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OIL AND GAS
Gazprom Neft taps into shale oil deposit in Siberia
by Daniel J. Graeber
Moscow (UPI) Oct 2, 2014


disclaimer: image is for illustration purposes only

A subsidiary of Russian oil company Gazprom Neft said Thursday it embarked on a new stage of assessing the shale oil potential in Western Siberia.

Subsidiary Gazpromneft-Khantos started drilling into a shale oil well in the Krasnoleninsky field in the Bazhenov complex of Western Siberia. The company said it employed hydraulic fracturing at the site in order to improve oil extraction.

"The Bazhenov formation is an example of our work with non-traditional deposits, which is an area the company is focused on developing," Gazprom Neft Chief Executive Officer Vadim Yakovlev said in a statement.

The company offered no estimate of the shale oil potential other than to say "commercial oil flows" have been achieved already at some of the wells in the region.

In December, Russian energy company Rosneft, one of the largest energy companies in the world, signed an agreement with its Norwegian counterpart Statoil to explore the shale oil potential in the Ural mountains of Russia.

The U.S. Energy Information Administration lists Russia as the No. 3 energy producer in the world, behind Saudi Arabia and the United States. Technology used to extract oil and gas from shale helped boost U.S. production exponentially, though geographical complexities elsewhere in the world are impediments to development.

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Exxon issues report on how it mitigates fracking risks
Irving, Texas (UPI) Oct 1, 2014
Exxon Mobil told investors it was taking the steps necessary to allay the concerns about the consequences of using hydraulic fracturing in the United States. Hydraulic fracturing involves injection of large volumes of water mixed with sand and a trace amount of chemicals to stimulate the release of oil and natural gas from shale formations that would otherwise not yield natural resource ... read more


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