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    Russian Oil and Gas Industry: News

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    TheArmenian
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    Re: Russian Oil and Gas Industry: News

    Post  TheArmenian on Sat Jul 13, 2013 7:47 am

    Viktor, how many times a day am I supposed to vote for you? Unfortunately, this forum allows only 1 per day.

    Same goes to you Austin.

    Good job guys. Thanks for posting all the good stuff on the various threads.

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    Re: Russian Oil and Gas Industry: News

    Post  Rpg type 7v on Sat Jul 13, 2013 12:24 pm

    i think this is the first time in history that Russia has put out its reserve estimations officially. Shocked 
    Theyve been pumping it so much and still have allot left .respekt 
    There is a question of extraction costs dough...

    sepheronx
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    Re: Russian Oil and Gas Industry: News

    Post  sepheronx on Sat Jul 13, 2013 1:09 pm

    Rpg type 7v wrote:i think this is the first time in history that Russia has put out its reserve estimations officially. Shocked 
    Theyve been pumping it so much and still have allot left .respekt 
    There is a question of extraction costs dough...

    The reason for officially submitting their reserves is pretty much to help promote foreign investors to start finding ways to extract it for cheap.

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Sat Jul 13, 2013 5:38 pm

    This Interview is very informative please read it in full "Interview with Alexei Vashkevich, head of the Gazprom Neft Directorate of Geological Exploration and Resource Base Development "

    There is no alternative to the alternative


    Something that really struck out was this statement

    We define the second cluster as consisting of the so-called unconventional reserves that we identify based on the history of oil genesis. These reserves essentially consist of oil source rock, including the Bazhenov-Abalak suite as well as deposits whose geological structure we are just beginning to understand, for example, Paleozoic deposits. There are estimates of the unconventional reserves resource potential that differ from one another by a factor of several times. The estimate that one commonly hears is 100 billion tons of oil equivalent across Russia. Furthermore, a significant part of those reserves, approximately 20-30 billion tons of oil equivalent, is concentrated in Khanty-Mansi Autonomous Okrug-Yugra. russia 

    From the blog comment http://sdelanounas.ru/blogs/36708/ (user78)

    not 30, and 50-57 years - assuming no new discoveries, as 28.8 billion tons of reserves and production - 0.5 billion tons per year.

    According to different estimates of new oil fields in Russia only in the Arctic and the Khanty may be another 55-120 billion tons of oil (100-240 years of production). And this is without any shale gas and oil, which we also fill up.

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    Re: Russian Oil and Gas Industry: News

    Post  medo on Sat Jul 13, 2013 7:02 pm

    In the Russian place I wouldn't exploit oil rocks. Canada do this and the process is very toxic and do very big damage to tundra environment.

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    Re: Russian Oil and Gas Industry: News

    Post  Viktor on Sat Jul 13, 2013 7:16 pm

    medo wrote:In the Russian place I wouldn't exploit oil rocks. Canada do this and the process is very toxic and do very big damage to tundra environment.

    If you where referring to oil sand that process has economic sense only when price of oil is above 100/105 $. Still with todays oil prices that does not pay off.

    Canadians will have to wait a bit longer (now that huge oil reserves are found in Venezuela, Russia, Australia) before oil prices because of shortages jump to 150

    $/barrel. If you where referring to shale gas that too did not meat its economic cost efficiency up to now (more money is spend on extraction and distribution than

    what is worth).

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Tue Jul 16, 2013 2:26 pm

    Igor Sechin: Oil reserves on the Arctic shelf of eastern Siberia and the Far East to the 14 billion tons of confirmed

    Yuzhno-Sakhalinsk, on July 16. / ITAR-TASS /. The head of "Rosneft" Igor Sechin expects that exploration in the Arctic shelf of East Siberia and the Far East will confirm the oil reserves to 14 billion tons.

    "Rosneft as a whole on the Arctic shelf of eastern Siberia and the Far East has 20 license areas, which are currently being implemented large-scale exploration," - said Sechin during a video conference chaired by President Vladimir Putin to the platform, "eagle", located in the Sea of ​​Okhotsk Sea.

    He explained that currently the Magadan offshore geological surveys carried out in the framework of the projects "Magadan-1", "Magadan-2", "Magadan-3".

    "Exploration is underway on the Sakhalin shelf, in the license area, Astrahanovskom Sea - Nekrasovskiy. Hopefully, as a result of all this work will be supported by forecasts for exploration reserves of up to 14 billion tons of oil equivalent," - said the head of "Rosneft".

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Tue Jul 16, 2013 2:39 pm

    So Arctic has 102 bbl of Oil as per Rosneft what about Gas ? Or does the Russian news says Oil & Gas equivalent

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Tue Jul 16, 2013 8:20 pm

    Europe’s Energy Security: Options and Challenges to Natural Gas Supply Diversification

    http://www.fas.org/sgp/crs/row/R42405.pdf

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Thu Jul 25, 2013 11:00 am

    Gazprom Says this

    Shale is dead? Long live shale!

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Fri Aug 02, 2013 6:15 pm

    A Nice Interview with Gazprom Chief

    Gazprom CEO: Shale gas not Russia's concern this century

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    Re: Russian Oil and Gas Industry: News

    Post  Rpg type 7v on Sat Aug 03, 2013 8:50 am

    wow pretty bold statement from them....
    maybe they should develop and operate a few wells for technological/experimental reasons...

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Sat Aug 03, 2013 9:05 am

    Gazprom CEO: Shale gas not Russia's concern this century

    While the booming ‘shale revolution’ is being increasingly criticized by environmentalists, Russia shouldn’t care too much about it, at least this century, says Gazprom Chief Executive Aleksandr Medvedev.


    Has Russia misjudged and misinterpreted the shale revolution and is it being left behind by new rivals? What’s there for Russia in a ‘shale revolution’?

    RT's Sophie Shevarnadze discusses this with Gazprom Export CEO Aleksandr Medvedev on the SohpieCo show.

    RT: Igor Sechin, chief executive of state oil company RosNeft and one of President Putin’s closest advisors says Gazprom was too late to realize the threat posed by the US shale gas, and Russia is now risks losing the race for the gas markets if it fails to act – do you feel like you’ve slept through the shale revolution?

    ALEXANDR MEDVEDEV (AM): We always are monitoring all the modern tendencies in the gas and oil market, and other energy markets connected with gas and oil. It’s very strange to hear that we have missed the shale gas revolution. We’ve always been involved in accommodating our activities to the market realities, but I believe that it may be a nice word – “revolution” – which these tendencies influence the situation on the American gas market, and also, indirectly, have a certain influence European markets, but we are not sleeping, we have done what we believed necessary to be done to stay competitive.

    RT: So you feel like Russia is not missing out on anything, as far as shale gas is concerned?


    AM: First of all, I would not exaggerate the influence of the shale gas on our activity. Obviously, we should change the approach to the American market, because the target market for our Shtokman project was the North American market. Now, the US looks to be targeting to be self-sufficient, or even considering to export energy, but we are well prepared to stay competitive and the events of the current year are just confirming how we are restoring our competitiveness, which actually was not even damaged.

    RT: But like you said, US shale gas production is booming, while European countries prohibit it one by one. Why such extreme points of view? Why such a difference?

    AM: In my opinion it was booming and now we are seeing a slowdown, not only in production but also in the speed of drilling, and many companies are forced to sell their assets in shale gas production. Actually, with the current level of price in the US, it’s not possible to have a profitable production in the majority of shale gas fields. I would like to quote the president of France, who said that as long as he’s president, he will not allow the production of shale gas in France, and there are quite a number of reasons behind this opinion. I’m rather sure that the French president was supplied with all the available information about shale gas potential and problems, and number one is that the cost of production of shale gas in Europe is incomparably higher than in the US and also the situation with the environment is different, because in the US its main production is in unpopulated areas, which are quite available in the US, but in Europe we can’t find such big unpopulated areas with reach to the water. We shouldn’t also close eyes on the environmental risks involved, and there are quite a number of disturbing facts associated with production of shale gas. It’s not surprising that in Poland all the majors actually stepped out of the shale gas exploration.

    RT: So you feel like the environmental issues are of secondary importance for the US?

    AM: In Europe, where the problem of drinking water is very important to put it at risk, the water horizons is the number one priority, and as I said, there is the environment plus the cost factor, because production of traditional gas in Europe, and I mean first of all Russia, is incomparably more competitive than production of shale gas – if it will ever happen.

    RT: But for us – for Russia – we’re not interested because of environment or because we just have enough gas as it is, we don’t need to extract it, or is it also costly in the technological drag? What’s the reason?

    AM: Russia is very rich with shale gas resources, and probably in the next century the time will come when shale gas production will be considered in Russia, but currently, for the current century, we have enough reserves of traditional resources, and new areas of offshore fields – not to forget the Arctic, and I’m rather sure that cost effectiveness for these reserves will be unbeatable, and that’s why we are rather sure that we were, are, and will stay competitive on the oil and gas market.

    RT: Meanwhile, as you said, not only America has become self-sufficient in natural gas, but is also about to challenge Middle East and Russia in exporting gas to Europe. Did you expect that the US would turn into a national gas exporter so quickly?

    AM: There is a certain investment cycle before any project can be realized, if you are thinking about the potential of exporting of Azeri gas, it is targeted to start in 2019, and the volume is marginal compared to our current annual export. This year we are planning to export more than 152 BCM, so that’s why, especially in view of declining production in Western Europe, which is happening quicker than expected, we are not afraid of appearance of gas – if it will appear – from any other sources.

    RT: We still get a sense that with the arrival of the American gas, plus the Mideast share Europe is ready to manipulate the energy prices – some have already started, like Bulgaria has negotiated 20% discount.

    AM: It was normal price negotiation procedure which is included in our contracts; both buyer and seller have a right to call for price revisions in the certain periods of time, subject that it is justified by development of the market conditions. And that’s why it is absolutely normal to see price revision negotiations on both sides. In our practice we have reached agreements on the prices, when the price was low and when price was high, and during negotiations in order for us to be in position to keep our market share, and also that the market will continue to develop to correct the price. I don’t see any problem in making a correction of the price, depending on from which level this correction is done.

    RT: You just mentioned Azerbaidzhan, recently a consortium was chosen to path gas from Azerbaijan to Western Europe, further reducing dependence on Russian supplies – are you not concerned at all, because people are getting the sense the world is sort of trying to push Russia out of the competition.

    AM:
    I’m rather sure that the share of Russian gas in gas consumption in Europe can only grow and we believe that from the current level of 26% of our share in gas consumption in Europe would grow up to 30 or maybe even a higher percentage. It again is a reflection of the fact that we have a portfolio of our long-term contracts which on the level of take-or-pay – not on an annual contractual volume, but on a take-or-pay level – it is exceeding 4 trln cubic meters of gas, and with the validity beyond 2030-2035. So the share of import will inevitably grow in the European gas consumption and among suppliers Russia has the best ability to deliver additional volume of gas, subject that our buyers will claim this additional volume.

    RT: What if the European economy goes down?


    AM: We are calculating these forecasts based on the conservative scenario, and we see that Europe is experiencing serious economic problems after 2008, and, actually, we don’t see a lot of factors for potential recovery, some people even speak about the potential “Sunset of Europe” in the sense of industrial production, due to the lack of competitiveness. And energy is one of the major factors of the competitiveness, and if Europe would like to keep economic growth, they should seriously consider increasing the share of natural gas in the energy balance not to throw billions and billions of euros to subsidize alternative renewable sources of energy. And we already see the negative result of these subsidies on the budgetary situation of many European countries, not only small but also big.

    RT: Just a bit more about Europe . As it is, you are accused of unfair competition – of doing business like a monopoly by the European Commission. Do you feel pressured to change your strategy in Europe?

    AM: We deserved to be named the pioneers of competition in the European gas market. Nobody gave us gifts of the market share, we have the largest market share in European countries by investing in infrastructure, in underground storages, in systems and people, and as a result, for example in Germany, our joint venture WinGas has acquired current market share in the local general market exceeding 50% - but we can’t run away from the situation that there’s a limited number of producers – and you can’t artificially create competition. Competition starts in the market and in order to compete you should have product in your hands, and when the European commission is trying to limit us with the possibility to deliver our product to our customer, I believe it will not increase competition, it could deteriorate competition.

    RT: As far it is concerned, Gazprom has always been a partner that fulfilled its supply obligations – why is Europe still distrustful?

    AM: It was a strange approach – because again, starting from the first supplies til the last supplies, Gazprom was always in compliance with its obligations. We experienced two trading crisises with Ukraine, but it was absolutely the responsibility of Ukraine. We have done everything in order to avoid any problems with our supply, but Ukraine prevented us from supplying our gas to the customers. And then the mass media actually presented the situation in an absolutely wrong way, avoiding the facts which were presented by us. I believe it’s a reflection of a very [short-sighted] attitude in respect to the role of Russia in the modern world. It’s an old dilemma of what is best for the world – a weak Russia or a strong Russia? And unfortunately some politicians still believe that a weak Russia is better than a strong Russia – but it’s the wrong attitude because the stronger Russia would be economically, the better it would be for the world.

    RT: Will we see more gas wars with Ukraine – after all this is of crucial importance for your image and reputation abroad?

    AM: You should easily check our reputation with our partners, the leading off-takers of Russian gas or small customers in European countries. I am 100% sure that you will not hear any complaints about us from the people who are involved in the business . So actually the intets to deteriorate the image of Gazprom and Russia was a bland campaign around the Ukrainian events.

    RT: Your company also wants to claim 15% of the world’s LNG market in the future – what particular markets do you have in mind at this point?

    AM:
    LNG production and export is part of our strategy. LNG is a flexible pipeline which allows for the optimization of our export portfolio, together with the pipeline gas and currently we are producing energy in our Sakhalin-2 project, and we have launched Vladivostok LNG project, with the potential capacity of 15 mln tons, and the final investment decision is already taken, and just recently, we have launched a project under the name Baltic LNG in the European part of Russia, near St. Petersburg, where the gas will come from our unified gas transportation system. Also, we are considering potential expansion of Sakhalin-2 for another 5 mln tones. Overall, capacity of our own production, plus LNG from the third party projects could bring us to the target figure which you mentioned, 15% of the world market. We are rather sure that we will execute these projects in due time and the LNG will be absolutely competitive.

    RT: Do you feel that right now you are a little behind the rest of the world on that? We only have one LNG plant so far.

    AM:
    We don’t consider that we are behind the tendency, the window of opportunity is still open and we will utilize this window in the most effective and efficient way.

    RT: Gazprom is one of the few Russian companies allowed to drill in the Arctic – what volumes are you hoping to tap there?

    AM: It’s too early to say, because we are in the exploration or even pre-exploration stage, but the volume of reserves is huge. Obviously, new technologies will be required to work in the Arctic and not to damage the very sensitive environment of this part of world, but in view of the huge interest in Arctic development of many countries and that technologies are either already developed or will be developed. I’m rather sure that Russian scientists and technologists will bring the achievements in order for them to be properly utilized in Arctic development, so currently we are preparing a special program for Arctic development, and we see that also in many countries the Arctic area is of great interest.

    RT: What is your guess – can the Arctic turn into a new Mideast of mineral extraction, with so much fuzz around it especially?

    AM: Let’s have a discussion on this topic in acouple of years when we will have more data and more information about this part of our development.

    RT: A deal to deliver pipeline gas to China was expected to be signed in June. You recently played down prospects for it being signed even in September – what is the realistic date? And aren’t you actually worried that America may beat you to China or is the Chinese market not important enough for Gazprom?

    AM:
    No. We consider the Chinese market as well as markets of other countries in the Asia-Pacific region as the most dynamic and the most attractive. The reason why it took so much time to negotiate – and we still don’t have a result – is very simple, because in China gas prices are still regulated and subsidized. If it was a market economy situation, then it could have been easier to negotiate. But the gap between internal prices and the prevailing market prices in the area, including LNG import prices, doesn’t actually allow China to find proper solution with us which would be mutually beneficial. The price situation in China is not adequate to the market conditions.

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Sat Aug 03, 2013 9:09 am

    Rpg type 7v wrote:wow pretty bold statement from them....
    maybe they should develop and operate a few wells for technological/experimental reasons...

    i agree its a very bold statement to make that Shale Gas will fail.

    Russia are working on Shale Oil though drilling well near Shale Oil Reserves

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    Russian Oil and Gas Industry: News

    Post  Austin on Sun Aug 04, 2013 9:09 am

    Rosneft: The New Star Of Russian Energy – Analysis

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    Re: Russian Oil and Gas Industry: News

    Post  Viktor on Mon Sep 09, 2013 6:38 pm

    "Rosneft" increased production by almost half

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Sun Sep 15, 2013 6:54 am

    The IISS: Oil as an Instrument of Russia's Foreign and Security Policy ( Discussion Audio )

    http://www.youtube.com/watch?v=zkhjcQ2DZI0

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Sun Oct 06, 2013 6:15 pm

    US Shale Gas No Threat to Russia’s Energy Dominance – Rosneft

    MOSCOW, October 6 (RIA Novosti) – Russian state oil giant Rosneft has plans to extract oil in the next 100 years and sees no significant threat from the increase in shale gas production in the United States, CEO Igor Sechin told journalists Sunday.

    “We have a 100 year work prospect,” Sechin said. “As for the shelf, we have no other alternative. In general, oil needs to be extracted,” he said adding that the US shale production is high-cost, which makes it impossible for export.

    US media reports said this week the United States was expected to leapfrog Russia as the world’s largest producer of oil and natural gas this year thanks to a surge in US fuel production driven by technology that allows energy companies to tap into oil and gas in underground shale rock formations.

    As US energy extraction and production have gone up, imports of natural gas and crude oil have fallen by 32 percent and 15 percent, respectively, in the last five years, the Wall Street Journal (WSJ) said.

    Sechin said Rosneft, which has 1.5 percent of world’s explored reserves, was interested in international partnership and would adhere to high environmental standards.

    He has accused the activists of the non-profit environmental organization Greenpeace, who were detained last month by Russian authorities after staging a "peaceful protest" against oil drilling in the Russian Arctic, of pursuing commercial interests.

    “Look at those who pay them, who is their sponsor,” Sechin told journalists.


    Rosneft currently holds 46 licenses for Russian offshore deposits worth 42 billion tons of oil equivalent. The company has signed agreements on cooperation with US oil and gas giant Exxon Mobil, Italy’s Eni and Norway’s Statoil.
    Updates at 14.32, changes headline, lead

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    Re: Russian Oil and Gas Industry: News

    Post  flamming_python on Sun Oct 06, 2013 6:58 pm

    I doubt that Greenpeace has any backing from US oil majors.

    Baseless accusation. It would be the scandal of the century if it was found out; I doubt that Greenpeace would be that stupid.

    Possibly though Greenpeace is infiltrated by US and European intelligence services; in fact it's quite likely. As to how much influence they would have in what direction it takes or what actions it decides to take - that's anyone's guess.

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    Re: Russian Oil and Gas Industry: News

    Post  sepheronx on Sun Oct 06, 2013 7:09 pm

    flamming_python wrote:I doubt that Greenpeace has any backing from US oil majors.

    Baseless accusation. It would be the scandal of the century if it was found out; I doubt that Greenpeace would be that stupid.

    Possibly though Greenpeace is infiltrated by US and European intelligence services; in fact it's quite likely. As to how much influence they would have in what direction it takes or what actions it decides to take - that's anyone's guess.
    Sure is an odd coincidence that greenpeace goes after this oil rig or Russian in general but not a peep regarding fracking in USA which is leaving various rivers/lakes/waterbeds polluted and radiated.

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    Re: Russian Oil and Gas Industry: News

    Post  As Sa'iqa on Sun Oct 06, 2013 7:38 pm

    Ironically, the Green movement was started by the KGB as one of the "useful idiots'" movements meant to undermine western economies.

    So Russia knows very well that such movements must be dealt harshly with.

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    Re: Russian Oil and Gas Industry: News

    Post  flamming_python on Mon Oct 07, 2013 12:01 am

    sepheronx wrote:
    flamming_python wrote:I doubt that Greenpeace has any backing from US oil majors.

    Baseless accusation. It would be the scandal of the century if it was found out; I doubt that Greenpeace would be that stupid.

    Possibly though Greenpeace is infiltrated by US and European intelligence services; in fact it's quite likely. As to how much influence they would have in what direction it takes or what actions it decides to take - that's anyone's guess.
    Sure is an odd coincidence that greenpeace goes after this oil rig or Russian in general but not a peep regarding fracking in USA which is leaving various rivers/lakes/waterbeds polluted and radiated.
    That's just the thing, Greenpeace targets everyone, it's an international organisation with plenty of members around the world, local activism in every country and a long history of attacking various projects - most of them Western.
    They've only paid a little attention to Russia before.

    I can't exclude that they might have been nudged a bit in this direction by certain people; but it's even more likely that Gazprom as a notoriously huge energy company was simply next in line on their list of targets.

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    Re: Russian Oil and Gas Industry: News

    Post  flamming_python on Mon Oct 07, 2013 12:08 am

    As Sa'iqa wrote:Ironically, the Green movement was started by the KGB as one of the "useful idiots'" movements meant to undermine western economies.

    So Russia knows very well that such movements must be dealt harshly with.
    Just like in the Pussy Riot case Russia is trying to make an example out of people.

    And just like there, it's undermining the credibility of its own court system with accusations that don't fit the offense committed, and scoring itself a PR disaster in the process and damaging its international reputation a little.

    It would have been far better to just ignore Greenpeace in this instance. I mean arrest them, but then let them go just as what happened lately when Greenpeace targeted a British or French company or something along those lines.

    The actual disruption and economic damage of their action was minimal; at most it was a couple-hour distraction for the workers and the coast-guard; if Greenpeace had successfully boarded the rig they would have just talked with the staff and left of their own accord after some time.

    Dealing with them harshly or making an example makes absolutely no sense - because they are carrying out actions infrequently and it's harmless really. I could understand if this happened every few months and some equipment was sabotaged - but as it is; the only lives they are risking and time they are taking up is chiefly their own.

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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Wed Oct 16, 2013 5:31 pm

    Alexander Novak: Stocks Bazhenov shale oil are estimated at 11-22 billion tons ( 78 - 157 bbl )
    http://www.itar-tass.com/c16/914080.html


    Daegu / South Korea /, October 16. / ITAR-TASS /. Reserves of shale oil in the sediments of the Bazhenov Formation is estimated today at 11-22 billion tons. This was at the 22nd World Energy Congress in the Korean city of Daegu said Energy Minister Alexander Novak.

    "We hope that the measures of government incentives, we can stabilize the production of hydrocarbons in western Siberia in the long term. Indeed recoverable deposits of the Bazhenov Formation is estimated today at 11-22 billion tons. Shocked  Therefore, foreign trade competitiveness of the Russian oil and gas industry does not cause us to doubt," - said the minister.

    Measures to promote production of stranded / TRIZ / generally allow Russian companies by 2032 to produce about 326 million tons of extra.

    "According to our plans, measures to stimulate production of TRIZ will allow Russian companies by 2032 to produce about 326 million tons of oil," - said the Minister. He recalled that last year in Russia was carried out comprehensive tax reform, implemented the reduction factors severance tax on the extraction of TRIZ.

    A special place in Russian oil production is oilfield services industry, where for 10 years the share of high-tech services increased by almost 18% to 30%. "If in the early 2000s, the horizontal sections of the well is 200-400 meters, while their share in the total volume of drilling was negligible, but now the share of horizontal drilling of up to 14% of the total drilling. Horizontal length wells reaches 1 km or more. Accordingly, a new impetus to the development of oil service companies have. With the application of new technologies began to increase oil recovery / oil recovery / on which the Russian oil industry has lagged behind its main competitors, "- said Novak. According to the Ministry of Energy, now the share of oil recovery: in Russia - 20%, Saudi Arabia and Iran - 23% USA - 39%.


    Exemptions from taxes on mining deposits for Russia to extend until 2020

    Exemptions from taxes on mining / MET / for fields in the north and east of Russia will be extended until at least 2022.

    "Thanks to measures of state support in the form of distribution is zero, then the reduced rate of export duty on oil and gas, in 2009-2010, were commissioned in such large fields in the north and east of the country, as Vankorskoye, Verhnechonskoe Talakanskoye and oil fields, and as a giant Bovanenkovskoye gas field on the Yamal Peninsula. Soon there will be introduced a few large fields. Given the positive results, the benefits of the MET for fields in the north and east of the country will be extended until at least 2022, "- said Novak.

    The share of gas produced in East Siberia and the Far East, will increase to 11.4%, according to the Ministry of Energy. "We have adopted the" Eastern Gas Program "on the organization of new production centers in the Far North, East Siberia and the Far East. It provides for the input of large gas-condensate fields in Yakutia / Chayandinskoe NGKM / Irkutsk Region / Kovyktinskoe / and Sakhalin / Kirinskoye / . As a result of the program share of gas from Yamal to decline in 2030 to 72%, and produced in East Siberia and Sakhalin will rise to 11.4%, "- said the Minister

    Austin
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    Re: Russian Oil and Gas Industry: News

    Post  Austin on Wed Oct 16, 2013 5:38 pm

    From previous news Russian conventional Oil reserves are at 28 Billion Tons ( C1 category (proven reserves) totals 17.8 billion tons; category C2 (preliminary estimated reserves) is 10.2 billion tons ) http://rt.com/business/russia-oil-gas-reserves-putin-015/

    Bazhenov Formation upper limit is 22 billion Tons

    So Conventional Oil 28 Billion Tons + Shale Oil 22 Billion Tons = 50 Billion Tons = 357 Billion Barrel of Oil Equivalent ( bboe )

    This is excluding the Artic which holds quite decent Oil Reserves and far far more Gas Reserves on Russian Side of Arctic


    Russian have huge Oil Reserves .....No wonder Rosneft Chief said they plan to extract oil for next 100 years


    This reserves should drawf any ME Country in Reserves

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