Ernst & Young has released a report titled: The Future of Russian Oil Exploration.
It has interesting information on: reserve life of major companies, a forecast of declining oil production, drilling success rates, time between discovery and first oil, prospective oil areas map of the Arctic Ocean [1], foreign investment rates and more.
[1] http://geology.com/articles/arctic-ocean-features/
More at Ernst & Young.
Exxon and Rosneft have entered into a partnership to assess the potential of commercial production from the Bazhenov and Achimov Shales. These are tight rock units in western Siberia that are thought to contain billions of barrels of oil.
More at The Moscow Times.
“Using a geology-based assessment methodology, the U.S. Geological Survey estimated volumes of undiscovered, technically recoverable, conventional petroleum resources for the southern Siberian craton provinces of Russia. The mean volumes were estimated at 3.0 billion barrels of crude oil, 63.3 trillion cubic feet of natural gas, and 1.2 billion barrels of natural gas liquids.” Quoted from the USGS press release.
More at USGS.
Exxon Mobil has an agreement with Rosneft, the Russian state oil company, to investigate the oil potential of shales in Western Siberia.
More at Fox Business.
Royal Dutch Shell and Chevron may receive rights to develop shale gas fields in Ukraine. The country currently imports most of its natural gas from Russia.
More at Reuters.
“Using a geology-based assessment methodology, the U.S. Geological Survey estimated volumes of undiscovered, technically recoverable, conventional petroleum resources for the southern Siberian craton provinces of Russia.” Quoted from the USGS publication release.
More at USGS.
Russia has opened the Nord Stream Baltic gas pipeline that will transport natural gas under the Baltic Sea to Germany.
More at BBC.
