Oil & Gas Operators

Gazpromneft-Orenburg (a subsidiary of Gazprom Neft) has commissioned the first high-tech well built using multi-storey drilling technology. This new approach makes it possible to increase initial production by more than 40 percent, as well as increasing surface efficiency (the “sweep ratio”) and development drilling efficiency. Constructed at the Vostochny licence block at the Orenburg oil and gas-condensate field (VU ONGKM), the …

As the company notes, the Board of Directors of Russneft approved the company’s business plan for 2019. “The target production level approved in the business plan will be 7.355 million tons (excluding oil production in Azerbaijan),” the report said. Financing of capital investments is planned at the level of 28 …

Gazprom Neft’s Board of Directors has reviewed and confirmed the company’s development strategy to 2030. The new document continues current strategy to 2025, which envisages achieving production at 100 million tonnes of oil equivalent (mtoe) per year while, concurrently, maintaining the proved (1P) reserves-to-production ratio of at least 15 years and ensuring a 100-percentreserves replacement every year. The strategy …

Gazprom Neft’s Board of Directors has reviewed information on further improving the efficiency of the oil business’s operational processes through the use of innovative digital technologies. Digital transformation is a priority area of focus in Gazprom Neft’s activities, creating new opportunities for improving economic efficiency in the face of increasing business complexity and ever decreasing potential for process improvements through …

Gazprom Neft’s Board of Directors has reviewed information on implementing the company’s resource-base development strategy. The current document, approved by the Board of Directors in 2016 and updated in November 2017, clarifies the company’s strategy on resource-base development to ensure the company achieves its objectives in line with current industry and global trends — the key priority being to ensure the …

PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that its joint venture Yamal LNG completed the first ship-to-ship LNG transshipment in the area near the port of Honningsvag in northern Norway. The Arc7 ice-class LNG tanker “Vladimir Rusanov” successfully reloaded an LNG cargo delivered from the Yamal LNG facility at …

The Gazprom Management Committee took note of the information about the Company’s preliminary operating results for 2018 and the projected investment program and budget (financial plan) for 2020–2021. The Management Committee also approved the draft investment program and budget (financial plan) for 2019. Pursuant to the draft investment program for 2019, the overall amount of investments …

After the two wells drilled on the Kurmangazy structure were dry, nothing was heard about this shelf project for a long time. But now Kazakhstan and Russia are planning to resume work, as the Minister of Energy for Kazakhstan, Kanat Bozumbayev announced today in Astana. “On contract exploration on Kurmangazy  …

PAO NOVATEK announced today that its joint venture Yamal LNG has commenced initial production of LNG at the plant’s third LNG train. The total nameplate capacity of all three LNG trains is 16.5 mmtpa, or 5.5 mmtpa per LNG train. “We have successfully launched all three LNG trains at our …

Further to the Company’s recent announcements, the board of Urals Energy (the “Board”), the independent exploration and production company with operations in Russia, provides the following updates. Initial findings from the accountants’ review The initial stage of the independent review of transactions by Urals Energy’s 98.56% owned subsidiary, JSC Petrosakh …