Russia upstream news

Lukoil has cut its CAPEX guidance for this year to 450 – 500 billion roubles from 550 billion roubles (US$8 billion).

The Semakovskoye field in the Yamal-Nenets Autonomous Area has recoverable gas reserves in excess of 320 billion m3.

Lukoil has completed installation of a jacket for an accommodation platform topside at the V.I. Grayfer field.

First data from the 21 631 km2 regional 2D seismic survey offshore Sakhalin Island has been sent out to pre-funding customers and is now available to all industry customers.

New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.

The joint venture between the two companies was set up to develop licence blocks in Russia's Yamal peninsula.

Currently, all office employees of the company are now working remotely, with 70% in their third week.

In the event of another deadlocked meeting on 6 April, Saudi Arabia will suffer a bigger hit than Russia with regards to the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget deficits and domestic policy.

The company's 2019 projects were mainly concentrated in Russia and Uzbekistan.

The company has terminated its operations in Venezuela.