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.

Global gas demand expected to ascend by 1.6% annually

14/07/2017 12:08:00

As reported by the International Energy Agency (IEA), global gas is predicted to rise 1.6% every year, for the next five years, with consumption rising to almost 4,000 billion cubic meters (bcm) by 2022.


Daily (14.07.2017): Oil prices rose 1.4% on Thursday as world oil demand is picking up

14/07/2017 11:26:00

Oil prices rose on Thursday on evidence that world oil demand is picking up, notably in the United States and China, the world's two biggest oil consumers. Growing demand is helping to drain a global fuel glut but the rebalancing of the oil market is taking longer than anticipated. Brent crude jumped by 1.42% settling at $48.42 a barrel, while the WTI price increased by 1.3% to $46.08 a barrel.


Peru told to suspend talks about oil until pollution is redressed

14/07/2017 10:31:00

Peru was told to cease negotiations for new oil rig in the Amazon until prior pollution was eliminated on Thursday by UN human rights experts.