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2024
Apr 2024: Novatek started ramping up production of gas and condensate at the North Chaselskoye field in the Yamal-Nenets region of West Siberia. North Chaselskoye has been reported to contain recoverable reserves of 140 Bcm of gas and 36 mm barrels of condensate.
Jan 2024: Despite sanctions the 1st train of the Arctic LNG 2 project on the Gydan peninsula has reportedly started operating and 1st shipments are expected in Q1. It includes 3 trains with a capacity of 6.6 mmtpa each. Novatek (operator) holds 60%, while TotalEnergies, CNPC, CNOOC and Japan Arctic LNG each hold 10%.
2023
Feb 2022: Lukoil has produced around 360 mm bbls of oil/condensate at fields in the Caspian Sea. It discovered the Khazri gas/condensate field in 2022 (named after Ravil Maganov). It will also continue development of the Valery Grayfer field and consider the Yury Kuvykin field. Lukoil has discovered 11 fields in the Caspian Sea, the 1st, Yury Korchagin (2000) began production 2010, the 2nd, Vladimir Filanovsky (2005) began production in 2016.
2022
Dec 2022: Novatek announced that Arctic LNG 1 has completed testing of the first well within the Bukharinskiy license on the Gydan Peninsula. A gas and condensate field named after Viktor Girya has been discovered.
Dec 2022: Gazprom’s, RusGazAlliance started gas production from the Semakovskoye field in West Siberia’s Yamal-Nenets region. The field holds estimated reserves of 320bcm with planned plateau production of 7.5 bcm per year from 19 extended reach wells drilled from the shore of the Kara Sea into Taz Bay.
Dec 2022: Gazprom reports that its overall gas production fell by more than 19% to below 377 Bcm between January and November this year after sharp declines in gas deliveries to Europe and domestic customers. It hopes to send gas fromYamal-Nenets fields to China but a pipeline is unlikely to become available until after 2030.
Sep 2022: Lukoil plans to start development drilling at the Grayfera oilfield in the Caspian Sea before the end of 2022. Plateau production of 25,000 bbls of oil per day is expected to be achieved in 2025 from 16 deviated development wells. Lukoil’s next development in the Severnyi Block will be Kuvykina with start-up anticipated in 2029.
May 2022: Novatek announced the start of pilot production from the Yevo-Yakhinskoye and Ust-Yamsoveyskoye gas/condensate fields in the Olimpiyskiy license area.
May 2022: Following Russia’s invasion of Ukraine the EU has proposed a ban on all Russian oil imports, phased-in within six months, followed by a ban on refined products by the end of 2022. The US also banned all Russian oil, LNG, and coal imports and the UK will phase out Russian oil by the end of the year.
Mar 2022: Shell announced its intent to withdraw from all Russian oil and gas, including crude, petroleum products, gas and LNG. As a first step, the company will stop spot purchases of Russian oil and shut its service stations, aviation fuels and lubricants operations.
Mar 2022: BP, Shell, Equinor, ExxonMobil and TotalEnergies are all planning to exit their projects following President Putin’s unprovoked attack on Ukraine. Major investments include part ownership of Rosneft (BP), Sakhalin 2 LNG (Shell), the Kharyaga oilfield in Timan-Pechora (Equinor), Sakhalin-1 (ExxonMobil), and part ownership of Novatek and Yamal LNG (TotalEnergies).
2021
Nov 2021: Novatek announced that it has started pilot production of gas condensate at the Kharbeyskoye field, part of the North-Russkiy cluster.
Sep 2021: LUKOIL and PJSC Gazprom Neft concluded an agreement to form a joint venture to develop an oil and gas cluster in the Nadym-Pur-Tazovsky area of the Yamal-Nenets Autonomous District. The Tazovskoye field, on-stream in June 2021, is central to the cluster with the Severo-Samburgskoye and Meretoyakhinskoye fields, and 2 Zapadno-Yubileiny license blocks. The fields mostly tap the Achimov Formation.
Sep 2021: Novatek has secured exploration and production licenses for the Arkticheskoye and Neytinskoye fields for its Yamal LNG project in the Yamal-Nenets Autonomous Region.
Jan 2021: Petrosibir has provided an update on test results of the Yanbayskaya discovery in the Suyanovskaya licence within Bashkiria, Volga-Urals Basin. The Bobrikovsky and Kyn-Pashiysky formations tested oil. A pilot production project may start mid-year and the rig is being moved to the Orlinskaya prospect.
2020
Dec 2020: Lukoil had cumulative production of over 35 mm tonnes (approx 252 mmbbls) from the Yury Korchagin and Vladimir Filanovsky fields in the North Caspian Sea (7 mm tonnes in 2020) with new wells were drilled. Facilities were also built for a 3rd major Caspian project (Valery Grayfer field).
Oct 2020: Gazprom discovered gas at the Leningradskoye field in the Kara Sea, off the Yamal peninsula within the Leningradsky licensed block. It is the 4th major discovery in the Kara Sea since 2018. In 2018 Gazprom discovered the Dinkov and Nyarmeyskoye and in 2019 the 75 Years of Victory field.Gazprom also has a license for the Rusanovskoye.
Oct 2020: Volga Gas announced a potentially significant discovery in Triassic sandstones. The oil field (Novo Kurilovskiy) in North Uzen was discovered while drilling 6 slim hole exploration wells within the Karpenskiy Licence, near the Uzen field. Commerciality will depend on cased hole testing and additional wells.
Sep 2020: Lukoil completed the installation of the jackets of the fixed ice-resistant platform at the V.I. Grayfer field in the Caspian Sea. The company plans to mount topsides of the accommodation block and the ice-resistant platform on the jackets in 2021 with start of production scheduled for 2022.
Aug 2020: Rosneft has started drilling 2 wells in the Kara Sea, the first since it was forced to suspend a project with ExxonMobil in 2014 due to sanctions. The wells are in the Vostochno-Prinovozemelskiy 1 and 2 blocks near the Novaya Zemlya archipelago. Exxon Mobil, in a joint venture with Rosneft, discovered the Pobeda (Victory) oil field in the same area.
Jun 2020: Gazprom started construction of an ice-resistant platform for the Kamennomysskoye-Sea field in Ob Bay of the Kara Sea. Production is due to start in 2025 with a design output of 15 bcm per year from 33 production wells in water depths of 5 to 12m. A further 22 wells for maintaining production will be placed on satellite platforms.
Jun 2020: Gazprom and RusGazDobycha (RusGazAlyans) made an FID for development of the Semakovskoye gas field in the Yamal-Nenets Area in Taz Bay and on the Taz Peninsula. The first horizontal well is being drilled followed by 5 more in Q1 2021. Production is planned to start in 2022 from 19 wells.
May 2020: Gazprom has named a gas field, discovered in 2019 in the Kara Sea on the shelf of the Yamal peninsula, 75 Let Pobedy (75 Years of Victory). The Skuratovskaya prospect, as it was, could hold more than 200 bcm of recoverable gas and tested up to 746,000 cm per day. Gazprom also discovered the Dinkov and Nyarmeyskoye fields on the same shelf in 2018.
Apr 2020: Lukoil has moved to the next stage of facilities construction for the Valery Grayfer field with the launch of a jacket for the living quarters. Installation is scheduled for 2021 and commercial oil production for 2022.
Apr 2020: Lukoil has started test production at 3 oil fields of the Komandirshorskaya Group in the Nenets Autonomous District of the Timan-Pechora Basin. Oil is trucked to the Kharyaginsky Central Oil and Gas Gathering Point. The fields were discovered in 1986.
2019
Dec 2019: Novatek commenced pilot production at the North-Russkoye field with annual production capacity of 5.7 bcm of gas plus condensate. The field is the first in the North-Russkiy block which includes the Dorogovskoye, East-Tazovskoye and Kharbeyskoye fields scheduled for 2020 and 2021.
Dec 2019: Gazprom has started pipeline supply of gas to China via the Power of Siberia line stretching for 2,200 kms from Yakutia to the Chinese border. It receives gas from the Chayandinskoye field with output of 25 bcm of gas a year to be reached in 2024. In 2022 it will also receive gas from the Kovyktinskoye field at the Irkutsk gas production centre.
Sep 2019: Rosneft has made an oil discovery off Sakhalin Island at the Vostochno-Pribrezhny license block in the Nabilsky Bay of the Sea of Okhotsk. Preparations are now underway to test the well in casing.
Sep 2019: Rosneft, Sodeco, ExxonMobil and ONGC (the Sakhalin-1 partners) decided to go ahead with the Far East LNG project in De-Kastri with a capacity of 6.2 mm tpa. They had been considered Train 3 of Gazprom’s Sakhalin-2 LNG facility to receive gas.
Sep 2019: Total (10%), Novatek (60%), CNOOC (10%), CNPC (10%) and Japan Arctic LNG (10%) approved the FID for Arctic LNG 2 on the Gydan peninsula. Its first LNG cargo is expected by 2023 using gas/condensate from the Utrenneye field with trains installed on 3 gravity-based structures in the Gulf of Ob. Trains 2 and 3 will start up by 2024 and 2026.
Jul 2019: Novatek has begun commercial production at the South-Khadyryakhinskoye gas field through existing infrastructure connected to the United Gas Supply System. The field is in the Purovsky district of the Yamal-Nenets Autonomous Region.
May 2019: Gazprom has discovered 2 large offshore gas fields on the Yamal shelf in the Kara Sea. The Dinkov field, in the Rusanovsky block has estimated reserves of 390 bcm. The Nyarmeyskoye field, in the Nyarmeysky block, has estimated reserves of 120 bcm. The wells were drilled in 2018.
May 2019: Lukoil commenced production from 2 extended reach wells in the D41 field in the Baltic Sea from an onshore location.
Apr 2019: Novatek (operator, 51%), with Gazprombank (49%), commenced full-scale production of LNG at the Cryogas-Vysotsk project involving small-scale sales to NW European markets from Vysotsk on the Baltic Sea. Design capacity is 660,000 tonnes per annum.
Jan 2019: Arcticgas (a 50/50 joint venture between Novatek and GazpromNeft) has launched production of oil at the Yaro-Yakhinskoye field through a 57km pipeline from 22 wells. Further wells are being drilled. The field is in the Purovsky district of the Yamalo-Nenets Autonomous Region. Gas and condensate production began in 2015.
2018
Nov 2018: Gazprom Neft has found an oil field in the Sea of Okhotsk near Sakhalin Island in the Bautinsky formation at the Ayashsky license block. The new field has been named Triton. The Ayashsky block is 55 kms offshore of Sakhalin Island. The Neptune field was discovered in the block in 2017.
Oct 2018: Novatek’s subsidary Arctic LNG 3 has drilled a first exploration well in the shallow water North-Obskiy license and discovered gas and condensate. The North-Obskoye field has estimated reserves of over 320 bcm of gas. Novatek’s nearby Yamal LNG project uses gas from the South-Tambeyskoye field in the north-east of the Yamal Peninsula on the coast of the Ob Bay.
Jul 2018: Gazprom said development of the onshore/offshore Kharasaveyskoye gas/condensate field on the Yamal Peninsula will begin in 2019. Onstream in 2023, it will have a production capacity of 32 bcm a year linked by pipeline to the processing centre at the Bovanenkovskoye field. Here 2 faciliites are already in operation and a 3rd will launch in 2018 bringing capacity to 115 bcm a year.
Jun 2018: Lukoil completed its third well at the second development stage of the Vladimir Filanovsky field in the Caspian Sea. It is a bilateral horizontal oil producing well allowing the field's production to reach its plateau level. A total of 8 wells is planned to maintain this plateau at around 120,000 bbls of oil per day.
May 2018: Novatek aims to start up its second and third trains at the Yamal LNG project by the end of 2018 exceeding the project’s planned production capacity of 16.5 mmtpa. A fourth train will be launched by early 2020. Novatek’s second project, Arctic LNG-2 on the Gydan peninsula, is planned for start-up from 2022 to 2025.
Mar 2018: Rosneft has completed the drilling of Maria-1 on the Zapadno-Chernomorskaya license area in the Black Sea at a water depth of 2,109m. Typical of Russian operations, reports of a discovery are accompanied by discussions of “a unique carbonate structure highly likely to contain hydrocarbons.” ENI is a partner in the project.
2017
Dec 2017: Rosneft has spudded the Maria-1 exploration well in the Black Sea within the Zapadno-Chernomorskaya licence area with the Scarabeo-9 semisub operated by Saipem. At over 2,000m water depth, it is the first deep water well in the Russian Black Sea.
Dec 2017: Novatek announced that Yamal LNG has commenced producing from train 1 with a capacity of 5.5 mmtpa. The project is operated by JSC Yamal LNG, a joint-venture of Novatek (50.1%), Total (20%), CNPC (20%) and Silk Road Fund (9.9%). It takes gas from the South Tambey Field. The eventual 3-train LNG plant will produce 16.5 mmtpa plus condensate.
Apr 2017: Lukoil has produced over 14 million barrels of oil at the Vladimir Filanovsky field in the Caspian Sea through 4 horizontal wells on a fixed ice-resistant platform. The fifth well is currently being drilled. Facilities for Phase 2 should be completed by the end of 2017.
Mar 2017: Gazprom has postponed the launch of its Baltic LNG plant in the Leningrad region until 2023 from 2021.
Jan 2017: Gazprom Neft has commissioned two new production wells at the Prirazlomnoye field, bringing the number of wells in operation at the platform to 6 production wells, 2 injection wells and 1 absorption well.
2016
Oct 2016: Lukoil announced production at the Vladimir Filanovsky field in the Caspian Sea 220 kms south of Astrakhan in water depths from 7 to 11m. The field, discovered in 2005, is Lukoil’s second in the Russian sector of the Caspian Sea. Two horizontal production wells have been drilled to date yielding 45,000 bbls of oil per day fed into the CPC for export, plus associated gas.
Sep 2016: Vostochno-Messoyakhsky, Russia’s northernmost active oil field, has entered commercial production. It is located in the Gydan Peninsula within the Yamal-Nenets Autonomous Area. The project includes 50 wells and a 98 km pipeline connected to the Arctic Circle – Purpe oil trunkline.
Sep 2016: An appraisal well drilled by Gazprom in the Yuzhno-Lunskaya structure in the Sakhalin III Kirinsky project has discovered gas and condensate. Gazprom is exploring 3 blocks; Kirinsky, Ayashsky and Vostochno-Odoptinsky. It has already found the Yuzhno-Kirinskoye and Mynginskoye fields in Kirinsky.
Jun 2016: Lukoil began development drilling at its Vladimir Filanovsky field in the Caspian Sea from an ice-resistant fixed platform (LSP-1). The water depth is around 10m with first commercial production scheduled for the second half of 2016.
Jan 2016: The Sakhalin II LNG project exceeded its design capacity of 10.8 mm tonnes per year by 1.2 mm tonnes in 2015 as the FEED of the 3rd train continues. Sakhalin Energy is the operator owned by Gazprom (50% + 1 share), Shell (27.5% -1 share), Mitsui (12.5%) and Mitsubishi (10%).
2015
Nov 2015: Novatek announced the start of commercial production at the Yarudeyskoye oil field. Thirty-six production wells have been drilled and infrastructure includes an oil treatment facility along with pipelines to the trunk systems. The field is owned by Yargeo, a joint venture between Novatek (51%) and Nefte Petroleum (49%).
Aug 2015: Gazprom Neft brought a second well into production at the Prirazlomnoye field, the first on the Russian Arctic Shelf. It began producing in December 2013 and will have 36 wells including 19 production wells, all drilled from an ice-resistant platform.
Aug 2015: Lukoil has produced 5 mm tonnes (39 mm bbls) from the Yuri Korchagin field in the Caspian Sea. The field is located 180 kms from Astrakhan in a water depth of 12 metres. It was dsicivered in 2000 and began producing in 2010.
May 2015: Total announced start-up of the onshore Termokarstovoye field in Yamalo Nenets District. The field will produce 2.4 bcm of gas a year and 20,000 bbls of condensate per day. It is operated by Terneftegas; a joint venture between Total (49%) and Novatek (49%).
May 2015: Lundin has secured a production license for the Morskaya field in the Caspian Sea.. The field is estimated to contain 157 mm bbls of oil and is owned by LLC Petroresurs.(Lundin Petroleum, 70% and Gunvor Group, 30%). The company plans to begin appraisal work.
Apr 2015: Gazprom Neft plans to more than double oil output in 2015 at the Prirazlomnoye field, Russia's only Arctic offshore oil project. The company has also been exploring another Arctic offshore oilfield, Dolginskoye, where it drilled its fourth exploration well in 2014.
Apr 2015: Novatek announced that Arcticgas, a joint venture with Gazprom began production from the the Yaro-Yakhinskoye field; the third by Arcticgas. Thirty-seven gas condensate wells have been drilled and the field is expected to reach 7.7 bcm of gas per year plus condensate.
Apr 2015: Gazprom says gas will start flowing to China in 2019 as planned but construction of the Power of Siberia pipeline carrying it will not be fully completed until 2022. Power of Siberia will start at 5 bcm ramping up to 38 bcm eventually (GS notes: we use 2020 for forecasts).
Feb 2015: Rosneft will not be resuming its Kara Sea operations in 2015. The company, in partnership with ExxonMobil, made an oil discovery at the Universitetskaya-1 well in 2014 before Exxon had to pull out of the project due to sanctions. Rosneft is reported to be resuming drilling in 2016.
Jan 2015: Exxon Mobil (operator, 30%) started oil production from the Arkutun-Dagi field off the NE coast of Sakhalin Island. The field, with Chayvo and Odoptu which began production in 2005 and 2010, will bring production at Sakhalin-1 to 200,000 bbls per day routed through the Chayvo onshore processing facility and delivered to the De-Kastri oil export terminal.
2014
Nov 2014: The Mikhail Ulyanov tanker has delivered a third shipment of Arctic oil (ARCO) from the Prirazlomnoye field in the Pechora Sea. Gazprom Neft Shelf is operator. The field’s fixed drilling platform is designed for operation in Arctic weather conditions. Just one production well is operational although several development wells will be drilled in 2015.
Sep 2014: Rosneft reports that large volumes of oil and gas have been discovered at the Universitetskaya-1 well in the East-Prinovozemelskiy-1 license in the Kara Sea, drilled with the West Alpha semisub by ExxonMobil. It was earlier announced that drilling would stop due to sanctions over Ukraine.
Sep 2014: Gazprom has started construction of a 4,000 km pipeline (Power of Siberia) to send gas to China from 2019 and to Eastern Russia. Flows will start at 5 bcm a year ramping up to 38 bcm for China with a total capacity of 61 bcm. Gas will be sourced from the Chayanda field and subsequently the Kovykta field. CNPC will build the Chinese section of the pipeline.
Jul 2014: Lukoil began transporting the topside of the central processing platform (CPP) from Astrakhan to the Caspian Sea, where construction of field facilities is underway at the Vladimir Filanovsky field. The topsides of 4 platforms and the catwalk bridges are to be assembled during 2014. Production at the field is scheduled to begin in the end of 2015 or early in 2016.
Jun 2014: The Sakhalin-1 consortium, comprising Rosneft (20%), ExxonMobil (30%), Sodeco (30%) and ONGC (20%), have completed installation of the Berkut drilling platform at the Arkutun-Dagi field on the northeast shelf of Sakhalin Island in the Okhotsk Sea. The platform will have 45 wells, 25 kms from shore in a water depth of 35m. First production is expected in Dec 2014.
Jun 2014: Rosneft and Lukoil have started drilling at the Ribachya prospect in the North Caspian block of the Caspian Sea. The well will be drilled by the Astra jack-up by the project operator, Caspian Oil Company, established by Rosneft (49.892 %), Lukoil (49.892 %) and Gazprom (0.216 %).
Jun 2014: The GSP Saturn jack-up will drill an appraisal well at the Dolginskoye field for Gazprom in the Pechora Sea during the ice-free months of 2014. Drilling will continue in 2015 and 2016. The Dolginskoye oil field, discovered in 1999, lies 120 kms south of the Novaya Zemlya archipelago and 110 kms north of the mainland in 35 to 55m of water. Three exploration wells have already been drilled.
May 2014: Russia will supply 38 bcm of gas each year from Gazprom's East Siberian fields into China via the Power of Siberia pipeline from 2020. Gazprom’s exports to Europe reached 38 bcm by the mid-1980s and have since increased to over 150 bcm. Eight provinces in North East China, with a population roughly equal to that of Western Europe and very cold winters, will receive the gas.
Mar 2014: Rosneft will invest US$83 bn on developing the Vankor field cluster in East Siberia’s Krasnoyarsk region said to be capable of producing up to 1mm bbls per day by 2025. Rosneft acquired a license to develop Vankor in 2003 and started commercial output in 2009.
Feb 2014: Gazprom and Shell agreed to prepare FEED documentation for a third LNG train in the Sakhalin II project, operated by Sakhalin Energy and owned by Gazprom (50% plus one share), Shell (27.5% minus one share), Mitsui (12.5%) and Mitsubishi Corp (10%). This was Russia’s first LNG plant, commissioned in early 2009. A total of 10.8 mm tons of LNG and 5.4 mm tons of oil were produced in 2013.
Feb 2014: Gazprom Neft’s Novoportovskoye onshore Arctic field on the Yamal Peninsula is scheduled to commence commercial production at the beginning of 2016 and is planned to reach peak production of 110,000 bbls per day by 2018.
Jan 2014: The development of the Yuri S. Kuvykin gas condensate field in the North Caspian Sea is proceeding with pre-FEED studies for a drilling complex and living quarters designed for operation in ice conditions during winter months. It is being developed by LUKOIL, who operate two nearby fields, Filanovsky and Korchagin.
2013
Dec 2013: Russia's first Arctic offshore field, Prirazlomnoye, has started production of oil, reports Gazprom. The project is almost a decade behind its initial schedule. Gazprom Neft now expects initial production at 12,000 bbls per day in 2014 with a plateau of 120,000 bbls per day in 2021. Overall investment is put at US$6 billion.
Nov 2013: Lukoil has completed installation of the mounting substructures for the 4 offshore platforms at the Vladimir Filanovsky oil field in the Caspian Sea. In 2014 the company will build the topside facilities of the producing platform, the living quarters, the processing platform and the riser block and catwalk bridges to connect the platforms.
Oct 2013: The Vankor field was planned to reach 500,000 bbls per day in 2013 but will only do so in 2019, including output from 3 other fields acquired in the takeover of TNK-BP; Suzun, Tagul and Lodochnoye. Vankor produced 435,000 bbls per day in September 2013. The latest contract with Sinopec to supply 200,000 bpd over 10 years allows the Chinese firm to receive oil both from the west and the east of Russia, meaning Rosneft could use swap operations with other producers in East Siberia, such as Surgutneftegas.
Oct 2013: The Kirinskoye gas field off Sakhalin has begun production. Output will eventually feed a new LNG plant planned for Vladivostok. Gazprom operates Russia's only LNG plant, a 10mm tonne facility on Sakhalin with Shell and Mitsui, and hopes to produce 5 mm tonnes a year at Vladivostok by 2018. Kirinskoye's reserves are estimated at 160 bcm of gas plus condensate.
Jul 2013: Gazprom Neft plans to pump first oil at its Arctic Prirazlomnoye field in the fourth quarter of 2013 after a delay linked to Greenpeace protests. Situated in the Pechora Sea 60 kms off the coast Prirazlomnoye is the first Arctic offshore oil deposit to be developed by Russia. It is expected to reach peak production of 120,000 bbls per day in 2019 after investment of US$6 bn.
May 2013: Gazprom has cut its forecast for gas output from the Bovanenkovo field on the Yamal peninsula because of lower demand. Production, which began in October 2012, was planned for 46 Bcm in 2013 but it will only reach 29.5 Bcm. Gazprom is suffering from waning demand in Europe and increased competition from LNG and coal.
Apr 2013: Total and Gazprom are still seeking ways to make the offshore Shtokman gas field profitable. Gazprom holds 51%, Total 25% and Statoil 24% of the project which has been repeatedly delayed because of the extreme Arctic conditions, investment issues and now the growth of shale gas in the USA.
Mar 2013: LUKOIL is developing the Vladimir Filanovsky field in the northern Caspian Sea. V. Filanovsky was discovered in 2005 and is LUKOIL’s second offshore project in the Russian sector of the Caspian Sea. Production is scheduled to start in 2015.
Feb 2013: Rosneft expects to increase its output in 2013 mainly due to production growth at its giant Vankor field in Siberia, which is hoped to reach between 430,000 to 440,000 bbls per day. Vankor was the main contributor to Rosneft's oil output growth in 2012 amid declining output elsewhere.
Jan 2013: TNK-BP, which is being taken over by Rosneft, plans to invest $7 bn in its Rospan natural gas project by 2040, increasing output to 16 Bcm of gas in 2020 from 3.5 Bcm in 2012. Rosneft is buying TNK-BP from BP and its partners in a deal worth US$50 bn that will create the world's largest traded oil producer. BP will hold a 19.8% stake in Rosneft after the deal.
2012
Oct 2012: Gazprom will spend US$38 bn to develop East Siberian gas field, Chayanda, and build a 3,200 km pipeline to a new LNG plant in Vladivostok. It may come on stream by 2020. Russia has a single LNG plant, Sakhalin-2 producing 10 mmtpa. Chayanda has resources of 1.3 tcm and will be developed with other East Siberian fields, such as Kovykta.
Sep 2012: Statoil has agreed to establish joint ventures with Rosneft for four offshore license areas covering Perseevsky in the Barents Sea and Kashevarovsky, Lisyansky and Magadan 1 in the Sea of Okhotsk. As part of the deal, the companies will conduct a work program aimed at drilling 6 exploration wells between 2016 and 2021 with Statoil fully funding the costs in the exploration phase.
Aug 2012: Gazprom has postponed development of its giant Shtokman gas field, estimated to hold almost 4 tcm of gas in the Barents Sea. The decision comes after disagreement over investment terms with viability threatened by the shale gas revolution in the US, flagging demand in Europe, the growth of LNG and the advent of other Arctic gas projects on the Yamal peninsula.
Eastern Europe
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