Tag Archives: Oil Production

Tehran has signed a raft of agreements with the likes of Eni. Shell. Schlumberger. Lukoil. Wintershall and OMV to study and potentially develop its massive oil and gas deposits.

Russia and China are growing their partnership and investment links as Moscow scrambles to find ways to fund oil and gas projects that are made difficult under Western sanctions.

The reductions will be on the same terms as those agreed in November.

In November. OPEC and non-OPEC ministers will discuss the market situation and implementation of a global deal to cut oil production.

The development of Gazprom Neft’s offshore assets remains a strategic priority for the company.

Several other foreign companies have been invited for South Pars oil venture but none have given a decisive answer.

Russian oil production has been steady. at around 10.9 million bpd due to a global pact to reduce total production by around 1.8 million bpd to support weak oil prices.

Moscow said last month it had discussed with Riyadh extending the deal but no specific decisions had been made ahead of a Nov. 30 producers’ meeting in Vienna.

Latin America'.s active drilling rig count stood at 190 in May. further proof of the upward trend in E&.P investment.

The OPEC Joint Technical Committee was created to monitor the implementation of countries’ commitments to cut oil production.