BP Settles with Plaintiffs Committee for $7.8bn
Estimated $7.8B settlement expected to be paid from $20 billion Trust BP has reached a settlement with the Plaintiffs’ Steering Committee (PSC), subject to final written agreement, to resolve the substantial majority of legitimate economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. The PSC …
PathFinder Introduces Industry First At-Bit Inclination, Gamma Ray and Imaging Service
iPZIG technology optimizes production through accurate well placement PathFinder, a Schlumberger company, announced today the introduction of the iPZIG* at-bit inclination, gamma ray and imaging service. iPZIG technology helps optimize well placement in target zones through early bed boundary detection. Developed specifically for unconventional oil and gas markets and high-efficiency …
BP Boosts Azeri Investments
BP Plc plans to step up investments in its oil and gas projects in Azerbaijan in 2012, drilling more wells and developing production at existing fields, the company’s regional office said on Thursday. The BP-Azerbaijan AIOC group said in a statement it plans to invest $3.2 billion in the Chirag, …
KazMunaiGas Exploration Production Year End Numbers Hit by Strike Action and Tax Increases
JSC KazMunaiGas Exploration Production released its consolidated financial statements for the year ended December 31, 2011. – Revenues increased by 19% to 708bn Tenge (US$4,832m) compared to 2010 on higher Brent and domestic prices offset by reduced export volumes. Average Brent price in 2011 increased by 41% to US$111 per …
FMC Technologies Named World’s Most Admired Oil and Gas Equipment, Services Company
FMC Technologies, Inc. announced today that it has been named the 2012 World’s Most Admired Company in the Oil and Gas Equipment, Services industry by FORTUNE® Magazine. The rankings are based on a survey of approximately 15,000 senior executives, outside directors and industry analysts. Companies were evaluated based on the …
Lukoil Net Income Excluding Non-Recurrent Write-Off Reached $11.3 Billion in 2011, Free Cash Flow Amounted to $7.2 Billion
LUKOIL has published consolidated US GAAP financial statements for 2011. The Company’s 2011 net income rose by 15.0% and reached $10,357 million. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 15.9% and reached $18,606 million in 2011. Sales revenues were $133,650 million (+27.3% y-o-y). The positive dynamics of …
TNK-BP Reports Strong 2011 Results: Record High Net Income of $9.0bn
“TNK-BP has once again produced a set of record operational and financial results,” said Mikhail Fridman, Executive Chairman of TNK-BP Ltd. “The Company delivered record production of 1,784 mboe/d and increased refining throughput by 2% to 747mb/d. Also, we have completed international acquisitions in Vietnam, where we have commenced our first offshore …
Gazprom Buys Further Shtokman Acreage
Gazprom has paid 981.7 million RUB (€25 million) for the license rights over an area located to the west of the current Shtokman field license. The new license, which was offered by the Russian Mineral Development Agency (Rosnedra), includes parts of the Shtokman field resources, RIA Novosti reported. With its 3.9 trillion …
Gazpromneft-Khantos Appoints Sergey Doktor as CEO
The Gazpromneft-Khantos Board of Directors has appointed Sergey Doktor as the company’s Chief Executive Officer. Sergey A. Doktor was born in 1969. He graduated from Tomsk Polytechnic University with a specialization in development and production of oil and gas fields. Since May 2011 until his new appointment Sergey Doktor has been the Member of the Board, the …
The Oil&Gas Procurement Conference Neftegazsnab-2012 will be started on March 15.
The 7th International Conference “Oil&Gas Procurement” (NEFTEGAZSNAB-2012) will be held on March 15 in Moscow, in the Radisson-Slavyanskaya Hotel. NEFTEGAZSNAB is the most wide-scale Russian event uniting the heads of the oil and gas procurement services. The conference provides the room for exchanging experience and discussing the procurement systems of …