China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China has set a world record for deep-sea drilling in the South China Sea, Chinese state media reported, while tensions in the disputed area are rising.
2021/04/10 16:58
The largest oilfield in Libya Sharara
Libya’s Largest Oilfield Could See Exports Interrupted
The largest oilfield in Libya, the 300,000-bpd Sharara field, could see crude oil exports from it disrupted if members of the Petroleum Facilities Guard (PFG) follow through with their threat to shut down exports if their demands for pay are not met.
2021/04/09 10:31
Oman's State-owned Oil Company
Oman's State-owned Oil Company OQ Mulls IPO
Oman is looking at several options to plug the holes in its budget, according to anonymous sources that disclosed the information to Bloomberg—and it’s taking a hard look at state-energy company OQ to do that.
2021/04/09 09:07
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China’s crude oil imports are estimated to have declined by 8.81 percent month over month in March to stand at 11.26 million barrels per day (bpd), energy analytics services provider OilX said, noting that its assessment doesn’t show massive crude flows from Iran into China last month.
2021/04/08 18:59
Russia cuts forecast for 2021-2022 crude oil production
Russia cuts forecast for 2021-2022 crude oil production
According to the latest amendments to the Russian government's energy development plan, Russia has drastically cut its forecasts for domestic crude oil, natural gas and coal production in 2021 and 2022.
2021/04/07 18:42
U.S. energy consumption
U.S. Energy Consumption Saw Biggest Decrease Ever Last Year
Total U.S. energy consumption last year fell to just 93 quadrillion BTUs, down 7% from the year prior, according to data from the Energy Information Administration (EIA).
2021/04/06 08:34
Major oil-producing countries agree to gradually increase production from May
Major oil-producing countries agree to gradually increase production from May
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries agreed on the 1st to gradually increase oil production in the three months starting in May.
2021/04/05 16:24
suck rod pump
U.S. Govt. Says Federal Land Drilling Program Is “Broken”
The federal program that grants companies the right to drill for oil and gas on federal land is “fundamentally broken” and will be reviewed, according to Interior Secretary Deb Haaland.
2021/04/03 09:13
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Zhongyuan Oilfield opens a new mode of intelligent brain 2.0 for oil wells
On June 17, at the Wen 72-129 well site of Wenliu Oil Production Plant in Zhongyuan Oilfield, production workers were debugging the parameters of the wellhead multi-parameter sensing device.
2020/06/17 16:40
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＂High-pressure oil pushing technology＂ is popularized and applied
Recently, "high-pressure oil pushing technology" has been promoted and applied in the completion center of the Northwest Oilfield.
2020/06/16 15:52
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
Recently, the National Energy Work Conference in 2020 was held. Compared with the content of the National Energy Work Conference in 2019, the tone of the key tasks of energy work in the new year has been adjusted.
2020/03/13 16:00
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A great deal of oil was discovered in the desert
The area where the oil was found is in the Karakum Desert, which is rich in oil reserves but as yet untapped.
2020/01/14 14:51
China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China has set a world record for deep-sea drilling in the South China Sea, Chinese state media reported, while tensions in the disputed area are rising.
The largest oilfield in Libya Sharara
Libya’s Largest Oilfield Could See Exports Interrupted
The largest oilfield in Libya, the 300,000-bpd Sharara field, could see crude oil exports from it disrupted if members of the Petroleum Facilities Guard (PFG) follow through with their threat to shut down exports if their demands for pay are not met.
Oman's State-owned Oil Company
Oman's State-owned Oil Company OQ Mulls IPO
Oman is looking at several options to plug the holes in its budget, according to anonymous sources that disclosed the information to Bloomberg—and it’s taking a hard look at state-energy company OQ to do that.
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China’s crude oil imports are estimated to have declined by 8.81 percent month over month in March to stand at 11.26 million barrels per day (bpd), energy analytics services provider OilX said, noting that its assessment doesn’t show massive crude flows from Iran into China last month.
Russia cuts forecast for 2021-2022 crude oil production
Russia cuts forecast for 2021-2022 crude oil production
According to the latest amendments to the Russian government's energy development plan, Russia has drastically cut its forecasts for domestic crude oil, natural gas and coal production in 2021 and 2022.
U.S. energy consumption
U.S. Energy Consumption Saw Biggest Decrease Ever Last Year
Total U.S. energy consumption last year fell to just 93 quadrillion BTUs, down 7% from the year prior, according to data from the Energy Information Administration (EIA).
Major oil-producing countries agree to gradually increase production from May
Major oil-producing countries agree to gradually increase production from May
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries agreed on the 1st to gradually increase oil production in the three months starting in May.
suck rod pump
U.S. Govt. Says Federal Land Drilling Program Is “Broken”
The federal program that grants companies the right to drill for oil and gas on federal land is “fundamentally broken” and will be reviewed, according to Interior Secretary Deb Haaland.
loading...
Zhongyuan Oilfield opens a new mode of intelligent brain 2.0 for oil wells
On June 17, at the Wen 72-129 well site of Wenliu Oil Production Plant in Zhongyuan Oilfield, production workers were debugging the parameters of the wellhead multi-parameter sensing device.
loading...
＂High-pressure oil pushing technology＂ is popularized and applied
Recently, "high-pressure oil pushing technology" has been promoted and applied in the completion center of the Northwest Oilfield.
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
Recently, the National Energy Work Conference in 2020 was held. Compared with the content of the National Energy Work Conference in 2019, the tone of the key tasks of energy work in the new year has been adjusted.
loading...
A great deal of oil was discovered in the desert
The area where the oil was found is in the Karakum Desert, which is rich in oil reserves but as yet untapped.

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