by Daniel J. Graeber
Washington (UPI) Aug 16, 2017
Russian energy company Lukoil said total oil production for the second quarter was slightly lower, in part because of a reduction from operations in Iraq.
One of Russia's largest energy companies, Lukoil said second quarter production of crude oil was around 156 million barrels, a decline of about a half percent from the first quarter. Russian oil production for the period was 148 million barrels, a decline of about 0.3 percent. Its share of oil from the West Qurna-2 project in Iraq actually increased for the second quarter by 19 percent, but year-on-year compensation was lower by 75 percent to 6.4 million barrels for the first half of the year.
"The year-on-year dynamics was mainly driven by the reduction in compensation crude oil volumes from the West Qurna-2 project in Iraq," the company stressed.
Total production of hydrocarbons for Lukoil, not counting Iraq, increased 1.5 percent from last year, driven in large part by the development of gas projects.
Russia is the largest natural gas producer in the world and a main supplier to regional European and Asian economies. The country is also the largest non-member state contributor to an effort led by the Organization of Petroleum Exporting Countries to balance an over-supplied market with managed production declines. Iraq is party to the agreement as one of OPEC's top producers.
Lukoil President Vagit Alekperov was a vocal supporter of extending the terms of the original OPEC arrangement by three months into early 2018. In March, he said the benefits from the agreement were "obvious," adding the company was "pretty comfortable" with oil prices at around $50 per barrel.
Both Brent, the global benchmark for the price of oil, and Urals, the Russian benchmark, were trading at around $50 per barrel early Wednesday. Brent was around $52.50 per barrel when Alekperov came out in support of extending the OPEC agreement.
Washington (UPI) Aug 15, 2017
Proceeds from an effort to raise new capital will be used primarily to start planning for a drilling program in Cuba next year, Melbana Energy announced. The company, which has headquarters in Australia, is one of the few with an established footprint in Cuba. Though a placement and entitlement offer, Melbana said it could raise as much as $6 million to finance operations at the island ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|