Additional Provisions to Rosneft-2022 Strategy and New Initiatives Focused on Shareholder Value Creation
Rosneft Board of Directors approved additional initiatives to “Rosneft-2022” Strategy taking into account the message of the President of the Russian Federation Vladimir Putin to the Federal Assembly. As previously announced, Rosneft-2022 key strategic focus is to increase profitability and returns on the existing assets. Our portfolio is comprised of …
Eni: HPC4 Supercomputer Delivers Record Breaking Reservoir Model Simulations
Eni’s industry-leading HPC4 supercomputer, recently deployed in Eni’s Green Data Center facility, performed a breakthrough calculation, opening the path to a new era for reservoir engineering numerical modeling. HPC4 executed 100,000 high-resolution reservoir model simulation runs, taking into account geological uncertainties, in a record time of 15 hours. In comparison, …
LUKOIL NVN: Installs Yuri Korchargin Wellhead Platform
LUKOIL has completed the installation of the wellhead platform’s topside as part of Yury Korchagin field Phase 2 development in the Russian sector of the Caspian Sea. The wellhead platform is a satellite platform designed to drill wells in the eastern part of the field. Drilling at Phase 2 is …
SOCAR and BP Sign New Production Sharing Agreement for Azerbaijan Exploration
New deal to explore new Caspian opportunities Potential to support Azerbaijan’s long-term production SOCAR and BP today signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. The PSA was signed …
RDCR 2018: Post Show Report
TMG Worldwide hosted the 6th RDCR last week, on the 12th April at the Kempinski Baltschug Hotel in centre of Moscow. The organizers were proud to partner with National Oilwell Varco as the 2018 Platinum Sponsor, as well as MTU and Hardbanding Solutions as Gold Sponsors. The RDCR is the leading gathering …
International Arbitration Tribunal Rules ConocoPhillips is Owed $2.04 Billion in its Dispute with PDVSA
ConocoPhillips announced today that it is owed $2.04 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its subsidiaries as a result of the decision of an international arbitration tribunal constituted under the rules of the International Chamber of Commerce (ICC). The ruling arises out of ConocoPhillips’ contracts with …
PetroNeft: Quarterly Production Update
PetroNeft, an oil and gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, provides an update on oil production at Licence 61 for the first quarter of 2018. Licence 61 Gross Production Q1-2018 Q4-2017 Q3-2017 Q2-2017 Q1-2017 …
KMG EP: Financial Results for the First Three Months of 2018
JSC KazMunaiGas Exploration Production announces its consolidated interim financial results for the first three months ended 31 March 2018. Revenue for the first quarter of 2018 was up 27% year-on-year at 270bn Tenge (US$837m[1]). This was largely a result of a 24% increase in the price of Brent and an …
Helge Lund to Succeed Carl-Henric Svanberg as BP Chairman
BP announced that it has appointed Helge Lund to succeed Carl-Henric Svanberg as chairman of BP. Mr Lund will join the BP Board as chairman designate and a non-executive director on 1 September 2018. He will be appointed chairman on 1 January 2019. Mr Lund will have a base in …
KMG EP Operating Results for the First Quarter of 2018
KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 2,898 thousand tonnes of crude oil (238 kbopd) for the first quarter of 2018, at the same level compared to the same period of 2017. In the first quarter of 2018, Ozenmunaigas JSC (“OMG”) produced …