The decline is a result of a combination of simpler development concepts and more efficient drilling. Lower prices for work and equipment are also a contributing factor.
“America’s growth in natural gas production means that through LNG exports we can give our allies stability and security in the global natural gas market. America’s shale revolution is growing our economy, spurring environmental improvements and strengthening our own energy security. U.S. LNG will give our allies an opportunity to achieve those some goals.”
The sector, which accounts for 20 percent of the Nordic country's economy, has been slashing jobs, costs and projects to cope with a 60 percent fall in oil prices since June 2014.
Bulgaria’s prime minister Boyko Borisov proposed the gas hub, to be built near the city of Varna, days after Russia scrapped the Gazprom-led South Stream pipeline project over objections from the EC, suggesting a different idea of what a hub is from the conventional, virtual trading point such as the Dutch title transfer facility.
Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said: "During Q2 2016 we have improved on the record uptime we achieved in Q1, reaching 98% economic utilization, whilst continuing to see our costs reduce quarter over quarter. There continues to be a significant supply overhang and the market conditions remain challenging, however, there is some volume returning to the spot market, although primarily for short term work. Our priorities for the remainder of the year continue to be delivering safe and efficient operations for our customers whilst concluding on our financing plans."
Oil Production was 1 728 000 barrels, and is the largest monthly oil production volume in five years (March 2011). Total gas sales were 9.1 billion Sm3 (GSm3), which is an increase of 0.9 GSM3 from the previous month.
Gazprom's sales volume to its core ‘Europe and other’ markets in 1Q grew by 49% to 58.1bn m³, an increase of 19bn m³ on 39.1bn m³ in January-March 2015. Sales to former Soviet countries declined by 15.5% (by 2bn m³) to 10.9bn m³, while those in Russia declined more modestly to 75.4bn m³, just 6% or 4.9bn m³ less than in 1Q 2015.
"Болгария и Россия договорились создать рабочие группы по восстановлению российских энергетических проектов, включая строительство газопровода "Южный поток"
Ramezani told the Panel of Prospect of Gas Industry in Next Half a Century that the deal is expect to prepare the condition for export and shipment of gas to West Europe.
Российский Министр отметил, что Турция заинтересована в том, чтобы газ поступал напрямую, минуя другие транзитные страны. «Для этого в «Турецком потоке» предусмотрена одна нитка мощностью 15,75 млрд кубических метров газа. Мы ведем сейчас речь о строительстве двух ниток, вторая из которых будет предназначена для европейских потребителей и может быть проложена по дну Черного моря и через территорию Турции», - пояснил Александр Новак.