Russia
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Japan’s SODECO and India’s ONGC Videsh are joining the consortium on the LNG plant, which will be carried out within the framework of the Sakhalin-1 hydrocarbon project in the Okhotsk Sea. -
The US has “likely surpassed” Russia as the world’s largest oil producer, according to a US Energy Information Administration report.
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The US supermajor continues to evolve its global strategy by pulling out of once-promising Russian partnerships and adding to its offshore Guyana oil drilling bounty.
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The new US sanctions against Russia will place added restrictions on international companies taking part in oil development projects with Russian companies and raise doubts about Russia’s plans to expand pipeline exports.
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Russia’s need to continue expanding the oil and gas business is pushing it to look east for more production and markets. But everywhere it turns there is stiff competition in a world awash in oil and gas.
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Russian giant Gazprom Neft has embarked on a new upstream technology strategy that emphasizes partnerships with other firms.
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Russia has looked to the east to find more oil and gas, growing markets and investor support, allowing it to shrug off the global slump and trade sanctions.
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Russian oil production has remained on a growth path despite the plunge in oil prices because producers have built their business on producing oil for less than USD 30/bbl.
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Thermal steam stimulation is considered the most effective of current methods for heavy-oil production. However, the method has problems with low coverage by steam injection and decreased efficiency.
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The new channel-fracturing technique is capable of increasing fracture conductivity by up to two orders of magnitude.
