Businesses in Nigeria are losing each year around US$29billion because of the unreliable power supply
Africa’s Largest Oil Producer Loses $29B Per Year On Power Outages
Businesses in Nigeria are losing each year around US$29 billion because of the unreliable power supply, the World Bank said in an estimate about the OPEC country, which is the largest oil producer in Africa.
2021/04/23 08:28
Gunmen abducted early on Wednesday three employees of India’s Oil and Natural Gas Corporation (ONGC) on a rig site in northeast India, the country’s biggest oil and gas production firm
Gunmen Abduct Oil Workers In Northeast India
Gunmen abducted early on Wednesday three employees of India’s Oil and Natural Gas Corporation (ONGC) on a rig site in northeast India, the country’s biggest oil and gas production firm said in what could be a setback for the Indian efforts to reduce its reliance on crude oil imports.The abduction took place on a rig site of ONGC in the Lakwa field in the state of Assam, which is one of the three largest oil-producing states in India.
2021/04/22 08:52
The Arab Gulf countries announced as much as US$10 billion worth of new projects in the oil and gas sector during the first quarter of 2021, out of the total US$32.3 billion projects in all sectors, a new report showed this week.
Arab Gulf Countries Announced $10 Billion In New Oil And Gas Projects In Q1
The Arab Gulf countries announced as much as US$10 billion worth of new projects in the oil and gas sector during the first quarter of 2021, out of the total US$32.3 billion projects in all sectors, a new report showed this week.
2021/04/21 08:24
The disputed South China Sea may soon see an escalation in tensions over oil drilling rights between China and the Phillippines
Philippines Ready To Claim Oil Resources With Military
The disputed South China Sea may soon see an escalation in tensions over oil drilling rights between China and the Phillippines, according to Phillippine President Rodrigo Duterte who spoke to the public late on Monday.
2021/04/20 12:06
the winter storms in February led to higher natural gas withdrawals
Texas Freeze Led To 10.6% Higher Natural Gas Withdrawals
Due to the winter storms in February, net natural gas withdrawals from storage this heating season exceeded the five-year average by 10.6 percent, the Energy Information Administration (EIA) said on Friday.
2021/04/19 10:06
The throughput of Chinese refineries last month averaged 14.08 million bpd last month, up by 19.7 percent on the year
Chinese Refineries Processed 20% More Crude In March
The throughput of Chinese refineries last month averaged 14.08 million bpd last month, up by 19.7 percent on the year thanks to the recovery in demand for fuels and China’s stocking up on finished products before maintenance season begins.
2021/04/17 10:00
As many as 100 oil and gas projects are set to start in Nigeria by 2025,
Nigeria Set To Start-up 100 Oil & Gas Projects By 2025
As many as 100 oil and gas projects are set to start in Nigeria by 2025, accounting for 23 percent of all projects starts in the industry in Africa within the next five years, data and analytics company GlobalData said in a new report.
2021/04/17 09:10
Guyana Estimates Future Oil Production At 1 Million Bpd
Guyana Estimates Future Oil Production At 1 Million Bpd
Guyana has estimated its future oil production at 1 million barrels per day by 2027, from seven floating production, storage, and offloading (FPSOs) vessels in country, according to natural resources minister Vickram Bharrat said on Tuesday, cited by Argus.
2021/04/16 10:20
U.S. Boosts Oil Exports To Canada
U.S. Boosts Oil Exports To Canada
Canada’s crude oil imports fell by 20 percent in 2020 due to lower demand in the pandemic, but the United States further cemented its position as top oil supplier to Canada, supplying nearly four out of every five barrels of oil, the Canada Energy Regulator said on Wednesday.
2021/04/15 09:32
U.S. State And Local Officials Call On Biden To Ban New Oil Permits
U.S. State And Local Officials Call On Biden To Ban New Oil Permits
As many as 375 local and state elected officials are calling on the Biden Administration to institute a ban on new oil and gas drilling permits on federal lands and in federal waters and stop energy infrastructure for fossil fuels.
2021/04/14 18:43
U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels
U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels
The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the levels seen in January 2020.
2021/04/13 19:12
North Dakota Oil Pipeline Prevails Over Environmentalists
North Dakota Oil Pipeline Prevails Over Environmentalists
The Dakota Access Pipeline will not be ordered to shut down while pending review, government lawyers told U.S. District Judge Brian Boasberg on Friday, much to the ire of environmentalists who have long called for the pipeline to be shut down.
2021/04/12 21:03
Businesses in Nigeria are losing each year around US$29billion because of the unreliable power supply
Africa’s Largest Oil Producer Loses $29B Per Year On Power Outages
Businesses in Nigeria are losing each year around US$29 billion because of the unreliable power supply, the World Bank said in an estimate about the OPEC country, which is the largest oil producer in Africa.
Gunmen abducted early on Wednesday three employees of India’s Oil and Natural Gas Corporation (ONGC) on a rig site in northeast India, the country’s biggest oil and gas production firm
Gunmen Abduct Oil Workers In Northeast India
Gunmen abducted early on Wednesday three employees of India’s Oil and Natural Gas Corporation (ONGC) on a rig site in northeast India, the country’s biggest oil and gas production firm said in what could be a setback for the Indian efforts to reduce its reliance on crude oil imports.The abduction took place on a rig site of ONGC in the Lakwa field in the state of Assam, which is one of the three largest oil-producing states in India.
The Arab Gulf countries announced as much as US$10 billion worth of new projects in the oil and gas sector during the first quarter of 2021, out of the total US$32.3 billion projects in all sectors, a new report showed this week.
Arab Gulf Countries Announced $10 Billion In New Oil And Gas Projects In Q1
The Arab Gulf countries announced as much as US$10 billion worth of new projects in the oil and gas sector during the first quarter of 2021, out of the total US$32.3 billion projects in all sectors, a new report showed this week.
The disputed South China Sea may soon see an escalation in tensions over oil drilling rights between China and the Phillippines
Philippines Ready To Claim Oil Resources With Military
The disputed South China Sea may soon see an escalation in tensions over oil drilling rights between China and the Phillippines, according to Phillippine President Rodrigo Duterte who spoke to the public late on Monday.
the winter storms in February led to higher natural gas withdrawals
Texas Freeze Led To 10.6% Higher Natural Gas Withdrawals
Due to the winter storms in February, net natural gas withdrawals from storage this heating season exceeded the five-year average by 10.6 percent, the Energy Information Administration (EIA) said on Friday.
The throughput of Chinese refineries last month averaged 14.08 million bpd last month, up by 19.7 percent on the year
Chinese Refineries Processed 20% More Crude In March
The throughput of Chinese refineries last month averaged 14.08 million bpd last month, up by 19.7 percent on the year thanks to the recovery in demand for fuels and China’s stocking up on finished products before maintenance season begins.
As many as 100 oil and gas projects are set to start in Nigeria by 2025,
Nigeria Set To Start-up 100 Oil & Gas Projects By 2025
As many as 100 oil and gas projects are set to start in Nigeria by 2025, accounting for 23 percent of all projects starts in the industry in Africa within the next five years, data and analytics company GlobalData said in a new report.
Guyana Estimates Future Oil Production At 1 Million Bpd
Guyana Estimates Future Oil Production At 1 Million Bpd
Guyana has estimated its future oil production at 1 million barrels per day by 2027, from seven floating production, storage, and offloading (FPSOs) vessels in country, according to natural resources minister Vickram Bharrat said on Tuesday, cited by Argus.
U.S. Boosts Oil Exports To Canada
U.S. Boosts Oil Exports To Canada
Canada’s crude oil imports fell by 20 percent in 2020 due to lower demand in the pandemic, but the United States further cemented its position as top oil supplier to Canada, supplying nearly four out of every five barrels of oil, the Canada Energy Regulator said on Wednesday.
U.S. State And Local Officials Call On Biden To Ban New Oil Permits
U.S. State And Local Officials Call On Biden To Ban New Oil Permits
As many as 375 local and state elected officials are calling on the Biden Administration to institute a ban on new oil and gas drilling permits on federal lands and in federal waters and stop energy infrastructure for fossil fuels.
U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels
U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels
The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the levels seen in January 2020.
North Dakota Oil Pipeline Prevails Over Environmentalists
North Dakota Oil Pipeline Prevails Over Environmentalists
The Dakota Access Pipeline will not be ordered to shut down while pending review, government lawyers told U.S. District Judge Brian Boasberg on Friday, much to the ire of environmentalists who have long called for the pipeline to be shut down.

Russia Has Oil Reserves At Least Until 2080

2021/05/15 16:13
Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said.

Russia’s actual oil and gas reserves could even rise if it steps up exploration in hard-to-drill areas, the minister added, noting that Russia needs to develop exploration, including in hard-to-reach areas.

Last month, Evgeny Kiselev, the head of the Russian Federal Agency for Mineral Resources, told state outlet Rossiyskaya Gazeta  that Russia has 58 years worth of oil reserves, of which 19 years to profitably pump those reserves at current levels with current technology. Advances in technology, however, will constantly push back the deadline.

Asked how long Russia would have oil reserves, Kiselev said “indefinitely.”

Oil and gas export revenues are key to Russia’s budget income. Oil price collapses like last year’s lead to belt-tightening policies despite Moscow’s insistence that it can live with $30 oil.

Russia’s production fell last year and is set for slight growth this year and next, according to government data and estimates.

After setting a post-Soviet high in oil and condensate production in 2019, Russia saw its output drop by 8.6 percent in 2020 due to the lower global demand and low oil prices, as well as the OPEC+ production cuts. Russia’s crude oil and condensate production fell in 2020 for the first time since the 2008 financial crisis and then slump in oil prices, according to government statistics.  

Last month, Russia cut its estimates for domestic crude oil, gas, and coal production for 2021 and 2022, but kept the estimates for the oil production for 2023 and 2024 unchanged. As per the latest forecasts from the Russian government, oil production this year is set to stand at 517 million tons, down from a previous estimate of 560 million tons. The projection for Russia’s oil output in 2022 was also reduced, to 548 million tons, down from earlier estimates of production of 558 million tons.


Oil Reserves