Gazprom Neft reports Q1 2011 financial results
Gazprom Neft publishes today on its website (ir.gazprom-neft.ru) its consolidated financial results in accordance with US GAAP for the three months ended 31 March 2011. Revenue in Q1 2011 increased by 35% to $9,865 mln. compared with Q1 2010 primarily due to higher oil prices and increased sales volumes. Earnings …
KMG EP withdraws from the negotiation process on the Akkas Field Development project in Iraq
JSC KMG EP has informed the Ministry of Oil and Gas of the Republic of Iraq and the company Korea Gas Corporation (KOGAS) of its withdrawal from participation in the Akkas Field Development project negotiations in Iraq. In October 2010 KMG EP, together with KOGAS (the “Consortium”), won a tender …
PetroNeft Resources plc Preliminary Results for the Year Ended 31 December 2010
PetroNeft Resources plc owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its preliminary results for the year ended 31 December 2010. Operational Highlights • Year-round production commenced on schedule in Q3 2010 • Group 2P reserves increase 37% to 96.9 mmbbls • …
Azerbaijani Parliament Ratifies Shafag-Asiman PSA
The Parliament of the Republic of Azerbaijan ratified the new production sharing agreement (PSA) between BP and SOCAR on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea. Rashid Javanshir, BP’s Regional President, said: “We are particularly pleased that the PSA was ratified …
JSC KazMunaiGas Exploration Production 1Q 2011 Financial results
JSC KazMunaiGas Exploration Production released its consolidated financial statements for the three months ended March 31, 2011: The average price of Brent in the first three months of 2011 was 38% higher than in the same period last year, up from US$76 per barrel to US$105 per barrel …
Tatneft Figures Demonstrating Results of Operations in April the start of the Year
Oil Production OAO TATNEFT produced 2,130,890 tons of crude oil in April while the produced volume amounted to 8,524,881 tons of crude oil from the beginning of the year accounting for 25,496 tons increase versus 2010 (100.3%). The above-the-plan production amounted to 173,266 tons (102.1%). The volume of oil delivered …
Kazakhstan Operations Update May 2011
Tethys Petroleum Limited today provided an update on the progress in its Kazakhstan oil appraisal and exploration activities. The AKD04 (Dero) appraisal well has now reached total depth of 2,566 metres and electric logging has been carried out. This well is located on the separate Dero part of the structure …
Arbitral Panel Permits Conditional Completion of BP-Rosneft Share Swap-Subject to Rosnefts Consent and Assignment of Arctic Opportunity to TNK-BP
The arbitral panel has today issued a consent order permitting BP and the Alfa-Access-Renova (AAR) consortium to assign the Arctic opportunity to TNK-BP, subject to Rosneft consent. The order also permits the proposed share swap between BP and Rosneft to proceed subject to Rosneft having consented to assign the Arctic …
KMG EP Board of Directors meeting
KMG EP held a regular meeting of the Board of Directors. At the meeting, Alik Aidarbayev, Managing Director for Exploration and Production at JSC National Company KazMunayGas (“NC KMG”), was elected Chairman of the Board of Directors of KMG EP. At the meeting, the Board of Directors decided to expand …
BP Welcomes Rosneft as New Partner in German Refining Joint Venture
BP today welcomed Rosneft as its new partner in its German refining joint venture, Ruhr Oel GmbH (ROG). This follows the completion of the deal announced last October in which BP’s existing partner, PdVSA of Venezuela, agreed to sell its 50 per cent interest in the joint venture to Rosneft. …