Saipem Sues Gazprom Over Black Sea Gas Pipeline
Italy’s Saipem, which was hired by Gazprom to lay the undersea section of the South Stream gas pipeline, and then the Turkish Stream pipeline, has filed a lawsuit against a subsidiary of the Russian gas giant. Saipem S.p.A. filed a request for arbitration against South Stream Transport B.V. (now a …
National Oilwell Varco Announces Fourth Quarter and Full Year 2015 Earnings
National Oilwell Varco, Inc. (NYSE:NOV) today reported fourth quarter 2015 net income of $85 million, or $0.23 per fully diluted share, excluding other items, down from $0.61 in the third quarter of 2015 on a comparable basis. Other items included pre-tax charges of $1,634 million for goodwill and other intangible asset write-downs, $139 million for restructuring and other charges (which …
Petrosibir AB: New CEO in Petrosibir
As one of the final steps in the agreement between Petrosibir and Petrogrand the Board has appointed Dmitry Zubatyuk CEO of Petrosibir. The Board has also appointed the company’s current CFO Gunnar Danielsson deputy CEO. On 9 November 2015 extraordinary general meetings in Petrosibir AB (Petrosibir) and Petrogrand AB (Petrogrand) …
KMG EP Announces Operating Results for the Year Ended 31 December 2015
JSC KazMunaiGas Exploration Production announces its full year operating results for 2015. KMG EP produced 12,351 thousand tonnes of crude oil (251 kbopd), including the Company’s stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), almost at the level of 2014. Ozenmunaigas JSC (OMG) produced 5,510 thousand tonnes (111 kbopd) …
BP Realigns Senior Executive Team
BP today announced the appointment of Lamar McKay to the new position of Deputy Group Chief Executive. McKay, currently chief executive of BP’s Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period. McKay will be succeeded …
BP Reports Full Year and 4Q 2015 Results: Dividend Remains Unchanged
BP today reported its results for the full year and fourth quarter of 2015. Underlying replacement cost profit1 for the full year was $5.9 billion, compared with $12.1 billion reported for 2014, down 51%. The underlying result for the fourth quarter was $196 million compared with $2.2 billion for the fourth …
Rosneft and GE Develop Joint Manufacturing in Russia
Rosneft and General Electric signed a long-term cooperation program. The document involves construction plan of joint ventures for production of marine, oil and gas, and electrical equipment to ensure timely construction and commissioning of production facilities. In particular, Rosneft and GE will continue their cooperation in developing ship-building projects of …
Novatek: Reserve Replacement Running at 148% in 2015
OAO NOVATEK announced that independent petroleum engineers, DeGolyer & MacNaughton, have completed their comprehensive reserve appraisal of the Company’s hydrocarbon reserves as of 31 December 2015. Total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 12,817 million barrels of oil equivalent (boe), including 1,775 billion cubic …
Gazprom and Pakistan Consider Possibility of Russian LNG supplies
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Shahid Khaqan Abbasi, Minister of Petroleum and Natural Resources of the Islamic Republic of Pakistan. The parties considered promising areas of cooperation, particularly addressing the possibility of Russian LNG supplies to Pakistan …
Petrogrand and Shelton Petroleum: AGM – Confirms Merger, Delisting and Dividend Plocies
Following the Extraordinary Shareholders’ Meetings in Petrogrand AB and Shelton Petroleum AB (currently Petrosibir AB) on 9 November 2015, the business combination of the two entities was completed in late December 2015. Shortly after the EGM, the Disciplinary Committee of Nasdaq Stockholm decided to delist both companies’ shares as of …