LukOil: Reserve Replacement Exceeds 100% in 2013
OAO LUKOIL finished an evaluation and independent audit of its oil and gas reserves, as they stand on December 31, 2013. The evaluation was performed in accordance with the US Securities and Exchange Commission (SEC) standards until the economic limit of commercial production is reached. The audit results by Miller …
C.A.T. Oil AG: Early and Significant Success in 2014 Tendering Campaign
C.A.T. oil AG, one of the leading providers of oil and gas field services in Russia and Kazakh-stan, today announced an early and significant success in its 2014 tendering campaign. For a three-year period starting in 2014 the Company has been awarded a tender worth EUR 281 million (based on …
The Heads of Gazprom and Lukoil Discuss the Implementation of Joint Projects
Today in Central Office of OAO Gazprom Board Chairman held a working meeting between Alexey Miller and Lukoil President Vagit Alekperov. The two sides discussed issues of cooperation between the two companies. In particular, they talked about the project of processing associated petroleum gas (APG) of the Northern Group of …
Lukoil Board of Directors Summarizes Company Preliminary Performance in 2013 and Sets Priorities for 2014
LUKOIL’s Board of Directors held a meeting in Moscow today to summarize the company’s preliminary performance results from 2013 and set priorities for 2014. The geologic exploration results prove that an increment of the recoverable hydrocarbon reserves in the amount of 130.2 million tons of reference fuel (93.5 million tons of liquid hydrocarbons and …
RPI: ESPO Holding Back Production
Vadim Kravets In September 2013 the board of directors of Transneft approved the company’s investment program for 2014 and until 2018. The document sets out the scope of funding for the construction and upgrade of the existing pipelines. Specifically, the program calls for allocating over 100 billion rubles in order …
LUKOIL-AIK Hydraulic Fracture Mapping in Western Siberia
Alexander Kalugin, Geology and Drilling Department, LUKOIL-AIK Iskander Kazbulatov, Wireline Engineer, Weatherford Anna Rubtsova, Borehole Seismic Geophysicist, Weatherford Microseismic monitoring is one of the most efficient methods for hydraulic fracturing mapping. Its principle is based on monitoring micro-earthquakes in the strike-slip fault zones at the fracture propagation direction, or …
Lukoil Starts Construction Of Onshore Intake Facilities For Oil From North Caspian
LUKOIL has concluded the bidding process to select the contractor to construct onshore facilities for the intake, storage, metering and further transportation of commercial oil from the Northern Caspian fields developed by the company. The designed capacity of the facilities will be up to 8 million tons per year. ZAO …
Lukoil Net Income Doubled in the Second Quarter of 2013 and reached $2.1 Billion, EBITDA Amounted to $4.4 Billion
Lukoil has published consolidated US GAAP financial statements for the second quarter of 2013. In the second quarter of 2013 the Company’s net income of $2,104 million increased 107% compared to the second quarter of 2012. EBITDA was $4,359 million, which is a 26% y-o-y increase. Sales revenue reached $35,053 million, …
EDC Group: First Half Financials – Revenue Up 7.6%
Eurasia Drilling Company Limited, the leading onshore and offshore drilling service provider in the CIS, today released its Interim Consolidated Financial Results, prepared in accordance with US GAAP, for the six month period ended June 30, 2013. The reviewed 2013 Interim Consolidated Financial Statements for the six months ended June …
Bashneft-Polus Begins Oil Production as Part of Development at Trebs and Titov Fields
Bashneft-Polus, a joint venture of OAO LUKOIL and OAO ANK Bashneft, began oil production as part of the development of R.Trebs and A.Titov fields in Nenets Autonomous District. Test production is underway and is expected to reach about 300,000 tons of oil by the end of 2013. “The Trebs and …