Russia

Compared with 2020, the largest discoveries made last year may hold just a third of the oil and gas reserves, according to new data from Westwood Global Energy Group.

Schlumberger and Russia’s Gazprom Neft have agreed to jointly develop software and promote other upstream services to be commercialized across Russia and internationally.

The international consultancy has agreed with Russia’s Rosneft to evaluate the state-owned major’s carbon capture potential.

The Russian oil and gas company is combining its experience with that of the leading nuclear-power producer to develop hydrogen and decarbonization projects on Sakhalin Island.

Over the past 30 years Caspian nations such as Azerbaijan and Kazakhstan have built thriving economies on oil and gas wealth led by global energy companies and a handful of megaprojects. As times change, that model may need to be reassessed.

As Canada, Greenland, and even Norway shy away from developing their Arctic oil and gas resources, only Russia and the US remain in the game as Alaska seeks to renew interest in exploration and development of its North Slope.

The newbuilds are slated for delivery in 2024.

Yamal LNG Resource, a subsidiary of Russia’s Novatek, has won exploration and production licenses to expand its Arctic resource base for sustained long-term growth of its LNG business.

Russia’s Nord Stream 2 pipeline is now complete, although gas will not be flowing until regulators issue various approvals, expected by the end of the year.

Russia is pouring investment into liquefied natural gas projects as it seeks to leverage the world’s largest natural gas reserves together with the logistical advantages of delivering it at a competitive price to Asia and Europe along the now-navigable Northern Sea Route.