Russia & FSU
News
May 14, 2025
XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit have signed a new Production Sharing Contract (PSC) with the State Concern Turkmennebit for the offshore “Block I” gas and condensate fields in Turkmenistan.
News
May 08, 2025
Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May. The country’s Energy Ministry said in an email that it plans to pump the same levels of crude as in April.
News
April 28, 2025
Russia’s oil producers have been drilling wells at a pace not seen in at least five years as the nation readies for both a loosening of OPEC+ output limits and the possibility of relief from some international sanctions over its invasion of Ukraine.
News
April 23, 2025
OPEC+’s audacious bid to punish its oil-quota cheats prompted a renewed plunge in crude on Wednesday, amid growing tensions with Kazakhstan. Kazakhstan Energy Minister Erlan Akkenzhenov appeared on Wednesday to reject pressure to bring output in line with OPEC+'s quota.
News
April 03, 2025
In a conference Thursday, OPEC+ was expected to simply remind errant members to respect output limits, ahead of confirming its existing plan to gradually raise production. Instead, they delivered a major shock — increasing supply by three times the planned amount in May in what delegates described as a deliberate effort to drive down prices.
News
March 27, 2025
Block Energy plc, the production and development company focused on Georgia, has announced its acquisition of a 10% participating interest in the XIQ Production Sharing Contract (PSC).
News
March 17, 2025
Azerbaijan is set to sign agreements to explore for natural gas in Israeli waters, highlighting a key strategic alliance between the two countries amid turbulence in the region. A consortium of Azeri state company Socar, bp Plc and Israel’s NewMed Energy LP will get the right to explore in one offshore block.
News
March 12, 2025
OPEC+ crude production surged last month as Kazakhstan further breached its agreed limit. OPEC+ has said it can “pause or reverse” the scheduled series of output increases depending on market conditions, and has just under a month to consider the next hike.
News
January 24, 2025
Chevron announced today that its 50 percent owned affiliate Tengizchevroil LLP (TCO) has started oil production at its Future Growth Project (FGP) located at the Tengiz oil field in Kazakhstan. The FGP expansion aims to increase crude oil production by 260,000 bpd at full capacity.
News
January 24, 2025
(Bloomberg) – Chevron has completed an expansion at Kazakhstan’s huge Tengiz oil field, which is expected to pump 1 million bpd by mid-2025. The expansion comes as U.S. President Donald Trump this week said he’ll push OPEC and its allies to lower oil prices.
Article
December 2024
In the arena of hydrocarbon exploration, precision and speed are paramount, especially when dealing with complex geological structures in ever-changing, geopolitically challenging environments like Ukraine.
News
November 29, 2024
Russia’s Gazprom PJSC is preparing for a scenario where natural gas flows via Ukraine halt entirely next year.
News
November 28, 2024
Russia’s controversial Nord Stream 2 pipeline lost the latest round of its legal fight against European Union gas market rules, in a largely symbolic court defeat for the now-shuttered project.
News
November 25, 2024
(Bloomberg) - The U.K. government expanded its sanctions against Russia’s energy industry on Monday, blacklisting dozens of tankers responsible for moving the nation’s oil as well as two insurers involved in the trade.
News
October 08, 2024
Russia’s crude shipments rose to the highest in three months, with more oil available for export after the country’s refineries embarked on seasonal maintenance.
News
October 04, 2024
Russia’s own data show its crude production in September fell just below its monthly target under the OPEC+ deal, according to people familiar with figures from the country’s Energy Ministry.
News
September 23, 2024
The commercial agreements amend the existing ACG production sharing agreement (PSA) framework, enabling the parties to progress the exploration, appraisal, development and production from the gas reservoirs of the ACG field. ACG non-associated gas resources are believed to be significant, with up to 4 Tcf (ca. 112 Bcm) in place.
News
September 09, 2024
The first MoU focused on the expansion of Eni and SOCAR’s cooperation on oil and gas exploration and production, with the aim of strengthening the energy security of Europe, and Italy in particular. A second MoU envisages the cooperation of Eni and SOCAR to reduce greenhouse gas emissions and improve energy efficiency in the upstream sector.
News
September 04, 2024
The work was done within schedule and budget. The 2024 KTL-1 turnaround achieved a 23% improvement in execution efficiency compared to the previous turnaround at KTL-1 in 2019. The turnaround activities used industry-leading execution methodologies aimed at maintaining reliable base business performance.
News
August 23, 2024
The U.S. has imposed sanctions on seven liquefied natural gas carriers linked to Russia, including vessels believed to have loaded at its newest export facility in the Arctic region.
