GAZPROM RECEIVES ARCTIC SHELF
Gazpromneft Sakhalin, a subsidiary of JSC Gazprom Neft, has been awarded subsoil-use rights to the Severo-Zapadniy block on the Pechora Sea shelf and the Heysovskiy block on the Barents Sea shelf.
The company says it has started geological and geophysical analysis of currently available information to construct a geological model of the region, identify the most promising structures within these blocks, and develop a program for further exploration and prospecting activities.
The 8,860-sq-km Severo-Zapadniy block lies in 200 m of water near Gazprom Neft's Dolginskoye and Prirazlomnoye fields. Russian classified D1 reserves are estimated at more than 105 million tonnes of oil and gas condensate and 60 billion cu m of gas.
A total 11,500 km of 2D seismic has thus far been undertaken on the block, with data obtained to a depth of 1.17 line-km for each sq km surveyed.
The 83,600-sq-km Heysovskiy block lies in 200-500 m of water in the northern section of the Barents Sea, west of the Novaya Zemlya archipelago, about 1,000 km from the mainland.
The region is characterized by extreme environmental and climatic conditions. The northwest and northeast portions of the block can remain ice-bound throughout the year, although in certain years the sea does break through.
Data on the block is currently limited, with only 8,300 km of 2D seismic having been conducted to date, with data obtained to a depth of 0.1 line-km for each sq km surveyed.
Russian classified D2 reserves are estimated at 140 million tonnes of oil and gas condensate and 2 trillion cu m of gas.
"The Arctic remains a strategic priority for our company," commented Alexander Dyukov, Gazprom Neft chief executive officer. "Thus far, Arctic territory has remained under-researched, although we are, step by step, progressing further every year."
Dyukov said, "The experience we have gained in developing these assets will allow us—safely and effectively—to open up the natural resources hidden in the Russian Arctic," mentioning the company's geological prospecting at Dolginskoye field; and the first shipment of Arctic oil (ARCO) from Prirazlomnoye field, both of which are in the Pechora Sea.
Gazpromneft Sakhalin holds the licenses to Dolginskoye and Severo-Vrangelevskoye fields covering the East Siberian and Chukchi seas. A fourth exploration well was drilled at Dolginskoye in 2014, allowing geophysical and hydrodynamic well testing operations to be carried out. A prospecting program at the Vrangelevskoye field is being developed.
Production from Prirazlomnoye started in 2013; and the field reached its one millionth barrel of production in September 2014.
Development of the field has demanded the construction of Prirazlomnaya rig, designed to withstand the harsh environment and climatic conditions while ensuring environmental safety in oil extraction.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.