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ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

Wednesday, November 12th, 2014

Max Petroleum: AGR Energy to Own 51% After $59m USD Investment

Max Petroleum Plc is pleased to announce that it has today published a circular containing further details of the £37.1 million investment to be made by AGR Energy, subject to the fulfillment of certain conditions described below, and a notice of General Meeting, at which resolutions will be proposed to approve this investment.

Highlights

·      On 4 August 2014, Max Petroleum announced that it had conditionally raised approximately £37.1 million (approximately US$59.0 million) by way of a cash subscription by AGR Energy.

·      The Subscription is for 2,264,093,462 new Ordinary Shares, at a price of 1.64 pence per Ordinary Share, a 111.6 per cent. premium to the closing middle market price of an Ordinary Share of 0.775 pence on 11 November 2014, the last business day prior to the date of this announcement.

·      Immediately following completion of the Subscription, AGR Energy will hold 51 per cent. of the enlarged issued share capital of the Company.

·      The Company and AGR Energy are intending to use the proceeds of the Subscription to reduce gearing and strengthen the Group’s balance sheet; undertake a share buyback by way of a tender offer (as described below); progress the Group’s development assets; fund any preliminary costs to prepare for re-entering the NUR-1 well; and consider investing in other projects in Kazakhstan and Central Asia.

·      The Board has agreed with AGR Energy that the Company intends to undertake a share buyback by way of a tender offer to all Shareholders within six months following completion of the Subscription, at a price of 1.64 pence per Ordinary Share, as described below. It is intended that £10,000,000 will be available for the Tender Offer.

·      The Company has received irrevocable undertakings (subject to certain customary exceptions) to vote in favour of the Resolutions from certain Directors and Shareholders holding (directly or indirectly) in aggregate 833,126,172 Ordinary Shares, representing 38.3 per cent. of the Existing Ordinary Shares.

·      The Company, AGR Energy and Oriel Securities (as Nominated Adviser to the Company) have entered into a relationship agreement to ensure that (i) the Company will at all times be capable of carrying on its business with the assistance of a minimum of three Directors who are independent of the AGR Energy Group; (ii) the Group and its activities will be managed for the benefit of Shareholders as a whole; and (iii) all material transactions, agreements and arrangements between: (a) any member of the Group; and (b) any member of the AGR Energy Group, will be at arm’s length and on normal commercial terms and subject to approval by Directors or Shareholders who are independent of the AGR Energy Group.

The Board expects to end the review of strategic options and the formal sale process, announced on 22 July 2014, immediately following the approval by Shareholders of the Subscription Resolutions at the General Meeting.

 

EXPECTED TIMETABLE

 

Publication of the Circular and Forms of Proxy

 

12 November 2014

Posting to Shareholders of the Circular and Forms of Proxy

 

12 November 2014

Latest time and date for receipt of completed Forms of Proxy

 

5:30 p.m. on 26 November 2014

General Meeting

 

10 a.m. on 1 December 2014

Long Stop Date for satisfaction of Conditions and Admission

 

31 March 2015

 

Each of the times and dates in the above timetable are London times and, other than the Long Stop Date which may only be extended with the agreement of AGR Energy and the Company, are subject to change at the absolute discretion of the Company and Oriel Securities. Any such change will be notified by an announcement on a Regulatory Information Service.



Thursday, October 30th, 2014

Shelton Petroleum: AGR-TRACS Audit Review Sees 7 Fold Increase in Reserves

On behalf of Shelton Petroleum, AGR-TRACS has carried out an independent Western reserve update related to two of the company’s oil fields in Russia. The oil reserves on the producing field are estimated to amount to approximately 41 million barrels, which corresponds to an increase by seven times compared to the previous study. Furthermore, Shelton Petroleum has been attributed gas reserves of up to 7 million barrels of oil equivalent and oil resources of just under 26 million barrels.

The study, which was carried out in accordance with the industry standard SPE/PRMS methodology, cover Shelton Petroleum’s Rustamovskoye and Aysky license fields in Russia. At the producing Rustamovskoye field the total oil reserves have increased with almost 580 per cent, compared to the previous study, to approximately 41 million barrels of oil. Proven and probable reserves (2P) increased 1 460 per cent to over 23 million barrels of oil. The result stems from the successful drillings, which were carried out in the last few years, and which have also significantly increased production in Russia from approximately 120 barrels per day on average in 2010 to approximately 551 barrels per day on average during the first nine months of 2014.

“We are very pleased with the increase in oil reserves in the new reserves audit. It confirms that the field has a huge potential significantly exceeding the reserves in the previous reserves study. We are looking forward to realizing the value in this by drilling new wells”, says Robert Karlsson, CEO of Shelton Petroleum.

In the reserves update, gas, which was previously categorized by Shelton Petroleum as resources, has been booked as reserves of up to 7 million barrels of oil equivalent. The study has also estimated resources at Aysky field at approximately 20 million barrels of oil.

In its reserves update AGR-TRACS has also made an economic model which, with a discount factor of 10 %, values the 1P reserves on Rustamovskoye to USD 50 million, 2P to USD 171 million and 3P to USD 284 million.

RESERVES RUSSIA 1P 2P 3P
Rustamovskoye oil 6,964 22,528 40,646
Rustamovskoye gas 916 3 961 7,084
TOTAL 7,880 26,489 47,731
(thousand barrels oil equivalent)

RESOURCES RUSSIA L M H
Rustamovskoye oil 569 3,519 5,643
Aysky oil 4,241 13,009 19,900
TOTAL 4,811 16,527 25,543
(thousand barrels oil equivalent)

INCREASE IN OIL RESERVES 1P 2P 3P
TRACS Report October 2014 6,964 22,528 40,646
TRACS Report September 2009 750 1 440 6 010
Increase in per cent 829% 1464% 576%

Classification of reserves and resources is based on the 2007 guidelines and classifications in the Petroleum Resources Management System (SPE PRMS 2007). The definitions and abbreviations are available at the company’s webpage www.sheltonpetroleum.com



Wednesday, October 22nd, 2014

Statement by Jean-Jacques Guilbaud, Total’s Chief Administrative Officer

Total’s employees learned with profound sorrow of the tragic death of Christophe de Margerie, their Chairman and CEO.
Mr. de Margerie was killed when his jet collided with a snowplow as it was taking off, shortly after 10:00 p.m. CET at Vnukovo airport in Moscow.
The jet’s three crew members also died in the accident.
Our immediate thoughts go out to Mr. de Margerie’s wife, children and loved ones, as well as to the families of the three other victims.
Total’s employees are deeply appreciative of the support and sympathy received, both in France and in the many countries where Christophe de Margerie was admired and respected.
Mr. de Margerie devoted his life to building and promoting Total in France and internationally. He was equally devoted to Total’s 100,000 employees. As he would have wished, the company must continue to move forward.
Total is organized to ensure the continuity of both its governance and its business, allowing it to manage the consequences of this tragic loss.
The Governance and Ethics Committee (five members, chaired by Thierry Desmarest, Honorary Chairman and member of the Board of Directors of Total) will meet as soon as possible. This will be immediately followed by a meeting of the Board of Directors to make the necessary decisions.
Thank you for your attention.

 



Wednesday, October 22nd, 2014

LUKoil Presents Corporate Development Program For Northwestern Federal District

OAO LUKOIL presented the indicators of its production and social performance, as well as a Corporate Development Program for the Northwestern Federal District (NWFD), in St. Petersburg today. Among those present were Vladimir Bulavin, the Russian Federation President’s envoy to the district, and LUKOIL President Vagit Alekperov.

The key performance indicators were also presented by the heads of six major LUKOIL Group organizations operating in the NWFD, including LUKOIL-Komi, LUKOIL-Kaliningradmorneft, LUKOIL-Ukhtaneftepererabotka, LUKOIL-Trans, LUKOIL-Severo-Zapadnefteprodukt and Arkhangelskgeoldobycha.

The 2013 oil output in the district exceeded 16 million tons, while the utilization of associated petroleum gas and the production of natural gas topped 1.3 billion cubic meters. By the end of 2013, the company had 371 filling stations operating in the district.

“The Northwestern Federal District holds a special place among all of LUKOIL’s areas of operation, since it accounts for 20% of the company’s total oil output in Russia. It was here, in the north-west, that we implemented some of the more significant, diverse projects: in 2004, oil production began on the Russian Baltic shelf; in 2008, the most northerly year-round oil-export terminal was constructed in Varandey; in 2014, Vladimir Grib diamond field was commissioned. The mid-term plans of LUKOIL-Komi, still the biggest subsoil user in the north-west, are focused on the development of 11 oil fields. This is why I am convinced that our company will continue to achieve high results in its activities to the benefit of the whole of Russia’s north-west,” Mr. Alekperov said.

“Over the whole 21-year period of operation in the Northwestern Federal District, LUKOIL has made large-scale investments, namely, in field facilities construction, the refinery upgrade, development ofthe filling-station network and in the construction of transportation infrastructure,” Mr. Bulavin noted. In the opinion of the presidential envoy, the role of the oil-and-gas complex in the development of the north-west is ever increasing. This is due to the new policy of the state for the development of the Arctic zone comprising a number of the district’s areas where hydrocarbons are produced and transported. LUKOIL has already implemented a number of unique projects.

“The production projects implemented by the company have contributed to the creation of workplaces in the district, increased tax liabilities, dissemination of the latest production techniques and scientific achievements. The 2013 overall tax revenues that went to the budgets of all levels across major LUKOIL Group organizations in the Northwestern Federal District came to RUR 83 billion. The company also pays great attention to the social sphere through communal expenditure and charitable projects,” the envoy commented.



Wednesday, October 22nd, 2014

Gazprom: Board of Directors Approves the Adjustments to the Investment Program, Budget and Cost Reduction Program for 2014

The Gazprom Board of Directors approved the adjusted Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2014.

According to the adjusted Investment Program for 2014, the total amount of investments will make up RUB 1 trillion 026.15 billion, which is a RUB 220.146 billion increase as compared to the Investment Program approved in December 2013. Meanwhile, the amount of capital investments will make up RUB 816.572 billion (a RUB 115.462 billion increase as compared to the Investment Program approved in December 2013), of which RUB 804.860 billion and RUB 11.712 billion will be allocated for capital construction and acquisition of non-current assets, thus showing an increase of RUB 106.648 billion and RUB 8.815 billion accordingly.

According to the adjusted Budget for 2014, gains from operating and investment activities will total RUB 5.649 trillion, while the amount of payments in all activities – RUB 6.174 trillion. The external financial borrowings will remain unchanged and total RUB 90 billion. The Budget surplus (taking into account intragroup borrowings and beginning balances on Gazprom’s accounts as of early 2014) will account for RUB 0.5 billion.

A new version of the Cost Optimization (Reduction) Program for 2014 envisages measures aimed at cost optimization (reduction) to result in a cumulative effect of RUB 17.9 billion (the initial plan was RUB 17.5 billion).

The 2014 Investment Program adjustment is mainly driven by the need to increase long-term financial contributions as well as the investments in Gazprom’s top-priority strategic projects for natural gas production and transportation.

Background

Gazprom’s adjusted Investment Program for 2014 envisages an increase in capital and long-term financial contributions.

An increase in capital contributions is mainly related to boosting the investments in top-priority strategic projects for natural gas production and transportation.

For instance, in the gas transportation segment it concerns the construction of the Bovanenkovo – Ukhta and the Southern Corridor gas mains as well as financing the construction of gas production, transmission and processing facilities based on gas from the Yakutia gas production center, including the Power of Siberia project.

In the production segment, the Company plans extra investing the construction of boosting units at the Urengoyskoye field, wells’ commissioning at the Yamburgskoye field and at the second pilot block of the Achimov deposits at the Urengoyskoye field, commercial drilling at the Astrakhanskoye field, pre-development of the Kirinskoye field and initiation of gas well rehabilitation and flow stimulation at the Orenburgskoye field.

Gazprom’s adjusted Investment Program for 2014 also provides for enhancing capital costs for design & investigation activities in years to come to develop the Eastern Gas Program facilities as well as for infrastructure and social facilities.

The enhancement of long-term investments is resulted generally from extra-financing the South Stream project abroad and advancing Gazprom Group’s power generation business, in particular, financing the OGK-2 and Mezhregionstroy activities as well as extending Gazprom Energoholding’s equity capital for the Grozny TPP construction.

In addition, it is envisaged to step up the investments into the projects in the Republic of Vietnam and Bolivia as well as to allot extra investments for implementing NGV projects and increasing the Company’s share in ArmRosGazprom to 100 per cent.



Tuesday, October 21st, 2014

ROGTEC Girl Wows the Crowd in Sochi

Anastasia Kuznetsova

 

The Mobius Group is proud to announce that one of the key faces of the ROGTEC exhibition team, Anastasia Kuznetsova, was chosen as one of the “Grid Girls” at the recent Russian Grand Prix, held in Sochi a few weeks ago.

Anastasia, who will be recognised by many of you as one of the “ROGTEC Girls” who are always smiling and at the forefront of our exhibitions and conference, was selected to represent Sebastian Vettel on the starting grid. Needless to say Anastasia did a great job in Sochi!



Tuesday, October 21st, 2014

Verkhnechonskoye Field Produced the 30-millionth Ton of Oil Since Coming on Stream

Verkhnechonskoye oil and gas condensate field produced the 30-millionth ton of oil since the beginning of commercial operating in October 2008, when Verkhnechonskneftegaz started supplies of oil to Eastern Siberia – Pacific Ocean oil pipeline.

The record became possible due to effective geologic technical operations and implementation of ground infrastructure development program.

The producing-well stock of 250 units secures the output exceeding 23 Mt of oil per day. Implementation of the drilling cycle and new wells construction optimization program, constant monitoring of productive formation performance and effective work on well process flow pattern maintenance allowed to produce more than 7 mln tons in 2013, which exceeds figures of 2012 by more than 9%.

This year Verkhnechonskneftegaz finished reconstruction of oil treatment plant (UPN-1). The reconstruction allowed boosting its rated capacity by 25% – to 8 mln tons of oil per year.

Source



Tuesday, October 21st, 2014

Lamprell Completes Second Caspian Sea Drilling Unit

Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has successfully completed construction of the second Caspian Sea jackup drilling rig, the “Mercury”.

Completion of this rig is another significant milestone for the Group, particularly as it has been built under challenging conditions but with an excellent safety record and several weeks ahead of schedule. In light of this and further to the Company’s announcement on 28 August 2014, timely completion enables the Company to release contingencies held in connection with this project which will have a significant positive impact on the 2014 financial results.

The “Mercury” is the second vessel that Lamprell has built for this client. Delivery of this rig will take place in the coming month and the rig is then expected to commence operations on its first contract elsewhere in the Caspian Sea alongside its sister vessel, the “Neptune” rig, which was delivered in November 2013. A number of key operational improvements, learnt from this first rig project, were successfully implemented onto the “Mercury” project allowing Lamprell to complete as planned.

Jim Moffat, CEO of Lamprell, commented:

“I am delighted to report that we have completed the second drilling rig for use in the Caspian Sea, not only because of the significant beneficial impact on this year’s results but also because of the exemplary safety record on a highly complex project in a remote location. As a result of the close teamwork between the Lamprell and client teams, the project achieved nearly 4 million man hours without a day away from work which is a world class achievement. Our strong operational performance both in the UAE and Astrakhan allowed us to take advantage of the milder recent weather and complete construction activities on the rig ahead of schedule.

We would like to thank the client for entrusting us with this important project and we hope to work with them again in the future.”

Lamprell plc

James Moffat, Chief Executive Officer +971 (0) 4 803 9308

Natalia Erikssen, Investor Relations +44 (0) 7885 522 989



Tuesday, October 21st, 2014

Igor Sechin Made a Working Visit to Azerbaijan

Igor Sechin made a working trip to Azerbaijan. In the course of the visit the Head of Rosneft met with SOCAR’s chief Rovnag Abdullaev.

The parties discussed the execution of joint projects in the area of oil production and refining in Russia and Azerbaijan.

Afterwards Rosneft head and SOCAR President were hosted by the President of Azerbaijan Republic Ilham Aliyev who highly appreciated the current level of cooperation between the companies and expressed his hope for further intensification of both parties’ efforts.

Source



Tuesday, October 21st, 2014

Total CEO Christophe de Margerie Killed in Moscow Business Jet Accident

Christophe de Margerie, Chief Executive Office of French oil company Total, attends the company's 2008 annual results presentation in Paris

The chief executive of French oil major Total, Christophe de Margerie, was killed when a business jet collided with a snow plough during takeoff at Moscow’s Vnukovo International Airport, the company and airport officials said.

The collision occurred late on Monday, just minutes before midnight Moscow time, the airport said in a statement. The Dassault Falcon business jet carrying de Margerie had been due to travel to Paris.

“Total confirms with deep regret and great sadness that Chairman and CEO Christophe de Margerie died just after 10 p.m. (Paris time) on October 20 in a private plane crash at Vnukovo Airport in Moscow, following a collision with a snow removal machine,” the company said in a statement.

The plane’s three crew also died, said Total, France’s second-biggest listed company with a market value of 102 billion euros.

There was no immediate word on the cause of the collision. Visibility was 350 meters (1,150 feet) at the time, the airport said, adding that civil aviation authorities had launched an investigation.

Vnukovo is Moscow’s oldest and third biggest airport. Located southwest of the capital, it is used by President Vladimir Putin and other government officials.

De Margerie, 63, was on a list of attendees at a Russian government meeting on foreign investment in Gorki, near Moscow, on Monday. With his distinctive bushy mustache and outspoken manner, he was one of the most recognizable figures among the world’s top oil executives.

Source








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