Tag Archives: production

5 Largest Offshore Structures (Rig and Production Platform) in The World

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Offshore structures (rig and production platform) are complex facilities to drill wells (options) and produce gas from wells from offshore locations. This is one of the most fascinating structures in the world and this article will show 5 largest offshore structures on the planet.

1. Berkut Platform

Berkut Platform

Berkut Platform (Courtesy of Rosneft)

Berkut is the world’s biggest oil platform which has begun commercial production at the Sakhalin-1 offshore project in Russia’s Far East. The Berkut oil rig is expected to extract 4.5 million tons of oil annually. The Sakhalin-1 Consortium was formed in 1996 is the first major shelf project in Russia created under terms of a Product Sharing Agreement (PSA). The international consortium is made up of the US major ExxonMobil (30 percent), Japan’s Sodeco (30 percent), Russia’s Rosneft (20 percent) and India’s ONGC Videsh (20 percent). The Berkut platform is expected to produce 12,000 tons of oil daily or about 4.5 million tons annually, raising the total output of the Sakhalin-1 Consortium to 27,000 tons a day. Continue reading →

Hot NEWS – OPEC reaches deal to cut production by 1.2 million barrels in January 2017

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The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) to 32.5 million barrels, the head of the organization announced.

Ahead of the official announcement, Bloomberg broke the news, quoting an unnamed delegate in Vienna. Crude prices soared more than 7 percent on the report. As of 16:29 GMT, Brent crude was trading at nearly $50 per barrel, while US crude benchmark WTI was above $48.

 opec-cut-production

Calling the decision “historic,” the organization said the output cut would be in effect from January 1, 2017. The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years. Continue reading →