Varieganneftegaz: Production Up 9.3% yoy
The group of companies “Varieganneftegaz” including “Nizhnevartovsk Oil and Gas Enterprise” and “North-Varioganskoye” increased the volume of gas production compared to 2015 by 9.3% to 3.4 billion m3 by the end of 2016. The increase in production was due to the successful implementation of the program of drilling new wells …
Goldman Sachs: US Tax Reforms Could ‘Transform’ Global Oil Market
The push by Republicans in the U.S. House of Representatives for a shift to border-adjusted corporate tax (BTA) could push U.S. crude prices higher than the global benchmark Brent, triggering large-scale domestic production, according to analysts at Goldman Sachs on Tuesday. The measure, known as border adjustment, intends to boost …
KMG EP: Reserve Replacement Ration at 8%
JSC KаzМunaiGas Exploration Production announces the results of an independent audit of liquid hydrocarbon reserves at the Ozenmunaigas JSC, Embamunaigas JSC, KazGPZ LLP and Ural Oil and Gas LLP (KMG EP share – 50%) fields as at 31 December 2016. The audit was performed by independent consultant DeGolyer and MacNaughton …
DNV GL: 49% of Senior Managers Expect Companies to Diversify
New research by DNV GL, the technical advisor to the oil and gas industry, shows oil and gas companies seeking to rebalance business portfolios and reorganizing for a new era. In a period of drawn-out recovery, almost half (49%) of senior oil and gas professionals surveyed expect their businesses to …
Gazpromneft Sakhalin: Awarded the Offshore Ayashsky Block
Gazprom Neft subsidiary Gazpromneft Sakhalin has acquired a licence for the exploration, development and production of hydrocarbons at the Ayashsky block, located on the continental shelf of the Sea of Okhotsk. The licence, awarded by the Federal Subsoil Resources Management Agency (Rosnedra), runs until 1 July 2039. The Ayashsky block, located next to the developed fields of the Sakhalin-1 and …
Novatek: Proved Reserves Up 2.8% yoy
PAO NOVATEK announced that independent petroleum engineers, DeGolyer & MacNaughton (“D&M”), have completed their comprehensive reserve appraisal of the Company’s hydrocarbon reserves as of 31 December 2016. Total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 12,775 million barrels of oil equivalent (boe), including 1,755 billion …
Bovanenkovskoye: Bovanenkovo – Ukhta 2 Pipeline Comes On Stream
The ceremonial inauguration of new production capacities and the Bovanenkovo – Ukhta 2 gas trunkline took place today at the Bovanenkovskoye field. The event was attended by Alexey Miller, Chairman of the Gazprom Management Committee, and heads of Gazprom’s specialized structural units, subsidiaries and contracting organizations. The ceremony featured an address by Russian President Vladimir Putin, who spoke …
Urals Energy: Aiming to Cautiously Ramp Up Activity in 2017
The board of Urals Energy PCL , the independent exploration and production company with operations in Russia, provides a post year-end update on trading for the year ended 31 December 2016 and the outlook for 2017. The Board also provides details of an intended capital reduction and share consolidation and a …
Surgutneftegas Reports Preliminary Operating Results for 2016
Over twelve months of 2016, OJSC “Surgutneftegas” produced 61,848.6 thousand tonnes of crude oil. Last year, crude output in the Republic of Sakha (Yakutia) equaled to 8,894 thousand tonnes, 5% up versus 2015. Over twelve months of 2016, gas production amounted to 9,663 million cubic meters. For the year to …
Tethys Petroleum: Moves Kazakh Office and Adjusts Georgia Seismic Work Plan
Tethys partner in Georgia, Georgia Oil and Gas Limited (“GOG”), has been notified by the Georgian State Agency of Oil and Gas that GOG and Tethys will not be required to complete the previously agreed work programme commitment to conduct 50 km of 2D seismic acquisition in Block XIN by …