• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 4 hours Science: Only correct if it fits the popular narrative
  • 57 mins Crazy Stories From Round The World
  • 16 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 21 hours EU has already lost the Trump vs. EU Trade War
  • 15 hours China's Renewables Boom Hits the Wall
  • 2 days ''Err ... but Trump ...?'' *sniff
  • 6 hours Do The World's Energy Policies Make Sense?
  • 16 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 9 hours Impeachment Nonsense
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 2 days Tesla Launches Faster Third Generation Supercharger
  • 21 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

The World’s Newest Oil Benchmark

The World’s Newest Oil Benchmark

The world’s newest crude oil…

The $22 Trillion Market Keeping Coal Afloat

The $22 Trillion Market Keeping Coal Afloat

Despite coal’s collapse in North…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Rosneft Announces Completion Of World’s Longest Well

Oil

Rosneft announced the successful completion of the world’s longest well in the Sea of Okhotsk today, according to a new report from World Oil.

The Orlan platform finished the 15,000 feet -horizontal completion, creating a world record for the measurement. Since the Sakhalin-1 project began, the project has drilled nine of the world’s ten longest wells.

Sakhalin-1 is operated by ExxonMobil.

While output at oil sites operated by foreign oil majors under production-sharing agreements dropped by 39 percent in September over August, Russian companies boosted their domestic oil production. Output at the biggest oil firm Rosneft increased 1.2 percent to 3.82 million bpd, and production at no.2 Lukoil inched up 0.7 percent to 1.64 million bpd, according to Energy Ministry data, cited by Reuters.

Russia’s pledge in the OPEC/non-OPEC deal is to shave off 300,000 bpd from the October 2016 level, which was the highest in almost 30 years.

Russia’s Energy Minister Alexander Novak said on September 21 that Russia would exceed its share of the output cuts for September, due to maintenance works.

“We are well below, due to maintenance works at some of our enterprises, including Sakhalin-1,” TASS news agency quoted Novak as telling reporters a few weeks ago. 

Related: Falling Iraqi Oil Output Drags OPEC Production Down

Non-OPEC Russia, like OPEC’s de facto leader Saudi Arabia and most of the other cartel members entered the joint deal at a very high level of production, which took much of the sting out of the cuts. In the last quarter of 2016, Russia’s production hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.

As for Exxon’s Russian adventures, sanctions have forced the American major to lose money from revenues generated by its ongoing Russian projects, such as the flagship project Sakhalin-1 and a number of joint ventures with Rosneft. It also lost future revenues. Another Arctic venture alone was valued at $500 billion in total investments.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Alvin on November 27 2017 said:
    It isn't in 'ft' but in 'm'. It should be 15000 m.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play