Gazprom Neft, Russia’s fastest-growing oil company by output, said Aug. 13 it has discovered an oil field in the southern Urals region and plans to start production there next year.
The company said the Roshchinskoye oil field has “geological reserves” of 4 million tonnes (29.3 million barrels). It would be part of Gazprom Neft’s Orenburg production cluster.
Gazprom Neft is employing technologies, including horizontal drilling and hydraulic fracturing, at the Orenburg group of fields near the border with Kazakhstan.
As of 09:45 GMT, the rouble-based MOEX Russian index was up 0.65%, and Gazprom Neft’s shares gained 1.14%.
Climate group 350.org cites the Paris accord as a major driver in discouraging investment.
As we look back on 2019, and ask ourselves where the E&P industry is headed, we may wonder where we may find wisdom.
The energy industry is experiencing great volatility as we enter the third decade of the millennium.