Oil

ODAC Guest Commentary – Russian Production Decline: Why and what next?

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In the first quarter of 2008, Russian production declined by 1% reversing a trend begun in 1998 that had resulted in a 58% increase in production from 6.2 MMBO/D to the current 9.76 MMBO/D. Actually, this was not the first decline in the ten year period, however, the slight decline in the first quarter of 2005 could clearly be attributed to an exceptionally cold period in Siberia and the reorganization and temporary drop in production as Rosneft took over Yuganskneft, the main producing asset of YUKOS.

Nikolai Baibakov (1911–2008)

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ON A HOT DAY in July 1942 Joseph Stalin summoned before him a young mining engineer named Nikolai Baibakov. The supreme leader of the Soviet Union pointed out an obvious fact to his visitor. German armies were advancing into the Caucasus towards the strategic oil fields near Baku. Then came the dramatic gesture.

Stalin pointed two fingers at Baibakov’s head and said, “If you fail to stop the Germans getting our oil, you will be shot.” Then Stalin added “And when we have thrown the invader out, if we cannot restart oil production, we will shoot you again.”

ODAC Guest Commentary – Brazil Carioca find

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The discoveries during 2007 of Carioca in BM-S-9 and Sugar Loaf in BM-S-8 within the Santos Basin, as well as other discoveries in the region, are very significant in that they confirm the potential of the sub-salt play originally identified in Tupi (BM-S-11) in 2006. Tupi pointed to the potential of the area for further oil and gas accumulations buried beneath a layer of salt and these wells confirm that potential.