Oil services giant Schlumberger is pulling the plug on its proposed US$1.7 billion acquisition of Russian drilling contractor Eurasia Drilling Co. (EDC) to focus on other merger and acquisition (M&A) opportunities. The…
China’s Silk Road Fund (SRF) entered into an agreement with Russia’s Novatek to acquire 9.9% equity stake in the Yamal LNG project. Map of Yamal. From Total. Should the deal be approved…
Magadanmorneftegaz, Lisyanskmorneftegaz (joint ventures of Rosneft and Statoil) and China Oilfield Services Ltd. (COSL) signed a contract to drill two exploration wells in 2016. The wells will be drilled in the Magadan-1 and Lisyansky areas of the Okhotsk Sea…
Rosneft succumbed to a drop in revenue and net income for 1H 2015, however came out ahead in its 2Q 2015 results with an increase of as much as 150%. Image from Rosneft. Revenue for 1H came in at US$46…
Two Norwegian polar researchers have returned from a project to collect seismic data over an area of the Arctic usually inaccessible to seismic vessels. The pair, Yngve Kristoffersen and Audun Tholfsen, deployed their ice drift technique…
After nearly two years, Gazprom Neft Shelf has brought its second well into production at the Prirazlomnoye field in the Russian Arctic. Image of the Prirazlomnaya field. From Gazprom. Prirazlomnoye is located in the Pechora Sea…
Image: TAM International TAM International has restructured its regional businesses into two individual hemisphere-based groups in order to achieve higher performance rates and streamline its business objectives…
A Russian offshore gas and condensate field in the Sea of Okhotsk has been added to a US-sanctions list prompted by Russia's actions in Ukraine. The Yuzhno-Kirinskoye field, 35km northeast of Sakhalin Island and 6km southeast of the Kirinskoye field…
Russia's Ministry of Foreign Affairs earlier this week announced it had submitted a revised bid claiming 1.2 million sq km of Arctic sea shelf to the UN Commission on the Limits of the Continental Shelf (CLCS). The country's previous bid in 2002 were rejected for lack of evidence…
Wood Mackenzie has evaluated the competitive position of the three largest Russian oil and gas producers at US$60/bbl oil and their strategic action taken to date. In 2014, the Russian majors' share price performance was hit harder by…
Fugro delivered a bespoke structural monitoring system for Exxon Neftegas, as operator for, and on behalf of, the Sakhalin-1 consortium, to monitor the structural integrity of its Berkut oil platform in the Arkutun Dagi field. Located…
Gazprom handed Eni subsidiary Saipem a termination notice for the South Stream pipeline project to transport gas via a pipeline in the Black Sea. Image of South Stream pipelay. Images from Gazprom…
Kazakh state-owned KazMunayGas (KMG) and Italian giant Eni finalized commercial terms to move 50% of the suboil use rights of the Isatay block in the Caspian Sea to Eni. Image from Eni. Isatay…
Gazprom is welcoming Total back to the Shtokman project upon resuming operations in the Russian sector of the Barents Sea. Image of Gazprom, Total and StatoilHydro signing framework agreement for Phase 1…
Russian gas producer Gazprom and Shell signed an agreement to expand the Sakhalin-2 LNG project. Sakhalin-2 saw the development of two offshore oil and gas fields: Piltun-Astokhskoye and Lunskoye, off the north-eastern coast of Sakhalin…