Dragon Oil: Dzheitune 28/166 Well Tests at 1,975 Barrels per Day
Dragon Oil plc, an international oil and gas exploration, development and production company, announces the successful completion and initial testing of the Dzheitune (Lam) 28/166 development well. The well was completed with a single string to a depth of 2,810 metres and tested for initial production at 1,975 barrels of …
Lufkin Industries to Acquire Zenith Oilfield Technology
Adds real-time monitoring & data analysis to Lufkin’s automation capabilities. Lufkin Industries, Inc. announced that its subsidiary, Lufkin Industries Holdings UK Limited, has agreed to acquire Zenith Oilfield Technology Ltd. Zenith, based in Aberdeen, Scotland, is an international provider of innovative technology and products for the monitoring and analysis of …
Rosneft Switching to IFRS Financial Reporting
Rosneft is to begin preparing its consolidated financial reporting in accordance with International Financial Reporting Standards (IFRS) starting from the first quarter of 2012. The Company previously compiled its financial reporting in accordance with US GAAP. Rosneft is switching to IFRS to meet the requirements of the federal law On …
Rosneft and ITERA Group Sign Strategic Cooperation Agreement
Rosneft and ITERA Oil and Gas Company have signed a strategic cooperation agreement for joint exploration and development of gas deposits in Russia. The agreement signed by Rosneft President Eduard Khudainatov and ITERA Oil and Gas Company Chairman of the Board of Directors Igor Makarov envisages the possibility of establishing …
Baker Hughes Introduces New Service to Detect and Diagnose Drilling Challenges Before They Occur
A new Baker Hughes service identifies potential drilling issues before they occur by pinpointing similar case histories in real-time using a global library of drilling practices and expert advice to provide operators with suggestions on how to respond or take corrective actions while drilling. Baker Hughes’ WellLink™ Radar Remote Drilling …
Victoria Oil and Gas: Interim Financial Report to 30 November 2011
Victoria Oil & Gas Plc, the AIM quoted oil and gas exploration and production company with assets in Cameroon and the FSU, is pleased to announce its unaudited interim results for the six months ended 30 November 2011. Highlights for the period ending 30 November 2011: • Increase in prospective …
Slavneft Announces 2011 International Reserves Audit – Reserve Replacement at 105%
As of December 31, 2011, the audited proved recoverable oil reserves of OAO NGK Slavneft estimated under SEC LOF (U.S. Securities and Exchange Commission), excluding the licenses validity, made 1,642 mln bbl. The Company’s proved reserves increased by 6.2 mln bbl, or 0.4% vs. 2010. The Holding’s reserves replenishment rate …
TNK-BP Announces 2011 International Reserves Audit – Reserve Replacement at 145%
TNK-BP published the results of an international audit of its reserves at the end of 2011. As of December 31, 2011, the total proved SEC life-of-field (LOF) reserves of TNK-BP consolidated subsidiaries, estimated according to the criteria of the US Securities and Exchange Commission (SEC), amount to 9.115 billion barrels …
Bashneft: Board of Directors Meeting
At the meeting held on February 27, the Board of Directors of JSOC Bashneft discussed the progress of the action plan for monitoring the Company’s key material flows. The plan was launched at the end of 2010. It is aimed at minimizing losses during production, transportation and storage of oil, improving the accuracy of measuring commercial and interplant raw material, semi-finished and end product …
Tatneft: Board of Directors Meeting
A regular meeting of the Board of Directors of OAO TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held on February 28, 2012. The Board of Directors meeting summed up the execution of the budget of OAO TATNEFT in January and approved the budget for March …