RPI: Horizontal Drilling in Russia
Horizontal drilling increased by 80% in both KMAD and East Siberia between 2007-2012. The contribution to incremental drilling was roughly the same in both regions. As a result, horizontal drilling is rising at a steady pace in Russia due to both the development of new fields in greenfield oil producing …
LUKoil Starts Production Drilling At The Imilorsko-Istochniy License Area Ahead Of Schedule
Vagit Alekperov, OAO LUKOIL President, participated in the ceremony dedicated to the start of production drilling at the Imilorsko-Istochniy license area today. The prompt launch puts the Company considerably ahead of schedule in the implementation of the Early Oil project at the Imilorsko-Istochniy license area.The original plan was to start …
LUKoil: Financial Figures for 2013, Numbers hit by Non Cash Write Off
LUKoil has published consolidated US GAAP financial statements for 2013. The Company’s 2013 net income reached $7,832 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $16,668 million in 2013. Sales revenues were $141,452 million (+1.6% y-o-y). The positive dynamics of revenues was due to a y-o-y increase in …
C.A.T. oil AG: 100% of Hydraulic Fracturing Capacity Successfully Marketed for 2014
C.A.T. oil AG, one of the leading providers of oil and gas field services in Russia and Kazakhstan, today announced that it has successfully marketed its fracturing capacities. The Company’s operating subsidiary CATKoneft has been awarded a tender worth EUR 148 million (based on a rouble-to-euro exchange rate of 47) …
Gazprom and LUKOIL Joining Efforts to Prevent Marine Accidents
Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee and Ravil Maganov, First Executive Vice President of LUKOIL signed a Cooperation Agreement on prevention of and response to emergencies caused by oil and petroleum product spills in the locations of the companies’ offshore facilities. The companies agreed that in case of emergencies related to oil and/or petroleum product spills, they would provide …
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 …