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2017-12-11 10:10:00

RUSSIAN ARCTIC OIL

RUSSIAN ARCTIC OIL

 

BLOOMBERGWhen Saudi Arabia's oil minister attended Friday's grand opening of a giant liquefied natural gas plant in northern Siberia, he'd have known this was just part of a bigger energy story developing in Russia's icy north. It's not just gas that's a big deal there. Russia's Arctic oil flows are soaring too.These are not the putative offshore fields that energy supremo Igor Sechin touted five years ago as Russian oil's future. Arctic exploration has been all but halted by cheap oil and Crimea-based sanctions. But other development projects in the region have quietly gathered momentum, yielding almost 400,000 barrels a day of exports.

Russia has three oil export terminals on its Arctic coast. Shipments began from Lukoil PJSC's 240,000 barrel a day Varandey terminal in 2008. It now handles about 150,000 daily barrels from nearby fields. Gazprom Neft's Prirazlomnoye field produces approximately 80,000 barrels a day, with a target capacity of 130,000. The same company's 170,000 barrel a day Arctic Gate terminal started operations this year and exports about 150,000 barrels a day from the Novoportovskoye field. Crude from all three terminals is shipped in shuttle tankers to Murmansk, from where cargoes are sent on larger vessels to Europe.The terminals' exports hit a new high of almost 385,000 barrels a day in November. This is up by about 100,000 barrels a day from a maintenance-related summer dip. That's equivalent to a third of the output cut pledged by Russia in its deal with OPEC.

Russia's adherence to that deal, just extended to the end of 2018, has been pretty good. Over the summer, it cut more than the promised 300,000 barrels a day from its October 2016 production level.But things have started to slip. Maintenance at Prirazlomnoye and at Exxon Mobil Corp's Sakhalin I project off the eastern coast helped lower Russian production between August and October. That's come to an end. Now those fields are back in full production, Russia's aggregate daily oil output has risen by about 50,000 barrels. Compliance with the OPEC deal is below where it was in May and things may get worse over winter.

As well as gas, Novatek PJSC's new LNG project will produce about 26,000 barrels a day of condensate -- a very light form of crude. That's not a lot in the grand scheme of things, but this is just one field. As Russia's gas industry targets deeper, liquids-rich reservoirs, its condensate output rises. Gas production in Russia is highly seasonal, so condensate output is too. Cold weather boosts demand for Russian gas from domestic and foreign consumers and the swing in gas production from summer to winter can be as much as 40 percent of the annual average.

Put simply, you should expect Russia's condensate production to rise in coming months. Together with the recovery in Arctic oil production, this means the rest of the industry will need deeper cuts if Russia is to stay within the OPEC agreed target. That won't be easy.Newer fields, which produce a lot of oil and little water, are probably easiest to shut in. But they're often among the most profitable for the companies developing them. Many get generous tax breaks. Older fields may earn less, but companies worry that declines here may never be reversed. This would make it more difficult to ramp up production when the output deal comes to an end.Russia's oil companies have started worrying already about an "exit strategy." They may want to add a seasonal surge in oil supply from gas fields to their list of anxieties.

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Earlier:

RUSSIAN ARCTIC LNG
2017, March, 31, 19:00:00

RUSSIAN ARCTIC LNG

"This is a big event," Putin said. "If we keep moving at this pace, which I must say is rather impressive even to me...then Russia not only can but will become the largest LNG producer in the world."

 

 АРКТИЧЕСКИЕ ИНВЕСТИЦИИ ГАЗПРОМА
2017, March, 31, 18:50:00

GAZPROM'S ARCTIC INVESTMENTS

The project has significant public importance, as it will give an impetus to economic and social development in the Russian Arctic. The Yamal-Nenets Autonomous Area is home to some of Gazprom’s key fields, which are expected to provide the bulk of Russia’s natural gas in the long term. To ensure efficient field development, the transport infrastructure should be expanded accordingly.

 АРКТИЧЕСКАЯ НЕФТЬ РОССИИ: $70
2017, March, 29, 18:50:00

RUSSIAN ARCTIC OIL: $70

“We estimate production costs for the Russian Arctic offshore in the range of $70 to $100 a barrel,” Energy Minister Alexander Novak said by email. These reserves “are our backup stock,” he said before the International Arctic Forum in Russia’s Arkhangelsk that began Wednesday.

 RUSSIAN ARCTIC LNG
2017, January, 23, 18:40:00

RUSSIAN ARCTIC LNG

The tanker is the first of a new class of icebreaking LNG carriers that will open an export route from Siberia to the Pacific — reducing Russia’s dependence on selling gas through pipelines to Europe.

 

 KVAERNER & RUSSIA LNG
2015, September, 3, 18:45:00

KVAERNER & RUSSIA LNG

After winning a key platform construction contract from Statoil in June, Norway’s Kvaerner is reportedly working to enter into the LNG business with floating near-shore liquefaction barges designed for operations in the Arctic. Doing so, Kvaerner could increase its clout in Russia.

 

 RUSSIAN ARCTIC ENERGY
2015, August, 6, 18:30:00

RUSSIAN ARCTIC ENERGY

The Arctic has become a theatre for rival claims over a sea floor believed to be rich in minerals, oil and gas.

 

 NORWAY & RUSSIA ARCTIC
2015, May, 28, 18:55:00

NORWAY & RUSSIA ARCTIC

Norway's previously long-standing cordial relations with Russia have deteriorated to the point that there is a real chance that simmering feelings could escalate, leading to a breakdown of cooperation in the oil and gas sector, writes Platts.

 

 

 

Tags: RUSSIA, ARCTIC, OIL, GAS, PRICE, SANCTIONS

Chronicle:

RUSSIAN ARCTIC OIL
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

RUSSIAN ARCTIC OIL
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

RUSSIAN ARCTIC OIL
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

RUSSIAN ARCTIC OIL
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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