Russia boosted Bazhenov tight oil output by 70% in 2020 Bazhenov may have 18-60 bln tonnes of hydrocarbons - Gazprom Neft
MOSCOW, Feb 18 (Reuters) - Russian companies have reduced the cost of extracting oil from shale but not by enough yet to make it viable to exploit crude from reserves locked in rocks in the Bazhenov formation in West Siberia, analysts say.
Russia is pinning its hopes on hard-to-recover oil, hidden beneath non-porous rocks, such as at Bazhenov, as conventional oil reserves in West Siberia, its main oil-producing area, are falling.
Gazprom Neft estimates that the reserves of the light, low-sulphur and low-viscosity Bazhenov formation stand at between 18 billion and 60 billion tonnes.
Malaysia's state energy firm Petroliam Nasional Bhd, or Petronas, said on Wednesday that it had discovered gas in the Dokong-1 wildcat exploration well in the Block SK417 production sharing contract (PSC).
Nigeria aims to award marginal oilfield licenses by the end of March and will allow companies to pay signature bonuses in naira, the director of the petroleum regulator said on Saturday.
Eastern Mediterranean gas group Energean expects to pay its maiden dividend from the end of 2022, Chief Executive Mathios Rigas told Reuters on Thursday, after it gave the green light to a new Israeli gas field development.
By Reuters Staff
2 Min Read
(Reuters) - U.S. oil producer Apache Corp APA.O said on Thursday it plans to keep project spending next year flat or slightly lower than this year s $1 billion spending rate, as the COVID-19 pandemic continues to slash global oil demand.
Oil companies continue cutting spending following pandemic-driven oil price drops. But U.S. service costs have fallen so much that Apache is sending some equipment back to work in the country’s top shale field, even as it continues to pin hopes on its offshore Suriname discovery.
The company is adding two hydraulic fracturing crews in the Permian Basin shale field in Texas to work on wells that have been drilled already but not fracked, but has no plans for a “sustained” drilling program in the field, Chief Executive John Christmann said on a call with analysts. Apache had suspended Permian Basin drilling and fracking in April after oil prices collapsed.