TNK-BP Plans to Reduce Well Operation Costs by 10% by 2015
TNK-BP is going to reduce its total expenses for operation of approximately 16,000 artificial lift wells by 10% by the year 2012. The company is implementing a number of comprehensive programs along the key lines of its activities in accordance with the artificial oil lifting efficiency improvement strategy. This strategy …
Volga Gas: Uzenskoye 9 Produces Water with Possible Reserve Downgrade
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, provides an update on its’ operations on its Uzenskoye oil field and on exploration drilling on the Urozhainoye-2 licence. Uzenskoye oil field A sidetrack on the Uzenskoye #9 well on the flank …
TNK-BP Outsources IT Services with 17,500 Jobs to the Optima Group of Companies
TNK-BP is consistently outsourcing IT services for improving its business performance and reducing its costs. The company is extensively using latest IT technologies for maintaining the production level in its brownfields and creating systems for management and monitoring of its assets, investing approximately $200 million into IT services every year. …
Tatneft’s Internal Audit in Line with International Standards
The quality of OAO TATNEFT’s internal audit function carried out by the Internal Audit Department of the Company has been successfully evaluated. The evaluation by experts of Ernst & Young Company concluded that the activity of the management in general complies with International professional standards of the internal audit …
Rosneft Appoints Vice President for Refining
Igor Pavlov was appointed Rosneft vice president for refining on March 11, 2012. Igor Pavlov has extensive experience in refining, having worked at Angarsk Petrochemical Company in 1989-2008 and as CEO of OJSC Achinsk Refinery in 2008-2012. Commenting on the appointment, Rosneft President Eduard Khudainatov said: “In implementing our large-scale …
Gazprom Completing Bovanenkovo Field Pre-Commissioning
Pre-commissioning work entered its final stage at the first startup complex of the Bovanenkovo field. Gas produced from the field was conveyed to the comprehensive gas treatment unit (CGTU) module 1. This process step is required to complete hot testing of the CGTU as well as for comprehensive testing of equipment at the first startup complex within the Bovanenkovo field pre-development. Completion …
Novatek: Revenues Up 51% and Profit up 45%
Novatek released its audited consolidated financial statements for the years ended 31 December 2011 and 2010 prepared in accordance with International Financial Reporting Standards (“IFRS”). Total revenues grew by 50.5% year-on-year to RR 176,064 million for the twelve months ended 31 December 2011 from RR 117,024 million in the corresponding …
Integra Group Announces Management Restructuring
Integra Group announces that, following the successful reorganization of its diversified oilfield services business, Mr. Antonio Campo will step down and be replaced as Chief Executive Officer by Mr. Felix Lubashevsky. During nearly three years of service as CEO Mr. Campo led the restructuring of Integra’s business units, introduced new …
Bashneft Hits Record 500t Production at Ilishevskoye
Record-breaking daily rate exceeding 500 tons oil was achieved on the Ilishevskoye oilfield in the Republic of Bashkortostan after JSOC Bashneft commissioned a horizontal oil well targeting Radaev-Bobrikov formation. It is the first time in over 20 years that such a flowrate is achieved at Bashkir oilfields. «The results of drilling at the Ilishvskoye oilfield dispel the long-held notion that today there are only marginal wells left …
Rosneft: Results of the Board Meeting
At a meeting of the Rosneft Board of Directors on March 5, 2012 it was decided that the next annual general shareholders’ meeting (on 2011 results) be held on June 20, 2012 in St. Petersburg. May 4, 2012 was set as the record date. The Board of Directors also set …