• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News

    The UK Rethinking Oil Vs. Green Energy For Energy Security

    Offshore Oil Lease Plan By Biden Sparks Climate Concerns

    Saudi Arabia To Ease Production Cuts To Avoid Oil Price Hike

    Equinor lets contract for Valemon drilling in North Sea

    SLB, Aker Solutions, Subsea7 to drive subsea production innovation with joint venture closure

    Halliburton introduces first-of-its-kind  autonomous device to enhance oil, gas recovery

    Halliburton introduces first-of-its-kind autonomous device to enhance oil, gas recovery

    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    TotalEnergies enters into agreement with GIP on Gladstone LNG

    TotalEnergies and Borealis Start Up Baystar JV Polyethylene Unit

    Eni boosts Indonesia exposure with big gas discovery

    ADNOC and the Russian Energy Agency Sign Comprehensive Strategic Framework Agreement Across the Oil and Gas Value Chain

    Baker Hughes awarded major LNG contract from Venture Global LNG

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

  • Market Reports
    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News

    The UK Rethinking Oil Vs. Green Energy For Energy Security

    Offshore Oil Lease Plan By Biden Sparks Climate Concerns

    Saudi Arabia To Ease Production Cuts To Avoid Oil Price Hike

    Equinor lets contract for Valemon drilling in North Sea

    SLB, Aker Solutions, Subsea7 to drive subsea production innovation with joint venture closure

    Halliburton introduces first-of-its-kind  autonomous device to enhance oil, gas recovery

    Halliburton introduces first-of-its-kind autonomous device to enhance oil, gas recovery

    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    TotalEnergies enters into agreement with GIP on Gladstone LNG

    TotalEnergies and Borealis Start Up Baystar JV Polyethylene Unit

    Eni boosts Indonesia exposure with big gas discovery

    ADNOC and the Russian Energy Agency Sign Comprehensive Strategic Framework Agreement Across the Oil and Gas Value Chain

    Baker Hughes awarded major LNG contract from Venture Global LNG

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

  • Market Reports
    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home Europe

Russia may accept majority Chinese control of big oil and gas fields

Yuvraj_ong by Yuvraj_ong
February 28, 2015
in Europe, News, Upstream
0

Russia may consider allowing Chinese investors more than 50 percent stakes in its strategic oil and gas fields, an official said on Friday, an about-face by Moscow that underlines its need for foreign help to develop energy reserves.

While closely guarding control of the oil and gas fields that supply the lifeblood of its economy, Russia has forged alliances with some Western companies to obtain the know-how it needs to tap hard-to-reach deposits.

But now that Western sanctions over Moscow’s role in Ukraine have all but halted that cooperation, Russia has overcome a “psychological barrier” and is ready to deepen its economic ties with China, Deputy Prime Minister Arkady Dvorkovich said.
“We have a strategic partnership with China and now decisions are made much faster than before. In particular, we have a gas contract, a second one will be signed soon. Now we know China better: their motives and intentions are understood,” he told a conference in the Siberian city of Krasnoyarsk.

“There used to be a psychological barrier. Now it doesn’t exist any more. We are interested in maximum investments in new industries. China is an obvious investor for us.”

President Vladimir Putin has pushed for closer ties with Asia since the European Union and United States imposed sanctions on Russia last year over its role in the Ukraine conflict, plunging relations to lows not seen since the Cold War.

Last year, he oversaw the signing of a deal, valued by Russian state-owned gas firm Gazprom at $400 billion, to supply China with 38 billion cubic metres of gas per year by pipeline from 2019. So far, Russia sells pipeline gas only to Europe.

FEW DEALS

Despite overtures to China as part of Russia’s “pivot east”, Moscow has failed to complete a large number of deals and there has been a wariness in Asia about providing financing for Russian companies and banks.

China’s CNPC and Sinopec Group have made upstream investments in Russia but only in quite small projects. CNPC has an exploration block but no production as yet.

“Putin is currently in a tough situation. We all know this. One of the ways to help him get out of the mess is trying to improve ties with China,” said a senior Chinese oil industry official familiar with CNPC’s strategy and Sino-Russian energy cooperation.

“It has been very difficult for CNPC to do upstream cooperation in Russia under Putin. We have tried numerous times before, to no avail. Now the situation has changed, the chance of doing that is higher.”

Current restrictions allow foreign investors to own up to 50 percent of oil fields with reserves of more than 70 million tonnes and gas fields with more than 50 billion cubic metres.

Dvorkovich said that 50-50 ownership was “comfortable” for now but added that “if there is a request (for control), we will consider it.” He said Russia had not yet decided whether to let Chinese investors take stakes in offshore oil and gas deposits.

As rival Communist powers, Moscow and Beijing endured a long rift in relations during the Soviet period, but Russian Foreign Minister Sergei Lavrov told students of the Diplomatic Academy in Moscow that ties were now on “an unprecedented level”.

“This has never happened before in history. They are not based on … a desire to unite against someone but on the matching deep national interests of two neighbouring countries with a huge joint border,” he said in comments broadcast live on television on Friday.

Lavrov said he saw “nothing dangerous here, though some are trying to warn against over-dependence” on China.

Most of Russia’s oil production is based in western Siberia, where fields are running out. Any new areas for discovery, such as east Siberia and the Arctic, and hard-to-recover resources, would require foreign assistance.

According to BP, Russia’s proven oil reserves, the world’s 8th largest, stood at 93 billion barrels at the end of 2013. Its gas reserves were at 31.3 trillion cubic metres, second only to Iran’s 33.8 trillion.

 

Previous Post

Gazprom Neft to Move Operations From Austria Back to Russia

Next Post

Rotrex Invests for the Future

Related Posts

News

The UK Rethinking Oil Vs. Green Energy For Energy Security

October 3, 2023
News

Offshore Oil Lease Plan By Biden Sparks Climate Concerns

October 3, 2023
News

Saudi Arabia To Ease Production Cuts To Avoid Oil Price Hike

October 3, 2023
TotalEnergies enters into agreement with GIP on Gladstone LNG
Exploration Development

TotalEnergies and Borealis Start Up Baystar JV Polyethylene Unit

October 3, 2023
Equinor lets contract for Valemon drilling in North Sea
Exploration Development

SLB, Aker Solutions, Subsea7 to drive subsea production innovation with joint venture closure

October 3, 2023
Halliburton introduces first-of-its-kind  autonomous device to enhance oil, gas recovery
Exploration Development

Halliburton introduces first-of-its-kind autonomous device to enhance oil, gas recovery

October 3, 2023
Next Post

Rotrex Invests for the Future

Latest Post

Exploration Development

North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

September 7, 2023
Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023
Exploration Development

Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

September 7, 2023
Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana
News

Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

September 7, 2023
Downstream

Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

September 6, 2023
Azerbaijan: Inauguration of the Absheron gas field
News

Azerbaijan: Inauguration of the Absheron gas field

September 3, 2023
Equinor capitalizes shares
Drilling

Equinor awards COSL Offshore Management two drilling contracts worth $369 million

September 3, 2023
Oil&Gas Advancement

About Us

Oil and Gas Advancement is an information centric knowledge sharing platform focused on the latest news in the B2B oil and gas sector bringing to our audiences B2B updates on upstream, downstream, pipeline and transport categories providing information on the latest projects and developments.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.