Gazprom Neft, the oil arm of Russian gas giant Gazprom, said on Sept. 11 that a state subsoil commission has increased the oil reserves valuation of eastern offshore oil field Neptune to almost 416 million tonnes from the initial estimates.
Neptune, located near the Sakhalin island in the Pacific Ocean, was Gazprom Neft’s largest oil discovery last year. The company said reserves had been raised by 1.6 times the previous estimate.
Russian oil companies have increased oil development in the country’s distant regions, such as East Siberia and the Far East, as traditional oil fields, located in Western Siberia, have become increasingly depleted.
“The Neptune field has become one of the largest of Gazprom Neft’s assets by reserve volumes,” Alexander Dyukov, Gazprom Neft’s head, said in a statement.
“The Far East will be a new strategically important region of our activity for many years ahead, which will allow our company to work more actively on the Asia Pacific region's markets,” he said.
Hurricane Energy’s FPSO vessel has been connected to the group’s North Sea Lancaster oil field on March 19, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.
Exxon Mobil Corp. has resumed seismic exploration for oil and gas off of the coast of Guyana after halting work in December due to a run-in with the Venezuelan navy, a Guyanese government official said on Feb. 26.
U.S. oil producers sought on Jan. 23 to soothe OPEC's worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher payouts.