Russia upstream news

Dmitrii Krikunov, Zyfra, discusses how the integration of machine learning technology into oil production is ushering in the ‘smart oilfield’.

The contracts will see KCA Deutag provide eight high performance land rigs to clients in eastern Siberia, northern Russia and southern Russia.

The company owns 13 license areas in the Solimões Basin in the Brazilian state of Amazonas with a total acreage of approximately 32 600 km2.

A number of high-profile deals were signed at this year's St Petersburg International Economic Forum in Russia.

Vice President Taban Deng Gai highlighted the numerous investment opportunities offered to foreign investors within South Sudan’s oil industry at the Saint Petersburg International Economic Forum.

“The transaction adds production for the first time to Lukoil’s West African portfolio, and fits with the Russian company’s aims of developing its offshore expertise and grow its presence outside its Russian stronghold," says Jean-Baptiste Bouzard, senior research analyst at Wood Mackenzie.

ESAI energy believes Russia has more than enough spare export capacity for production to recover from the May level of 11.1 million bpd.

Russian crude exports will reach a multiyear high of 5.7 million bpd in April, 400 000 bpd higher than average exports in the previous 5 months, according to a Market Alert released by ESAI Energy.

In a major shift, the United States is set to produce more oil and liquids than Russia and Saudi Arabia combined by 2025.

Russia also has the highest new build capital expenditure (Capex) of around US$78.8 billion for the 2018 - 2022 period.