Russia: Gazprom Neft purchases licence to develop the Novosamarskoye field, Orenburg Oblast

19/05/2017 12:51 Oil Market


Gazprom Neft has purchased a subsoil usage license issued by the Federal Subsoil Resources Management Agency for the Novosamarskoye field in the Orenburg Oblast. The license, for the exploration and production of hydrocarbons, is valid until 5 May 2037. The total area of the licensed block is 26.56 square kilometers.

The Novosamarksoye field was discovered by Gazprom Neft, within the Uransky license block sited in Sorochinsky District of the Orenburg Oblast in 2016, following the drilling of a prospecting well which indicated, under testing, the existence of free-flowing oil. The estimated quantity of the oil present in the field is more than 8 mln tonnes. This is the first discovery at the block under examination. Still, Gazprom Neft specialists consider that the Uransky block might have more smaller fields yet to be discovered.


The Head of Geological Exploration and Resource Base Development, Gazprom Neft, Alexei Vashkevich, stated that obtaining the license is a significant step forward in developing  the Orenburg production cluster. He added that the company is working to improve the quality of the resources and it has already embarked on geological prospecting works that will increase efficiency in the field development process.

Daily (14.08.2017): British wholesale gas prices rose on Friday due to an unplanned outage

14/08/2017 10:52:00

Oil prices increased on Friday, following the IEA’s report which stated that crude oil stockpiles were now below 2016 levels. The agency also raised its 2017 demand growth forecast in its previous monthly report and declared it expected demand to be further expanded next year. Despite the strong demand, markets remain well-supplied thanks to strong output. Brent rose by almost 0.4% to close at $52.10 a barrel, while WTI price rose by around 0.5% to end at $48.82 a barrel.


Britain's Tullow starts oil and gas exploration in Zambia

14/08/2017 09:56:00

British firm Tullow Oil on Friday launched exploration for oil and gas in Zambia, Africa's No.2 copper producer, as the nation strives to diversify its economy and reduce its dependence on the industrial metal.


Egypt: LNG imports will be reduced to 80 cargoes in 2017-18 year

14/08/2017 09:40:00

Egypt intends to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that started in July, as stated by Petroleum Minister Tarek El Molla on Sunday, or down from the 118 cargoes imported in 2016.