is a major concern, particularly for those European countries which heavily rely on Russian gas supplies.

07.07.2014 Oil India completes 50% acquisition in Western Siberian block

Exploration and production firm Oil India Ltd (OIL) on Friday announced it has completed acquisition of 50 per cent shareholding in a subsidiary of PetroNeft Resources, which owns a block in Western Siberia, Russia. Current production from the block – License 61 – located on the eastern side of the Ob river in the oil-bearing region of Tomsk Oblast, is 2,100 barrels of oil per day.

04.07.2014 Significant Subsea Gas Hydrate Deposits Found in Okhotsk Sea

The Academician Lavrentyev scientific vessel has returned from an international expedition in the Sea of Okhotsk and Sea of Japan. The deep sea exploration will continue to help locate gas hydrates.