News

Gazprom Neft expands production from Arctic platform

ST. PETERSBURG — Gazprom Neft has met its annual production targets at the Prirazlomnaya offshore platform, with a total 2,154,000 tonnes of ARCO (Arctic Oil) being produced at the field in 2016—a more than 2.5-fold increase on 2015 volumes. Prirazlomnaya is the only field on the Russian Arctic Shelf at which commercial hydrocarbon production is ongoing. Oil produced at Prirazlomnoye ...

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OPEC convinces investors that its oil output cuts are real

NEW YORK (Bloomberg) — OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80% of the targeted reduction of ...

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Lukoil seeks Middle East oil projects for growth as Iran opens

DUBAI (Bloomberg) — Lukoil is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head. The Moscow-based company plans to add output from the region to existing operations in Iraq and Egypt as long as it finds projects with production costs as low ...

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Iran Recovering 115,000b/d from Yadavaran Joint Oilfield

TEHRAN, Jan. 30 (Shana) — Iran is currently recovering 115,000 barrels of crude oil from Yadavaran oilfield which it shares with neighboring Iraq, operator of the field said. Hadi Nazarpour, operator of the field’s development project, has said production from the field is growing at a good pace, adding Yadavaran join oilfield is now yielding more crude oil than was ...

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McDermott awarded offshore pipelay contract in the Middle East

DUBAI — McDermott International has been awarded an offshore pipelay contract in the Middle East. The pipelay contract, sizeable in value, includes the engineering, procurement and installation of two oil pipelines offshore. Work on this contract is expected to be completed by the end of the second quarter in 2018. “This contract marks another example where our clients in the ...

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Total awards contract for Safe Caledonia semisubmersible to Prosafe

STAVANGER — Total E&P UK Limited has awarded Prosafe a contract for the provision of the Safe Caledonia semisubmersible accommodation vessel at the Elgin-Franklin Facility in the UK sector of the North Sea. The firm period of the contract is 134 days, plus additional 30 days option to extend with on-site operations planned to commence May 15, 2017. Total value ...

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