peakoilwhen wrote:hi copious. are u a bio or abio? Where is this vast , seemingly inexhaustible supply of hydrocarbon coming from? Why does Titan have seas of LPGs?
sparky wrote:bringing the field into play would collapse the oil price , which is the last thing they want
eventually it will be developed but seems to be kept for later in time
sparky wrote:.
Some issue with Bazhenov ,
while Russia is under embargo for advanced technology this is not really a problem ,
they have put a man in space
have an oil industry for more than 100 years and are well capable of working out the how and don't
the sites are remote ,
part of the success of the US fracking is the ease getting contractors ,machinery , contractors and supplies quickly on site
Siberia is a wholly different environment cost wise
the government and Gazprom Neft , the oil branch of the conglomerate ,are not rushing things at all
so far they put their capital both financial and human into recovery and squeezing oil from old fields
it's cheaper with little risk
their efforts on Bazhenov are more like playing with the technology and getting a better grasp of the geology
bringing the field into play would collapse the oil price , which is the last thing they want
eventually it will be developed but seems to be kept for later in time
I don't see why you think the location is an issue. The Bazhenov formation is found in the same region:
asg70 wrote:sparky wrote:bringing the field into play would collapse the oil price , which is the last thing they want
eventually it will be developed but seems to be kept for later in time
Yep. There was no reason to believe the US would be the only country to successfully exploit shale.
sparky wrote:.
It seems like we all tend to agree that Bazhenov is an exploitable resource
asg70 wrote:sparky wrote:.
It seems like we all tend to agree that Bazhenov is an exploitable resource
I would hope so. We wouldn't want to make the same mistake that the expert analysts at The Oil Drum did back in the day pooh poohing the viability of unconventional. Heck, even methane hydrates may turn out to be recoverable in the end.
ReservegrowthRulz, Dec. 30, 2005 wrote:Anyone ever notice how Colin and Co specifically exclude all types of unconventional resources? I would too considering they are online in the US as we speak and making what, 10% of total natural gas production in the US? CBM, Barnett Shale and its equivalents throughout Texas and Oklahoma, tight gas sands and shales like the Devonian in Ohio, millions a day in oil scheduled to come out of Alberta over the coming years? Unconventional is just the next round of "not as cheap as conventional fuels" and its already here, and its volume is growing, and its already mitigating to the tune of TCF's and millions of barrels across North America.
Look north
Gazprom Neft operates several fields in Russia’s far north that are expected to drive its growth over the next decade. While the oil price crash has led to numerous R&D investments being shelved, the company has not-so-quietly continued its study work at Bazhenov, one of the world’s largest shale oil formations.
Russia has long hoped to replicate the success of the US in developing shale oil, but a lack of technology, among other factors, has held development back. Its producers looked to partner with leading western oil companies to advance Bazhenov projects, only for these ventures to collapse after 2014 sanctions prevented IOCs from taking part in unconventional oil and gas projects in Russia.
Since then, Gazprom Neft has been working to develop the necessary technologies and expertise on its own. At the forefront, the company is honing its skills in the use of hydraulic fracturing and other unconventional extraction techniques.
“The main goal now is to reduce the unit cost of wells by means of a technology breakthrough and further development of the Russian market, which will enable commercial extraction of oil from Bazhenov” Vashkevich, Gazprom Neft
The firm’s efforts have yielded results. It managed to reduce estimated production costs at Bazhenov to RUB16,000/t (c.$30.40/bl) by the end of last year, Alexei Vashkevich, director for technology development, tells Petroleum Economist. This is almost half the projected cost when work on the project first began in 2017.
Under current market conditions, this is still a considerably high price once transport and other expenses are accounted for. A cost as low as RUB8,500/t will be needed to make the project viable, Vashkevich says, but this milestone is expected to be reached as early as next year.
“The main goal now is to reduce the unit cost of wells by means of a technology breakthrough and further development of the Russian market, which will enable commercial extraction of oil from Bazhenov,” says Vashkevich.
Gazprom Neft said in early June that commercial production of Bazhenov’s oil would start in 2025. It is targeting reservoirs at the Salymsky-3 and 5 blocks, in Russia’s oil heartland of Khanty-Mansiysk, in western Siberia. In-place unconventional reserves at the sites are estimated at 500mn t (3.7bn bl).
Plans to expand the scope of Bazhenov’s development, and the timeframe for exploiting the resource, will likely be reassessed depending on how quickly the global economy stabilises, Vashkevich cautions. But Gazprom Neft hopes to eventually produce up to 7mn t/yr (140,000bl/d) from the project. Unconventional reserves are expected to account for 10pc of the company’s total liquids output by 2030.
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