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.
Recommended Reading
Chesapeake, Awaiting FTC's OK, Plots Southwestern Integration
2024-04-01 - While the Federal Trade Commission reviews Chesapeake Energy's $7.4 billion deal for Southwestern Energy, the two companies are already aligning organizational design, work practices and processes and data infrastructure while waiting for federal approvals, COO Josh Viets told Hart Energy.
Exclusive: Tenaris’ Zanotti: Pipes are a ‘Matter of National Security’
2024-04-12 - COVID-19 showed the world that long supply chains are not reliable, and that if oil is a matter of U.S. national security, then in turn, so is pipe, said Luca Zanotti, U.S. president for steel pipe manufacturer Tenaris at CERAWeek by S&P Global.
Exclusive: Sabine CEO says 'Anything's Possible' on Haynesville M&A
2024-04-09 - Sabine Oil & Gas CEO Carl Isaac said it will be interesting to see what transpires with Chevron’s 72,000-net-acre Haynesville property that the company may sell.
Exclusive: Chevron New Energies' Bayou Bend Strengthens CCUS Growth
2024-02-21 - In this Hart Energy LIVE Exclusive interview, Chris Powers, Chevron New Energies' vice president of CCUS, gives an overview of the company's CCS/CCUS activity and talks about the potential and challenges of it onshore-offshore Bayou Bend project.
Exclusive: As AI Evolves, Energy Evolving With It
2024-02-22 - In this Hart Energy LIVE Exclusive interview, Hart Energy's Jordan Blum asks 4cast's COO Andrew Muñoz about how AI is changing the energy industry—especially in the oilfield.