RUSSIA'S ARCTIC ENERGY
REUTERS - Russian energy major Gazprom Neft expects the Arctic to account for more than half its oil and gas production by 2020, the company said on Tuesday, reflecting Moscow's drive to develop the resource-rich region.
Russian President Vladimir Putin has promised tax incentives and other benefits to encourage companies to develop the Arctic region and the Northern Sea shipping route, which Moscow sees as a bridge between Asia and Europe for its energy exports.
Putin has said he expects cargo volumes along the route to increase tenfold to 80 million tonnes by 2025.
Gazprom Neft, the oil arm of gas giant Gazprom, is Russia's fastest growing oil producer in terms of output and has plans to develop the Yamal peninsula in the Arctic.
Vadim Yakovlev, first deputy CEO of Gazprom Neft, told reporters in the town of Salekhard, the regional capital of Russia's Yamalo-Nenets region, that the company's output in Yamal would rise to 52 million tonnes by 2020 from 27 million tonnes five years earlier.
"The share of production in the Yamal-Nenets Autonomous Region will exceed 50 percent in 2020," he told reporters, adding that hydrocarbon production there reached 47.5 million tonnes of oil equivalent in 2018.
He also said the company could attract foreign investors to develop the Achimov formation in Yamal, one of the most challenging projects in Siberia because of its low permeability and porosity.
Yamal is key for Russian oil and gas production. It accounts for more than one fifth of global natural gas reserves, according to a presentation on Tuesday by the regional governor.
For Gazprom Neft, Yamal's key oilfield is Novoportovskoye, from which it exports its oil grade, Novy Port, all-year round mainly to Europe. The company plans to crank up oil production there to 8.5 million tonnes (170,000 bpd) by 2020 from around 7.4-7.5 million tonnes this year, Yakovlev said.
Apart from Novoportovskoye, Gazprom Neft is also working on some other projects in the region, including Messoyakha which it is jointly developing with Rosneft, as well as Yamburg, which may become its largest producing project in the region.
The company exports Novy Port from the Arctic Gates terminal. Yakovlev said the company may build another terminal to export oil from Yamburg, or connect it with a trunk oil pipeline.
Yakovlev also said full-scale production at Gazprom Neft's Yamburg oilfield in Yamal could start in 2024-2025 and initially produce around 5-6 million tonnes a year.
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Iranian Minister of Petroleum Bijan Zangeneh said the current crude oil market was in a fragile state, adding, “If the US decided to exert more pressure on Iran, the oil market would become unpredictably more fragile.”
Стратегическая цель России в нефтегазовой отрасли - увеличить долю на мировом рынке СПГ с 8% до 15-20% к 2035 году, а также ускорить газификацию регионов, расширить использование природного газа как газомоторного топлива и производство в секторе нефтегазохимии, поделился планами Александр Новак.
“Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries,” Mazroui said. “I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement... I don’t see any reason for Russia not to continue with us.”
The kingdom will pump about 9.8 million barrels a day in March and April and export less than 7 million barrels daily in both months, Al-Falih said in March. Saudi Arabia has a production target of 10.3 million barrels a day.
No project better symbolizes Russia ambitions in the Arctic than Yamal LNG. The project cost $27 billion to construct, excluding the adjacent infrastructure paid for by the Russian Federation.
"Арктические проекты в целом - это огромный потенциал для развития энергетики страны. На севере Ямала уже построили новый завод по производству СПГ, это мощный импульс для развития Сибири" - сказал Александр Новак.
«Огромный потенциал сосредоточен в сегменте производства СПГ. Если сегодня доля СПГ составляет в мировой торговле 35%, к 2035 году она будет выше 50% и достигнет 70% к 2040 году.»
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Alexey Likhachev reminded the audience that the Forum motto is “Nuclear for better life”. Each sphere of human activity is affected by the achievements of nuclear industry. “Peaceful atom is associated with all aims and goals of UN sustainable development program. This Forum will become a space for discussing newest technologies that will lay the basis for the future of our planet”, Mr Likhachev emphasized.
The investment incentives provided by Dubai government and the business opportunities up for grabs on the horizon were the crux of a meeting officials of the Dubai Land Department, DLD, had with a Russian delegation who participated in the recently concluded Annual Investment Meeting 2019.
U.S. FRB - Industrial production edged down 0.1 percent in March after edging up 0.1 percent in February; for the first quarter as a whole, the index slipped 0.3 percent at an annual rate.
Abu Dhabi's Gross Domestic Product, GDP, at current prices, increased by 14.4%, from AED 813.6 billion in 2017 to AED 931.0 billion in 2018, according to Statistics Centre