ConocoPhillips: Outlines Plan For Strong Balance Sheet, Growing Dividend and Disciplined Growth
ConocoPhillips (NYSE: COP) will hold an Analyst and Investor Meeting today to outline the company’s strategy and discuss several planned actions for accelerating the company’s value proposition of a strong balance sheet, growing dividend and disciplined growth. These actions include an initial $3 billion share repurchase program and the initiation …
SPD has Constructed Two Horizontal Achimov Formation Wells
Salym Petroleum Development (SPD) has successfully started up two horizontal wells on the West Salym oilfield which were constructed on the Achimov formation* using the multi-stage hydraulic fracturing (frac) technology. Within the cell for pilot development of Achimov deposits SPD has also formed a water management (WM) system of one …
SPD Drilled the 1100th Well in Salym Group of Oil Fields
Salym Petroleum Development (SPD) drilled the 1100th well in Salym group of oil fields. A 3650-meter well with vertical outstep 2519 meters was drilled in Vadelyp field in 11.75 days by KCA Deutag, SPD drilling contractor. “Efficient realization of drilling program at the Salym group of oil fields is one of the key …
Rosneft: Sells 20% of Verkhnechonskneftegaz to the Beijing Gas Group Company for $1.1bn
Rosneft and Beijing Gas Group Company Limited (hereinafter, “Beijing Gas”) signed a Purchase and Sale Agreement and a Shareholder and Operating Agreement for the sale of a 20% stake in Verkhnechonskneftegaz (a Rosneft subsidiary) to the Chinese company, an Agreement on the Area of Mutual Interest in respect of the …
Tethys Petroleum: Update on Claims Made Against the Company
Tethys Petroleum Limited today provides an update to the previously announced failure by Olisol Petroleum Limited and Olisol Investments Limited (together “Olisol”) to fulfill their obligations under the Investment Agreement, claims made against Tethys subsidiaries in Kazakhstan by Eurasia Gas Group LLP (“EGG”) and other claims made against Tethys subsidiaries …
Tethys Petroleum: Receives Share Acquisition Proposal
Tethys Petroleum Limited today announces that it has received non-binding proposals from private investors, Winston Sanjeev Kumar Soosaipillai and Medgat Kumar (each, an “Investor” and together, the “Investors”) to acquire ordinary shares in the Company (together, the “Share Acquisition Proposals”). The key commercial terms of the Share Acquisition Proposals are summarized …
Tethys Petroleum: Kenneth May Appointed Permanent CEO, Plus Board Shake Up
Tethys Petroleum Limited today announces that Alexander Abramov has been removed from the Board of Directors of the Company by a majority vote of the board and in accordance with the Company’s Articles of Association. Alexander Abramov has been replaced as Chairman of the Board by William P. Wells. The …
KMG EP: Rozhkovskoye Field has Positive Test Flows at U25
JSC KazMunaiGas Exploration Production announces the results of an exploratory appraisal well at the Rozhkovskoye field, located in the Fedorovsky block. During testing of the lower formation of Tournaisian reservoir in the exploration well U-25, drilled in 2016, inflow of gas and condensate was obtained at the interval of 4,418-4,430 …
Gazprom Neft: Looks to Improve APG Utilisation Programmes
The Gazprom Neft Board of Directors has reviewed its strategy on APG utilisation programmes and the more effective use of APG in 1H2016, as well as long-term plans for 2016 — 2017. Average usage of APG at the company’s mature assets currently exceeds 93 percent. At Gazpromneft-Noyabrskneftegaz, in particular, APG …
Lukoil: Starts Commercial Production from the Vladimir Filanovsky Field
Lukoil started commercial production at the Vladimir Filanovsky field in the Caspian Sea was launched today by the President of the Russian Federation Vladimir Putin. The Vladimir Filanovsky field, discovered by LUKOIL in 2005, is Russia’s largest oil discovery for the past twenty-five years and the second field commissioned by …