By Aleksandr Chembulaev, CEO, Gazpromneft-Catalyst Systems
Environmental requirements around petroleum products are becoming increasingly stringent, and the share of heavy oil in the refining process is rising. In response to these challenges, Russia has undertaken large-scale modernisation of its oil refineries. Deep conversion of raw hydrocarbons is becoming essential. Catalyst processes are key to facilitating this, and, as such, now account for more than 80% of all secondary oil-refining processes.
Russian oil producer Gazprom Neft has brought its second well into production at its Arctic Prirazlomnoye field, with output totalling 1,800 tonnes per day.
Russian energy firms are weathering low oil prices and will continue to increase output in the next few years even if Saudi Arabia raises production to depress prices further, one of Russia's fastest growing oil companies says.
Gazprom Neft, Russia's third-largest oil producer owned by state-run gas producer Gazprom, said that due to abundant supply and technological developments oil prices may have returned for a prolonged period to the $30-$40 per barrel range seen before the commodities boom of the 2000s.
Some oil projects won't be viable at such low prices but most of those won't be in Russia, where field development will prove resilient even at $20-$35 per barrel - much lower than in the United States, the Arctic or on large offshore deposits.
