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    Russian Oil and Gas Industry: News #2

    kvs
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    Post  kvs on Sun Nov 10, 2019 8:36 pm

    miketheterrible wrote:the article actually said:

    The value of oil reserves reached some 71.7 percent of Russia’s GDP in 2018.

    Which means that not the oil sales is 71.7% of GDP but that the reserves are that amount.

    Which is also nonsense since that oil is far more valuable and there are significantly more reserves in the arctic portion of Russia.

    Also add in, Russia is giving away its oil for paper.  Its a rather bad scheme Russia got itself into.  Instead, it should trade based upon assets and other material.

    My quote above was taken directly from the website. Either they revised the line or you got it from another part of the
    article. I stopped reading after reaching the text I quoted.

    I agree Russia should sell oil for gold at the very least. American fiat will vapourize in the near future.

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    Post  Hole on Sun Nov 10, 2019 8:53 pm

    Quote from your quote from Austins link (or so):

    "Annual contribution of Russia’s oil exports to GDP amounted to $180 bn or 4.3% in 2018.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London"

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    Post  Austin on Mon Nov 11, 2019 6:10 am

    If you check the Rosneft official site they mention Arctic hydrocarbon reserves at 41 billions tons of oil equivalent

    https://www.rosneft.com/business/Upstream/Offshoreprojects/

    As of 01.01.2019, Rosneft holds 55 licenses for areas in the Arctic, Far Eastern and Southern seas of Russia. The hydrocarbon resources in these areas are estimated at 41 billion tons of oil equivalent.


    I would assume here most of it is Natural Gas and less of it is Oil.

    What value addition can be done to Natural Gas besides being Piped or LNG ? Natural Gas is environmental friendly is its major positive.
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    Post  JohninMK on Mon Nov 11, 2019 12:08 pm

    Austin wrote:
    I would assume here most of it is Natural Gas and less of it is Oil.

    What value addition can be done to Natural Gas besides being Piped or LNG ? Natural Gas is environmental friendly is its major positive.

    When the source is the Arctic then another positive, compared to oil, is that NG is a lot easier to move down sub zero ambient pipelines compared to oil.
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    Post  Austin on Wed Nov 13, 2019 10:42 am

    Rosneft Annual Report 2018

    https://www.rosneft.com/upload/site2/document_file/a_report_2018_eng.pdf
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    Post  Austin on Wed Nov 13, 2019 10:47 am

    GAZPROM INVESTOR DAY 2019 PRESENTATION

    https://www.gazprom.com/f/posts/62/880637/investor-day-2019-presentation.pdf
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    Post  owais.usmani on Thu Nov 14, 2019 4:07 pm

    https://www.euractiv.com/section/energy/news/germany-makes-legal-changes-to-ease-completion-of-nord-stream-2/

    Germany makes legal changes to ease completion of Nord Stream 2

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    Post  Austin on Fri Nov 15, 2019 7:14 am

    Russia’s Arctic oil reserves estimated at 7.3 bln tonnes

    https://tass.com/economy/1088516

    MOSCOW, November 13. /TASS/. Oil reserves of the Russian Arctic zone amounted to 7.3 bln tonnes, natural gas - about 55 trillion cubic meters, Russia’s Minister of Natural Resources Dmitry Kobylkin said on Wednesday.

    "Oil reserves of the Russian Arctic zone are estimated at 7.3 bln tonnes, condensate - 2.7 bln tonnes, natural gas - about 55 trillion cubic meters. The Yamalo-Nenets Autonomous region has the greatest potential. It accounts for about 43.5% of the initial total resources of the Arctic zone," he said.

    It was noted that about 41% of the region’s oil and gas resources are located on the Arctic shelf.

    The Minister believes that the Arctic region should be considered a strategic reserve of the country. "I am convinced that the development of the Arctic region is a project for decades, if not centuries ahead. All this time it will affect welfare of the whole country. I still think that the Arctic shelf should be considered a strategic reserve for the development of the mineral resource base and hydrocarbon production in Russia," Kobylkin said.
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    Post  Austin on Fri Nov 15, 2019 3:46 pm

    Russia Is Making More Money From OPEC+ Deal Than Saudi Arabia

    https://www.bloomberg.com/news/articles/2019-11-15/russia-is-making-more-money-from-opec-deal-than-saudi-arabia?utm_source=google&utm_medium=bd&cmpId=google
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    Post  Austin on Fri Nov 15, 2019 3:48 pm

    Vostok Oil is the new kid on Russia’s energy block

    https://intellinews.com/vostok-oil-is-the-new-kid-on-russia-s-energy-block-170728/
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    Post  Austin on Fri Nov 15, 2019 7:45 pm

    Was trying to get official information on Russian Oil Reserves from official sources

    https://www.reuters.com/article/us-russia-oil-novak/russia-should-reform-oil-taxes-to-sustain-output-energy-minister-novak-idUSKBN1WM0SE

    Alexander Novak said oil production in Russia, which has enough reserves of crude to sustain current production for over 50 years, could decline if the tax system remained unchanged.


    So 50 years at current rate of production of 550 million tons comes to 27.5 billion Tons of Oil

    https://peakoil.com/production/russia-is-only-3-years-away-from-peak-oil

    We expect about 553 million [metric] tons of oil production in 2018. We will reach a peak of 570 million tons in 2021,” Interfax quoted Energy Minister Alexander Novak as saying Tuesday.

    Almost half of current capacity could be lost in less than two decades, Novak said, with levels expected to drop to 310 million tons by 2035. Current reserves stood at 29.7 billion metric tons of oil as of early 2017, he estimated


    So in 2019 the reserves was calculated at 27.5 billion tons roughly 200 billion barrel of Oil ( 1 Billion ton = 7.3 bbl ) . This excludes the Arctic Reserves

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    Post  kvs on Fri Nov 15, 2019 8:29 pm

    Austin wrote:Was trying to get official information on Russian Oil Reserves from official sources

    https://www.reuters.com/article/us-russia-oil-novak/russia-should-reform-oil-taxes-to-sustain-output-energy-minister-novak-idUSKBN1WM0SE

    Alexander Novak said oil production in Russia, which has enough reserves of crude to sustain current production for over 50 years, could decline if the tax system remained unchanged.


    So 50 years at current rate of production of 550 million tons comes to  27.5 billion Tons of Oil

    https://peakoil.com/production/russia-is-only-3-years-away-from-peak-oil

    We expect about 553 million [metric] tons of oil production in 2018. We will reach a peak of 570 million tons in 2021,” Interfax quoted Energy Minister Alexander Novak as saying Tuesday.

    Almost half of current capacity could be lost in less than two decades, Novak said, with levels expected to drop to 310 million tons by 2035. Current reserves stood at 29.7 billion metric tons of oil as of early 2017, he estimated


    So in 2019 the reserves was calculated at 27.5 billion tons roughly 200 billion barrel of Oil  ( 1 Billion ton =  7.3 bbl ) . This excludes the Arctic Reserves


    This estimate is infinitely more realistic than the absurd estimate putting Russia's reserves at the level of 60 bbl.

    Russia hasn't even touched the Bazhenov non-conventional oil deposits. The USA's recent surge of output is 100% due to
    non-conventional reserve development.



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    Post  kvs on Sat Nov 16, 2019 10:05 pm



    Posturing Banderite twits are going to get it, and hard.

    Interesting detail: without the pressure of transit gas through the ex-Soviet pipeline network in Banderastan,
    no amount of storage gas can be used to service customers.

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    Post  Big_Gazza on Sun Nov 17, 2019 3:15 am

    Banderite Ukraine made its own bed, and then they shit in it.

    Now they can lie in it. Laughing
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    Post  Austin on Sun Nov 17, 2019 8:21 am

    Putin Determined To Strengthen Ties With OPEC

    https://oilprice.com/Energy/Energy-General/Putin-Determined-To-Strengthen-Ties-With-OPEC.html
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    Post  GarryB on Sun Nov 17, 2019 8:47 am

    Interesting detail: without the pressure of transit gas through the ex-Soviet pipeline network in Banderastan,
    no amount of storage gas can be used to service customers.

    Wouldn't it be amusing if they tried to pressurise the system and did something stupid like used compressed air or something and it diluted the gas to the point where it couldn't be used as fuel in the places that used it... or they had a fire inside their pipeline that blew up their reserves or something... hahaha...
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    Post  Austin on Thu Nov 21, 2019 7:10 am

    US threatens to halt launch of Nord Stream 2

    https://iz.ru/945646/2019-11-21/ssha-prigrozili-ostanovit-zapusk-severnogo-potoka-2
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    Post  Hole on Thu Nov 21, 2019 10:34 am

    They threatend to prevent the construction of the pipeline.
    They threatend to stop the construction of the pipeline.
    Now they threaten to halt it´s launch.
    Next year they will threaten to prevent the pipeline from being used to it´s full capacity.
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    Post  kvs on Thu Nov 21, 2019 2:26 pm

    Hole wrote:They threatend to prevent the construction of the pipeline.
    They threatend to stop the construction of the pipeline.
    Now they threaten to halt it´s launch.
    Next year they will threaten to prevent the pipeline from being used to it´s full capacity.

    Exactly, impotent blowhards. Like many empires before it, the yanqui empire is a rotten facade. It exists because it can force
    narratives and an image that has little connection with reality. Russia going against the "hyper power" in Syria was a disaster for
    its image of power and invincibility. Nord Stream II is the same thing. Russia is giving the yanquis and their pathetic attempts
    to project their non-existent power the middle finger.

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    Post  Austin on Thu Nov 21, 2019 4:30 pm

    As Russia expands Pacific pipeline, a third of oil exports go East

    https://in.reuters.com/article/us-russia-oil-exports/as-russia-expands-pacific-pipeline-a-third-of-oil-exports-go-east-idINKBN1XV1LB
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    Post  Austin on Thu Nov 21, 2019 4:36 pm

    Gazprom Neft says Bazhenov shale oil output to reach viability by 2022-2023

    https://in.reuters.com/article/us-russia-oil-exports/as-russia-expands-pacific-pipeline-a-third-of-oil-exports-go-east-idINKBN1XV1LB

    The break-even lifting costs for shale oil production at the formation stand at 8,500 rubles ($132) per tonne, Alexei Vashkevich, head of geological exploration and resource base development at Gazprom Neft, told reporters.

    “We are ready to get that number in 2022-2023,” he said in comments, cleared for publication on Monday.


    The company plans to start commercial production of oil from Bazhenov formation in 2025, Vashkevich reiterated.

    The International Energy Agency describes Bazhenov as the world’s largest source rock, a bed of ancient organic matter dating back to the Jurassic period which has given rise to most of the crude oil pumped from the fields of West Siberia.

    Gazprom Neft estimates that the reserves of the light, low-sulphur and of low-viscosity Bazhenov formation stand at between 18 billion and 60 billion tonnes.
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    Post  kvs on Thu Nov 21, 2019 9:23 pm

    Austin wrote:Gazprom Neft says Bazhenov shale oil output to reach viability by 2022-2023

    https://in.reuters.com/article/us-russia-oil-exports/as-russia-expands-pacific-pipeline-a-third-of-oil-exports-go-east-idINKBN1XV1LB

    The break-even lifting costs for shale oil production at the formation stand at 8,500 rubles ($132) per tonne, Alexei Vashkevich, head of geological exploration and resource base development at Gazprom Neft, told reporters.

    “We are ready to get that number in 2022-2023,” he said in comments, cleared for publication on Monday.


    The company plans to start commercial production of oil from Bazhenov formation in 2025, Vashkevich reiterated.

    The International Energy Agency describes Bazhenov as the world’s largest source rock, a bed of ancient organic matter dating back to the Jurassic period which has given rise to most of the crude oil pumped from the fields of West Siberia.

    Gazprom Neft estimates that the reserves of the light, low-sulphur and of low-viscosity Bazhenov formation stand at between 18 billion and 60 billion tonnes.

    There are 7 barrels in a metric ton. So the lifting costs are $18.86 per barrel. That is freaking cheap. The Canadian tar sands
    require oil to cost at least $35 per barrel to be viable. A lot of conventional plays have lifting costs higher than $20 per barrel.
    So Russia is sitting on an enormous, commercially viable reservoir.

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    Post  nero on Thu Nov 21, 2019 10:31 pm

    Austin wrote:US threatens to halt launch of Nord Stream 2
    ... and Germany doesn't care.

    If they had any ability to stop the pipeline, they would have done it by now. The Germans aren't going to buy expensive US LNG via Poland.
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    Post  owais.usmani on Fri Nov 22, 2019 3:13 pm

    https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/112119-russia-expects-to-delay-nord-stream-2-launch-to-mid-2020-report

    Russia expects to delay Nord Stream 2 launch to mid-2020: report


    Moscow — The Nord Stream 2 gas pipeline directly linking Russia and Germany via the Baltic will come online in the middle of 2020, Russian Deputy Prime Minister Dmitry Kozak was quoted as saying Thursday by the Prime news agency.

    "In the middle of next year," Kozak told reporters in response to a question about when Russia expected the pipeline to become operational.

    His comments came just a day after Energy Minister Alexander Novak said Nord Stream 2 might still come online in late 2019, as was originally planned by sole shareholder in the pipeline company, Gazprom.

    However, the actual launch date depended on how quickly the operator would resume construction and fill the pipeline, he added.

    Denmark granted the final permit needed to complete construction of Nord Stream 2 on October 30. The timeline for work to lay the section of pipeline in Danish waters remains key to when Nord Stream 2 is able to begin flowing gas.
    The potential delay in Nord Stream 2 construction also undermines Russia's position in negotiating a new transit deal with Ukraine's Naftogaz. Ukraine transited some 87 Bcm of Russian gas to Europe in 2018 -- or some 44% of total Russian exports -- but those volumes are set to slump once the planned Nord Stream 2 and TurkStream gas pipelines come online.

    The sides have not set a date yet for a new round of ministerial-level talks between the EU, Russia and Ukraine. Although the trilateral meeting is expected to be held in late November, so far only technical discussions on the terms of future Russian gas transit via Ukraine to Europe were held Wednesday via a teleconference.

    "Russia is against any gas wars. We are making efforts to ensure they don't happen, so that everything is settled in advance. We have done everything for this," Kozak said of the talks with Ukraine.

    Gazprom offered Monday to extend the transit deal with Naftogaz for one year as an extension of the parties' existing 10-year contract or under a new agreement in exchange for Naftogaz dropping all legal claims against the Russian company.

    Ukrainian Energy Minister Oleksiy Orzhel deemed the proposal "unacceptable" on national television, but Russia had not yet received an official reply from Ukraine on the proposal, Novak said.

    The current deal between Gazprom and Naftogaz expires at the end of 2019, and there is concern that without a new contract from January 1, 2020, Russian gas transit to Europe via Ukraine could be disrupted.
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    Post  GarryB on Sat Nov 23, 2019 2:49 am

    there is concern that without a new contract from January 1, 2020, Russian gas transit to Europe via Ukraine could be disrupted.

    That is the fault of Denmark, US, Poland, and Ukraine... get ready to buy LNG to fill any gaps europe... this is a consequence of your lack of spine.

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