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New projects at Iraqi Kurdistan discussed by Russia's Gazprom Neft

New projects at Iraqi Kurdistan discussed by Russia's Gazprom Neft
For new project in Iraqi Kurdistan, Gazprom Neft has started discussions. Chief Executive Officer of the Russian oil major, Alexander Dyukov, has revealed this information.

He said, "A delegation of Kurdistan autonomous district of Iraq is participating in the forum. We will discuss current status of projects’ implementation. In particular, we are discussing potential new projects in the territory of Iraqi Kurdistan."

He also added that the company plans to continue creating production capacities despite the agreement reached in Vienna by the OPEC countries and countries outside of the cartel on reducing oil production.
He mentioned, "In any case, we will continue to create capacities that, perhaps, will not be used now. We believe that the demand for oil will grow. When OPEC decides that demand has increased and we can offer the market more oil, we will have capacities that will be able to give us this."

The company’s Deputy CEO for Economics and Finance Alexei Yankevich said earlier that Gazprom Neft, despite agreement between Russia and OPEC to reduce oil production, maintains production plan of 89.2 mln tons of hydrocarbons for 2017. "Our production plan totals 89.2 mln tons - and we stick to that plan," he said at the time.
He noted, "89.2 (mln tons) includes and takes into account the deal on the extension of the agreement."

Gazprom Neft can restore the volume of oil production within a few weeks after the OPEC on oil cuts agreement expires, he said.  "I do not see any problems. We would be able to restore oil production within a few weeks," he said.

Low production cost helps the company to invest for aggressive expansion plans. He notably mentioned, "We are absolutely stable, and if the price reaches $20, we will continue to extract oil, invest."
Dyukov added that this is due to the company's low production costs that even at the Prirazlomnoye oilfield on the Arctic shelf reach around $10 per barrel. Gazprom Neft and with Halliburton (a US multinational corporation, one of the world's largest companies providing services in the oil and gas industry) will sign an agreement on improvement of the quality of oil reserves later today.
According to him, the production will be located in Russia, on the oil production sites of Gazprom Neft.

Gazprom Neft is mulling technological cooperation with Saudi Aramco, he went on. CEO said, "We’re considering this cooperation. Give us some time, we’ll probably make an agreement on this kind of cooperation."
According to Dyukov, the issue is only about technological cooperation. "We saw certain technical and research potential (during the visit to Saudi Arabia - TASS)," he said.
Earlier Russia’s Energy Minister Alexander Novak said that Saudi Arabia and Russian companies are discussing a number of joint oil and gas projects.

Russia’s Energy Ministry reported that the sides had held talks focusing on cooperation in the area of technological cooperation. Novak noted an increasing interest of Russian oilfield services companies to the market of Saudi Arabia. The Minister also mentioned the creation of joint R&D centers on the development and introduction of technologies in such areas as oil and gas production, oilfield services and transportation of crude hydrocarbons among promising projects.

He mentioned that Gazprom Neft is still interested in the development of Erginskoye oil field and will apply for participation in the auction.
He concluded, "We still have time (to apply - TASS), we said that it is interesting, we will file our application."
Updated 06 Jun 2017 | Soruce: TASS | By S.Seal
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