I'll pass your message of hope to LWP next week at LNG 18 if I manage to attend.
FYI - below is an extract from an article (Link to Article) posted back in January making reference to the giant Bazhenov shale formation, which IMO could provide a lucrative opportunity for LWP if they position themselves well in the marketplace over the coming years. Given it's size and strategic significance, its progress is certainly one to watch.
gh.
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[note: my bolding and underlining]
Bigger than Ghawar
If sanctions are lifted, Siberia's Bazhenov Formation comes into play.
Everything about Bazhenov is huge — beyond Texas huge. It covers an area of almost 1 million square kilometers — the size of Texas and California combined.
Bazhenov is estimated to hold more than 1.2 trillion barrels of oil, of which about 75 billion might be recoverable with current technology, making it the biggest potential shale play in the world, according to the U.S. Energy Information Administration.
To put that in context, Bazhenov contains an estimated 10 times more recoverable oil than the famous Bakken formation in North Dakota and Montana.
Bazhenov could produce more oil than has so far been extracted from Ghawar, the super-giant field in Saudi Arabia that made the 20th century the age of petroleum. Unleashing Bazhenov
Gazprom Neft, the oil arm of Russia’s state-run gas exporter, said production from its Bazhenov shale formations could start in three yearseven if US sanctions are still limiting the sale and transfer of fracking technology.
The company aims to produce about 40,000 barrels of crude a day from the deposits from 2018, Kirill Strizhnev, head of unconventional projects for Gazprom Neft, told reporters in Moscow. That’s about 2.7 percent of Gazprom Neft’s daily first-quarter output of 1.5 million barrels of oil equivalent.
“Foreign companies are stronger in this type of drilling so it’s faster to do it with Western help,” said Alexei Vashkevich, head of geological exploration and resource base development at Gazprom Neft. “Can they be excluded? Yes, they can. Can we do it without them? Yes, we can. It will be a little harder and will take a little longer, but it’s possible.’
The company, which has drilled nine wells at Bazhenov, expects extraction costs to be similar to those of conventional deposits, Strizhnev said.
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LWP Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
