Russian gas giant Gazprom said on Dec. 5 it had begun operations at a third and final unit at its Bovanenkovo gas field on the Arctic Yamal peninsula, allowing it to boost natural gas production.
Gazprom also said it had increased the capacity of the Ukhta-Torzhok gas pipeline, aimed at facilitating Russian gas exports to northern Europe, including via the Nord Stream pipeline.
Gazprom plans to export record-high natural gas volumes of 200 billion cubic meters (Bcm) to Europe this year.
The company said that with the launch of the final unit, Bovanenkovo will reach a projected capacity of 115 Bcm of gasper year.
The gas field with reserves of just under 5 Tcf—on par with global annual gas demand—is key to the company’s efforts to tap new deposits, apart from its traditional producing region of Western Siberia.
Last year, it produced 82.8 Bcm of gas.
CNOOC Ltd. subsidiary CNOOC China Ltd. has signed a petroleum contract with PetroChina Co. Ltd, for the Beibu Gulf 23/29 and Beibu Gulf 24/11 blocks in the South China Sea’s Beibu Gulf Basin, according to a news release.
The company said April 24 that it encountered more than 400 ft net of oil pay.
Shell is in talks to buy BP's stake in the Shearwater oil and gas field in the British North Sea for around $250 million, three industry sources told Reuters.