• 3 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 8 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 12 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 18 hours Conflicting News Spurs Doubt On Aramco IPO
  • 19 hours Exxon Starts Production At New Refinery In Texas
  • 20 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 8 days Syria’s Kurds Aim To Control Oil-Rich Areas
Can India Overtake China In The EV Revolution?

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

Gazprom Picks Up Two Arctic Energy Fields

Arctic Oil Rig

Russian energy company Gazprom has outbid Rosneft and Lukoil to acquire the rights to two Arctic oil and gas fields. Gazprom paid the equivalent of US$354.6 million for development rights for Layavozhskoye and Vaneyvisskoye oil and gas fields, which are located in the Nenets Autonomous Region.

The Natural Resources Ministry reports that the Layavozhskoye Field has an estimated 9.8 million tonnes of oil and 140.1 billion cubic meters of natural gas. The Vaneyvisskoye is expected to contain at 6.5 million tonnes of oil and 85.2 billion cubic meters of natural gas.

According to industry analysts, Gazprom needs to increase its resource base as it faces challenges from smaller producers that are active in the domestic market.

Gazprom and Shell both signed a memorandum of understanding on Thursday for the construction of a liquefied natural gas plant in the Baltic. According to Gazprom, the plant in the Baltic could potentially produce approximately 20 million tonnes of frozen gas per year.

The MOU states that the two companies will also examine the potential to build the plant at Ust-Luga. The memorandum says the companies will look into possibilities of building the LNG plant in the port of Ust-Luga with an annual capacity of 10 million tonnes. Shell and Gazprom have partnered on a liquefied natural gas plant on the island of Sakhalin, which has a 10 million tonne per-year capacity.

Related: Conoco-Philips Pipeline Leak Threatens Wildlife Area In Alberta

Gazprom exec Alexei Miller stated on Thursday that the amount of gas Russia sends to Europe through the Ukraine will fall off after 2020, after the company finishes its new pipeline under the Baltic. Gazprom is building the pipeline due to pricing disputes with the Ukraine. Additionally, relations between Kiev and Moscow have soured since Russia annexed Crimea. He said that the effort will save Gazprom $1.6 billion per year

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Comments currently closed.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News