Rosneft boosts production with domestic innovations

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New Delhi, May 25 | Orenburgneft, Rosneft’s subsidiary and part of its oil and gas production segment, has achieved record oil production results from introducing domestic innovations.

In 2021, Orenburgneft’s drilling grew by 30 per cent, and the total number of wells amounted to 93 (an increase of 22 wells over a year before).

Developed since 1963, Orenburgneft’s fields are mature. Among the factors contributing to the company’s exceptional performance were consistent implementation of various geological and technological measures and introduction of corporate innovations. This included as part of a plan to replace imports in all subsidiaries of the largest oil and gas company in Russia.

Rosneft is reliably protected by domestic technologies, which are no worse and are sometimes even more efficient than Western alternatives. In line with its long-term growth strategy up until 2030, the company continues to successfully implement a programme aimed at increasing efficiency in mature fields through advanced drilling technologies, construction and intensification of oil production.

The construction time of a horizontal well during section drilling has been reduced by two days due to the use of a single type of drilling tool in the fields of Orenburgneft. It was estimated that the drilling cost of a horizontal well decreased by more than 2.5 million rubles (over $40,000).

Another domestic innovation is a well reamers used for drilling a horizontal section. This technology reduces the construction cycle by a full day, and the economic impact on one production well amounts to approximately one million rubles (over $17,000).

Orenburgneft increased drilling progress in production by 23,000 metres at the end of 2021 compared with the indicators for the challenging year of 2020. The mechanical penetration rate has increased by 2 per cent on average. Due to the use of modern equipment and the selection of optimal drilling parameters, the construction cycle of one well was reduced by an average of 46 hours.

A unique software programme developed by Rosneft specialists helps determine an optimal method for enhanced oil recovery.

Since 2021, Orenburgneft has modeled 240 hydraulic fracturing designs, and the oil flow rate from hydraulic fracturing operations has doubled on average. The company is proud to have developed the new generation hydraulic fracturing simulation RN-GRID that offers complete technical independence from foreign software in engineering calculations. It can describe a complex crack geometry that occurs during fracking as accurately as possible.

RN-KIM is used to create digital twins of oil and gas fields, a simulator of hydrodynamic processes occurring in reservoirs during oil and gas production. The simulator has generated more than 30 hydrodynamic models of deposits at Orenburgneft.

RN-KIN monitors and analyses all ground systems in the field infrastructure and geological and drilling data. To increase management efficiency, Orenburgneft utilises over 50 domestic software technologies.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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