OilReserves

Rystad Energy study finds US oil reserves greater than Russia, Saudi Arabia

Recoverable oil reserves in the United States are now greater than those of both Russia and Saudi Arabia, according to an evaluation by independent Norwegian oil and gas data analysts Rystad Energy. The firm analysed reserves around the world, distinguishing between those in existing fields, in new projects and potential reserves in recent discoveries and even…

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US slips past Russia as World’s top gas producer, but Russia reserves up – BP data

The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields. U.S. oil production rose to a record last year, growing by 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy…

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Gazprom pushes Russian shale boom ambitions despite U.S. sanctions

OAO Gazprom Neft, the oil arm of Russia’s state-run gas exporter, said commercial production from its Bazhenov shale formations could start in three years amid U.S. sanctions limiting the transfer of fracking technology. The company aims to produce about 40,000 barrels of crude a day from the deposits from 2018, Kirill Strizhnev, head of unconventional…

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Russia’s Abramovich invests $15m in new US fracking technology; More to come?

Russian billionaire Roman Abramovich has invested $15 million in Houston-based Propell Technologies Group and its new fracking technology from wholly owned subsidiary Novas Energy. Significantly, this new enhanced oil recovery (EOR) technology enables ‘clean’ hydraulic micro/nano fracturing of oil reservoirs—that is, without water, without polluting chemicals and without earthquakes. According to Propell, the Plasma Pulse…

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The future of shale: capital challenges and opportunities

For US producers, shale success amid lower oil prices is increasingly dependent on the basin and operator, panellists explained during EY Oil & Gas Center’s Energy Executive Insight Session (EEIS) earlier this month in Houston. In the longer term, continued improvements in technology, cost efficiency and productivity will drive shale sustainability and economic returns. “The…

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