Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.
Rosneft holds a 66.67% stake, and Equinor holds the remaining 33.33%, in the joint venture company SevKomNeftegaz that owns the license.
Equinor did not say how much it would invest in the project.
Back to trend? While it still expects oil prices to drift upward, Stratas Adivsors is also forecasting that oil prices will trade in a relatively narrow channel through the rest of the year, the firm said in its latest oil price forecast.
In its latest oil price forecast, Stratas Advisors explores whether oil prices will rebound in the second quarter or continue on the downward trend of the last several weeks.
Will oil prices breakthrough $70? In its latest forecast, Stratas Advisors notes the price movement aligned with expectations that oil prices would move upward with support from the strengthening economy and rebounding demand.