Latest news
TNK-BP plans to sue BP seeking $10 billion in damage
Russia's half of the TNK-BP joint venture intends to take proceedings against BP pretending the giant broke the joint venture's shareholder agreement. According to the sources close to TNK-BP, the company’s management will seek multibillion-dollar damage, equivalent to $10 billion, claiming it lost the opportunity to explore the Russian Arctic because of BP's actions.
read more... 13/04/2011
Ratification of the Russian-Norwegian border agreement
Russian President Dmitry Medvedev signed on April 8 the ratification of the agreement with Norway on Maritime Delimitation and Cooperation in the Barents Sea and the Arctic Ocean.
read more... 12/04/2011
Kazakhstan to suspend its work at Kashagan oil field for three years
Kazakhstan plans to suspend its activities on the main stage of the Kashagan project for three years, following the Royal Dutch Shell and Exxon Mobil attempts to persuade the country’s oil ministry to simplify the project design, which would cut their expenditures by $18 billion to $50 billion.
read more... 06/04/2011
Matra Petroleum to begin oil production in the Sokolovskoe Field, Russia
Matra Petroleum, an independent oil and gas exploration and production company which is actively operating in Russia since 2006 and is constantly examining the potential for oil and gas over there, announced that it has begun the production for both existing wells in the Sokolovskoe field, Russia.
read more... 06/04/2011
Ukraine to increase its oil production by one million tons in Egypt
According to data published on Monday by the Ukrainian Ukrinform news, the Ukrainian Joint-Stock Company Naftogaz intends to increase its production about one million tons of oil in Egypt oil fields in 2012.
read more... 05/04/2011