<a href="http://youngpetro.org/2013/03/06/how-is-it-possible-to-produce-oil-from-sand/"><b>How is it possible to produce oil from sand?</b></a> <a href="http://youngpetro.org/2011/10/09/people-engineers-and-spe-members/"><b>People, Engineers and SPE Members</b></a> <a href="http://youngpetro.org/2012/12/19/if-i-were-a-prime-minister/"><b>If I Were a Prime Minister…</b></a> <a href="http://youngpetro.org/2012/12/26/polish-shales-delayed/"><b>Polish shales delayed?</b></a> <a href="http://youngpetro.org/2013/01/11/russia-continues-the-policy-of-states-companies-monopoly/"><b>Russia continues the policy of state companies’ monopoly</b></a>

Vladimir Filanovsky Field being prepared to begin production in 2015.

Vladimir Filanovsky Field being prepared to begin production in 2015.

Russia’s largest private oil company, with operations in 28 countries around the world Lukoil has announced contractors for the development of the Vladimir Filanovsky Field, which was discovered in 2005. The investment is expected to reach $3.5 billion.

The field is located about 50km offshore, in the northern part of the Caspian Sea. It is expected to start extraction in 2015. The field contains oil with very low sulfur content of just 0.1%. The reserves of the field include 153.1 million tonnes of oil and 32.2 billion cubic metres of gas.
According to Fedor Klimkin, Press and Communication Officer for Lukoil, the jackets for the offshore platforms have already been installed and subsea pipelines are nearing completion.

Image source

The program for integrated development of the North Caspian fields includes construction of 25 platforms with total weight of about 100.000 tons. Pipelines will be long for more than 1.500 km including subsea lines around 1.000 km long.
The infrastructure at the Vladimir Filanovsky offshore field will comprise of an ice-resistant fixed platform (IRFP-1), a living quarters module platform (LQM-1), a central processing platform (CPP) and a risers block (RB) platform, which will all be linked with connection bridges.

Image source

Lukoil discovered six large oil and gas fields in the North Caspian between 1999 and 2005: Khvalynskoye, 170 km, Yuri Korchagin, Rakushechnoye, Sarmatskoye and Filanovsky. At this stage, the fields are thought to contain 4.7 billion reserves. The Vladimir Filanovsky oil-gas field is the biggest by oil reserves discovered in Russia in the last 20 years.

Sources: offshore-technology.com, lukoil.com
Main image source: offshore-mag.com

Oil Trading Risks Summit coming to Geneva this October

Oil Trading Risks Summit coming to Geneva this October

A comprehensive platform for Risk Managers and Traders to discuss financial, regulatory, political and supply chain risks in oil trading

IRN, global summit organiser is proud to bring to you the Inaugural Oil Trading Risks Summit set to take place on 22-23 October in Geneva, Switzerland.

Website of the event: http://www.oiltradingrisks.com/

With oil being such a volatile, political and essential commodity, managing the risks related to its trading has become a very important part of the oil trading companies’ strategy to maintain their profits.

This high level meeting will gather Heads of Trading, Risk Managers, and Financial Managers from Oil trading companies, refineries as well as transportation companies, including aviation.

The content of the 2 day summit has been generated by the expert speaker faculty whom have highlighted pressing issues to be discussed during the summit. Some of these areas include; Market Risk, Credit Risk, Regulatory Risk, Political Risk and Financial Risk.

Hear from expert speakers from: Cargill, Repsol, Socar Trading, Turkish Airlines, Irving Oil, Bharat Petroleum, Oryx Energies, ENEL, to name a few.

The summit will kick off on day 1 with an overview of the latest trends in oil trading markets which will be led by the Director – Trading and Risk from Irving Oil. This session will look into China and other emerging countries as well as the state of risk management in oil trading to give you a taster.

This will be followed by a workshop to help assess the risk management culture in your company which will be led by the Risk and Middle Office Manager from Oryx Energies. This session is vital for all companies to pinpoint areas that need to reduce risks to improve efficiency in their organisation.

To find out more about the programme and the speakers, please contact Jessica Jonah:

+44 207 111 16 15


Kariera IT – kilka rzeczy, których nie było na studiach

Kariera IT – kilka rzeczy, których nie było na studiach

Kariera IT – kilka rzeczy, których nie było na studiach!

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Conflict in Iraq – new hope for Kurdistan

Conflict in Iraq – new hope for Kurdistan

Although Iraq is still dangerous place, Kurdistan is relatively peaceful region. In recent years, the Kurds have formed there virtually independent state, and today use the conflict in the north of the country to earn money on oil. Kurdistan has become one of the most promising areas for exploration and production of crude oil. Hope for its development came after the fall of Saddam Hussein’s regime in 2003.

Petroleum resources of Kurdistan, although they are smaller than in other parts of Iraq, have strategic importance for the relations between Kurds and Baghdad, as well as for the potential export of gas to Turkey and European Union countries. This autonomous region ruled by president Masoud Barzani since several years gradually gaining more independence from the government of Iraq. Robin Mills, head of consulting Manaar Energy Group providing advisory services on matters of oil, said that the Kurds have used ISIL offensive to take most of the territories, including the city of Kirkuk and oil fields in the surrounding area. From both oil fields – Kirkuk and Bai Hassan – they can export even 450 thousand barrels per day, but since March this year Kurds haven’t mined significant quantities after damaging Iraqi-Turkish pipeline Kirkuk-Ceyhan pipeline by saboteurs. Current export is big step forward for the Kurds towards even more independence. In 2011 the government of Kurdistan signed independently contract with Exxon Mobil to start mining in the north of the country. Since then, the Kurds have signed new contracts – with Chevron, Gazprom and Total.

The conflict in Iraq and Islamist offensive sparked hopes of Iraqi Kurds to create an independent state. Probably this will not happen, because United States and the countries of the region with the Kurdish minority are against. Kirkuk is the center of the oil industry in Iraq, located outside the Kurdish autonomous region, but Kurds suggest that they do not intend to give it back. According to experts, mastering additional oil reserves will give them economic independence. Kurdish Regional Government plans in the future to produce up to one million barrels per day. Deposits of oil in the region is estimated at 45 billion barrels. On the basis of the Iraqi constitution adopted in 2005, crude oil – the main wealth of the country – should be passed by all the provinces to the central government, and only government has the right to export it.  The Kurds, however, do not apply to this provision. Kurdish authorities have also entered into long-term agreements with the Turkish government on the oil export.

Sources: iraqoilreport.com, theenergycollective.com
Photos: americancontractor.com