Rosneft starts exploration in Iraq’s Kurdistan

18/10/2019 09:39 Oil Market


Rosneft has started exploration in Iraq’s Kurdistan this year, First Vice President of Russia’s top oil producer Eric Liron said in an interview with TASS, adding that the work is expected to continue in 2020 and might take several years.

Experimental production is underway at the Bejil field, Liron said. "Lift methods are being explored. The daily flow rate tops 360 tonnes. After geological exploration works and experimental production are completed it is planned to shift to full-scale commercial production," he explained.


Rosneft and the government of Iraq’s autonomous Kurdistan Region signed a series of agreements on cooperation in the exploration and production of hydrocarbons, including a production sharing agreement regarding five blocks in Iraqi Kurdistan (Batil, Zawita, Qasrok, Harir-Bejil and Darato), in 2017 and 2018. The Russian company is the project operator, holding an 80% stake in the production sharing agreement.


Rosneft started geological exploration at the fields in 2018. It said earlier that in case of success, it is planned to start full-field development of the blocks in 2021.


Coronavirus widens climate rift between European and U.S. oil majors

18/05/2020 11:56:00

Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives.


French group Total buys up some assets from Portugal's EDP

18/05/2020 11:49:00

French energy group Total (TOTF.PA) said on Monday it had agreed to buy up a large customer portfolio from Energías de Portugal (EDP.LS) and two of EDP’s gas-fired combined cycle power plants, making it a leading player in the Iberian market.


Daily (18.05.2020): Brent crude gained 5% and WTI 19% for the week, driven by a mix of bullish news

18/05/2020 11:41:00

Crude oil futures climbed on Friday, as worldwide countries eased travel restrictions and following the release of better than expected Chinese industrial production data, indicating a recovery in oil demand. Hence, Brent crude settled up $1.37, or 4.4% a barrel at $32.50, while the U.S. WTI crude soared by $1.87, or 6.8%, to close at $29.43 a barrel. Both contracts posted gains for the third consecutive week.