Novak Announces New Forecasts for Oil and Gas Production

“Russneft” has exited its oil production projects in Azerbaijan due to corporate necessity,  the company’s president, Yevgeny Tolochok told journalists at the Russian Energy Week. When asked why the company withdrew from its projects in Azerbaijan, Tolochok replied: “Corporate necessity.” He also added that the exit from these assets “will have absolutely no impact” on Russneft's production activities.

Serbia is counting on secure supplies of an additional one mcm of gas from Azerbaijan this coming winter, which will enhance the country’s energy security, the Serbian Ministry of Mining and Energy, said citing a statement from Minister Dubravka Đedović during negotiations with Azerbaijan's Minister of Energy Parviz Shahbazov in Belgrade.

At the end of last week, Azerbaijan and “Masdar” (UAE) held discussions regarding the project to create an energy storage system, a message from the State Agency for Renewable Energy Sources under the Ministry of Energy of Azerbaijan.

Hydrocarbon production by “LUKOIL” in the first half of 2024 amounted to 2.289 million barrels of oil equivalent per day,  a 1% decrease compared to the previous year, according to the company's report.