Oil & Gas Operators

JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces its consolidated interim financial results for the first three months ended 31 March 2017. Revenue for the first quarter of 2017 was up 76% year on year and amounted to 214bn Tenge (US$663m[1]). This was largely a result of a …

The first ever multi-lateral “fishbone” well involving multiple horizontal branches has been drilled and commissioned at the Prirazlomnaya offshore rig — the only project on the Russian Arctic shelf at which commercial oil production is currently ongoing. The trajectory chosen for the wells allows significantly greater coverage of oil-bearing sections of the strata. The new well represents …

Production Overall, KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 2,904 thousand tonnes of crude oil (238 kbopd) for the first quarter of 2017, a 5% decrease on the same period of 2016. The lower levels of production were largely due to natural …

The Nord Stream 2 project, being pursued by Gazprom, has taken today another important step towards its implementation, responding to the need of the European Union for additional gas imports and thereby improving security of supplies to Europe. Nord Stream 2 AG signed financing agreements for the Nord Stream 2 pipeline project with ENGIE, OMV, Shell, Uniper and Wintershall. These …

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Isabelle Kocher, CEO of ENGIE, took place in Paris today. The parties discussed the progress of and prospects for cooperation in the gas sector, focusing, among other things, on the Nord Stream 2 project. Particular attention was paid to Russian gas supplies to France. It was noted that gas exports …

PAO NOVATEK announced today that the Annual General Meeting of Shareholders (“AGM”) approved the election of members to the Board of Directors. The following members were elected to the Board of Directors:  Andrei I. Akimov: Chairman of the Management Board of Gazprombank (Joint Stock Company);  Burckhard Bergmann: Chairman …

The Gazprom Board of Directors reviewed and approved the 2016 Progress Report on Gazprom’s Innovative Development Program until 2025 and took note of the information concerning the efficiency of R&D (research and development) investments. It was highlighted that the successful implementation of measures under the Program helped the Company consistently raise its technological level and improve its production processes through the …

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, took place in Moscow today. The meeting participants addressed issues related to bilateral cooperation. It was highlighted that Austria continued to increase its gas imports from Russia. Specifically, Gazprom’s exports to Austria between April 1 and April 19, 2017, were …

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Gulomzhon Ibragimov, Deputy Prime Minister of the Republic of Uzbekistan, took place in Moscow today. The parties noted that there were bright prospects for bilateral cooperation, addressing the priority goals in the implementation of the documents signed in early April 2017 in the presence of Vladimir Putin, President …

JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its regular Board of Directors (“the Board”) meeting. During the meeting, the Board recommended a dividend payment on 2016 earnings, approved the revision of the 2017 capital expenditure plan and approved increase of processing fees starting from 1 April 2017.  …