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Russia & CIS, Oil & Gas News

  • Rosneft and EGPC Agreed on the Term Sheet of Oil Products and LPG Future Supplies July 7, 2015 - Rosneft Chairman of the Management Board Igor Sechin and Egyptian General Petroleum Corporation (EGPC) General Director Tarek El-Molla signed a Term Sheet for prospective supplies of oil products and liquefied petroleum gas (LPG) delivered by Rosneft to the Egyptian company. The document, signed in continuation of agreements reached at the ...
  • Rosneft and EGAS Agreed on the Term Sheet of LNG Supplies July 7, 2015 - Rosneft Chairman of the Management Board Igor Sechin and Egyptian Natural Gas Holding Company (EGAS) Chairman Khaled Abd El Badee signed a Term Sheet for Rosneft future supplies of liquefied natural gas (LNG) to the Egyptian company. The document defines key terms of the future cooperation between the companies in ...
  • Rosneft Brazil: Receives ANP Solimoes Project Transaction Approvals July 6, 2015 - Rosneft Brasil (Rosneft subsidiary) and PetroRio received approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) for the Rosneft Brasil transaction to acquire additional 55% in the Solimoes project. Under the agreement the final completion date of the purchase and transaction shall be agreed between PetroRio and ...
  • Max Petroleum: Sberbank Supplies Debt Relief – 6 Month Holiday on Principle and Interest Payments July 3, 2015 - Max Petroleum announces that Sberbank has unconditionally granted a six month standstill on all principal and interest payments due under the Company’s c.US$80 million loan through to 14 December 2015. In addition, the Company has accrued US$3.8 million of interest as of 30 June 2015. Interest will continue to accrue ...
  • BP to Settle Federal, State and Local Deepwater Horizon Claims for up to $18.7 Billion With Payments to be Spread Over 18 Years July 2, 2015 - The Disclosure and Transparency Rules (“DTR”) made by the Financial Conduct Authority govern amongst other matters the disclosure of inside information. Accordingly in compliance with Rule 2.2, BP plc makes the following announcement Five years on from the Deepwater Horizon accident and spill in 2010, BP has reached agreements in ...
  • KMG: Selling 50% of Kashagan to Samruk-Kazyna To Raise $4.7bn and Reduce Debts July 2, 2015 - Kazakh state oil company KazMunayGas (KMG) said on Wednesday it plans to sell 50 percent of its stake in the Kashagan oilfield to the sovereign wealth fund Samruk-Kazyna and use the proceeds to reduce its debt. KMG holds 16.81 percent in an international consortium which develops Kashagan in the Caspian ...
  • KMG EP: Confirms KBM Contract Extension July 2, 2015 - JSC KazMunaiGas Exploration Production (“KMG EP” or “Company”) is pleased to announce that an addendum has been signed to extend the contract for the production of raw hydrocarbons at Karazhanbas oil and gas field of Mangystau Province to the 7th of June 2035. The addendum to Contract No.60 dated 23 ...
  • KBM: Granted 15 Year Extension on the Karazhanbas Oilfield July 1, 2015 - KBM has been granted an extension of its subsurface use contract to explore, develop, produce and sell oil from the Karazhanbas oilfield for a further period of 15 years commencing from its original expiry date in 2020 by the relevant governmental and regulatory authorities in Kazakhstan. Extension of Subsurface Use ...
  • Naftogaz Suspends Gas Purchases from Gazprom Starting from 1 July Until Supply Conditions Are Agreed July 1, 2015 - Naftogaz suspends purchases of natural gas from Gazprom starting from July 1, given the expiration of the 2nd quarter terms package and the absence of agreed supply conditions for the upcoming periods. The delivery of Russian gas via Ukraine to Gazprom’s clients in the EU and Turkey will continue in ...
  • Bashneft: To Pay RUB 20.07 billion in Dividends July 1, 2015 - Today, the Annual General Meeting of PJSOC Bashneft approved the corporate annual report and annual financial statements, including the corporate profit and loss statement for 2014. The meeting of shareholders resolved to allocate RUB 20.07 billion out of net profits generated by PJSOC Bashneft in 2014 to pay dividends for ...
  • Tethys Petroleum: AGR Energy Takes US$47.7m Private Placement Plus Offers US$5m Loan July 1, 2015 - Tethys Petroleum Limited is pleased to announce that it has signed an agreement for a US$47.7 million(1) private placement of 318,003,951 new ordinary shares at a price of C$0.19(2) per ordinary share (the “Placing”) with AGR Energy Holdings Limited (“AGR Energy Holdings”). In connection with the Placing, the Company has ...
  • Slavneft: AGM Results June 30, 2015 - The Annual General Meeting of Open Joint-Stock Oil and Gas Company Slavneft’s (OAO NGK Slavneft’s) Shareholders was held in Moscow on June 30, 2015. The Company’s 2014 Annual Report and Financial Statements, including the Profit and Loss Statement, were approved at the Meeting. The shareholders resolved not to distribute the ...
  • Slavneft: Appoint Mikhail Osipov as President June 30, 2015 - At the meeting on June 29, 2015, the Slavneft Board of Directors passed the resolution to terminate the powers of Yuri Sukhanov, the Company’s President. Mikhail Osipov, who had held the position of the Company’s Vice President for Upstream before, was appointed to be the new President of Slavneft for ...
  • Urals Energy: Petrosakh Takes 300m Rb Credit Facility June 30, 2015 - The Board of Urals Energy PCL, the independent exploration and production company with operations in Russia, is pleased to announce that its subsidiary undertaking, JSC Petrosakh (“Petrosakh”), has entered into an 18 month revolving credit facility (the “Loan”) with the Sakhalin branch of OJSC Sberbank of Russia (“Sberbank”) under which ...
  • Roxi Petroleum: Deep Well A5 on 30 Day Well Test June 30, 2015 - Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of progress at its flagship BNG asset. Deep Wells Deep Well A5 The well was spudded in July 2013 and drilled to a total depth of 4,442 meters ...
  • Surgutneftegas: AGM Results June 29, 2015 - In line with the agenda, the shareholders approved the annual report and annual accounting statements of OJSC “Surgutneftegas”, including the income statement for 2014. The meeting resolved to declare payment of dividends for 2014 as follows: RUB 8.21 per preference share and RUB 0.65 per ordinary share. The meeting elected ...
  • Tethys Petroleum: Extends Current Exclusivity Period with AGR Energy Limited June 29, 2015 - Tethys Petroleum Limited is pleased to announce that it has agreed to extend the current exclusivity period with AGR Energy Limited No. 1 (“AGR Energy”) until midnight Tuesday June 30th, 2015. Previously Tethys announced that it had entered into a limited period of exclusivity with AGR Energy to negotiate a ...
  • ENI: Completes Kazakhstan’s Isatay Block Deal June 29, 2015 - The Chairman of KazMunayGas’ (KMG) Management Board, Sauat Mynbayev, and Eni’s CEO, Claudio Descalzi, finalized today, in the presence of the President of the Republic of Kazakhstan, Nursultan Nazarbayev, and the Italian Prime Minister, Matteo Renzi, an agreement that defines the commercial terms of the transfer to Eni of 50% ...
  • Rosneft: Q1 2015 Financial and Operating Results June 26, 2015 - The Q1 2015 was characterized by drastically adverse influence of macroeconomic factors on activities of the Company: a record decrease in oil prices in USD terms by 30% was not sufficiently compensated by depreciation of rouble, demonstrating high volatility. As a result the market rouble cost of crude oil barrel ...
  • Beyond Oil and Gas: Kazakhstan Bets its Future on Reform June 26, 2015 - Recent events in Ukraine and Russia’s anti-Western rhetoric and military posture force European energy consumers to look for alternatives for Russian hydrocarbons. One of the possible suppliers of both oil and gas could be Kazakhstan, which boasts the largest hydrocarbon resources in the oil-rich Caspian basin. Kazakhstan is among the ...

Latest Issue

Latest –

Roundtable 41 Featured
Oil Gas Technology RoundtablesRussia Upstream Magazine

Technology Roundtable: Extended Reach Drilling and Sidetracking

1. With sanctions impacting on the region´s horizontal drilling in unconventional field, what is the current level of demand for horizontal and ERD wells? What projects are you currently working on? Halliburton: Currently, the demand for horizontal directional drilling has not reduced; instead, it has increased significantly. Horizontal drilling, overall, …

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RPI Kazakhstan Featured
Russia Upstream Magazine

Kazakhstan Oil & Gas. 2014 Results and 2015 Industry Development Outlook

Introduction Among the FSU (former Soviet Union) countries, Kazakhstan has the second largest liquid hydrocarbon fields after Russia. According to the Republic of Kazakhstan State Commission for Mineral Reserves, the recoverable oil reserves in the country are estimated at 4.1 billion tonnes (30 billion barrels) including onshore fields (more than …

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GazpromNeft Featured
Russia Upstream Magazine

Gazprom Neft Implements Technology Strategy for Development of Non-conventional Reserves

Sofiya Zorina Development of the Bazhenov formation is one of the key strategic objectives of Gazprom Neft in the medium term.   Success in achieving this objective directly depends on the company’s technological development. In 2014 plans to develop non-conventional reserves which had been announced in Gazprom Neft some time …

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TNNG Featured
Oil Gas Industry InterviewsRussia Upstream Magazine

The ROGTEC Interview: Valeri Kurtbidinov, Chief Project Engineer at TNGG

The future of Urengoy region lies in the development of Achimov deposits. Last year, TyumenNIIgiprogas began working simultaneously on facility construction projects in Areas 2, 4 and 5. Today we interview Valeri Kurtbidinov, the projects Chief Engineer and design manager for the construction of the facilities at Areas 1 and …

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Skin Factor Featured
Russia Upstream Magazine

Identifying the Real Structure of an Oil and Gas Reservoir and its Effect on Recoverable Hydrocarbon Reserves Part 2

Yuri A. Limberger, Independent Expert The first part of this article (ROGTEC Issue 40) focused on the rationale, structure and proof of the actual existence of a fundamentally different model for the accurate estimation of an oil and gas reservoir. The second part focuses on the practical results using the …

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Skin Factor 2 Featured
Russia Upstream Magazine

Skin Factor: Relationships, Conclusions and the Formula for the Key Hydrodynamic Parameter

R. S. Mufazalov, NPF Timurneftegaz, City of Oktyabrskiy, Bashkortostan The area near the wellbore of an oil and gas formation is a very active and unstable zone. During the process of drilling the first well into the payzone, well completion, and the operations that take place during this process, the natural …

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SPT-Featured1
Oil Gas Industry InterviewsRussia Upstream Magazine

Closure Interview, Orlando Ramirez, CEO, Stockholm Precision Tools, SPT

Since its founding, in 1996, SPT has risen from start-up to a global supplier of downhole surveying tools. Tell our readers a little bit about the company and also your role within the organization? Since founding SPT, Stockholm Precision Tools, in Sweden in 1996, as CEO, I have been in …

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Event News

  • SPE Russia Petroleum Technology Conference. Day 1. July 2, 2015 - Dear Colleagues, From now on, we will inform you on a regular basis about the main events of SPE Russian Petroleum Technology Conference, so you won’t miss anything important and could add any event of interest to your calendar. Monday, 26 October, 1000-1200 In the current economic environment development perspectives of ...
  • Global Energy Sector Looks to ADIPEC 2015 Awards for Achieving Sustainability through Innovation June 30, 2015 - Developments in Technology Critical to Promoting Cost Efficiencies in Challenging Market Conditions, say Abu Dhabi Industry Chiefs Innovation is key to achieving progress in the energy sector in today’s economic environment, Abu Dhabi industry leaders said yesterday. As regional and global oil and gas companies continue to submit their nominations ...
  • Oil Terminal 2015: 10th Anniversary – Join Us 26-27 of November June 19, 2015 - Strategic Congress “Crude Oil, LPG and Petroleum Products Trading and Transportation” – Oil Terminal is one of the largest and most comprehensive events in the industry. In the last 10 years this event has attracted 300–350 international delegates annually allowing participants and exhibitors to have effective business meetings through multiple ...
  • KDR 2015 – JSC NC KazMunayGas Confirms Platinum Event Sponsor June 18, 2015 - Transforming the Drilling Market for the Future Benefit of Kazakhstan Astana, Kazakhstan, 18th June 2015. TMG is proud to announce, in association with the Platinum Event Sponsor JSC NC KazMunayGas, the 1st KDR, Kazakh Drilling Roundtable, taking place in Astana on the 15th September 2015. With the second largest oil ...
  • X KAZENERGY Eurasian Forum «New Energy Horizons: Prospects of Cooperation and Investments» June 3, 2015 - This year KAZENERGY Forum will be held for the tenth time. Over 10 years it has become an authoritative and important dialogue platform uniting the entire energy industry and oil and gas companies. KAZENERGY Eurasian Forum is the largest sectorial international event of Kazakhstan. The Heads of the states and ...

Company News

  • Blue Water Shipping: Signs Global Logistics Contract with Enhanced Drilling July 7, 2015 - The new contract will optimise Enhanced Drilling’s worldwide logistics. The agreement covers international sea, air and road transport. When Enhanced Drilling need to transport equipment to their projects in the next two and a half years, the transports will be carried out in close cooperation with several Blue Water offices. ...
  • Emerson: Acquires Yggdrasil, Flow Assurance and Production Optimization Software Provider July 2, 2015 - Acquisition of Yggdrasil, expands Roxar Software Solutions to the entire reservoir lifecycle, enabling operators to continuously monitor production and forecast future reservoir performance. Emerson Process Management has acquired Norwegian company Yggdrasil, a provider of flow assurance and production optimization software. Emerson will incorporate Yggdrasil’s METTE production optimization solution into the ...
  • A Successful Story of Russian and Brazilian Cooperation July 2, 2015 - During the last MIOGE in June of 2013, Russian Fracturing Company (RFC) met and started a relationship with international technology company Ekotech Energy for the development of international projects and sales. RFC is a specialized manufacturer of fracturing equipment. RFC has developed an advance hydro fracturing technology with great advantages ...
  • Sembcorp Marine Transforms Into a Global Integrated Company July 1, 2015 - Sembcorp Marine has reorganised its business as part of an ongoing ‘Transformation for Growth’ strategy. From today, Sembcorp Marine is one brand focusing on four key capabilities, namely, Rigs & Floaters; Repairs & Upgrades; Offshore Platforms; and Specialised Shipbuilding. Sembcorp Marine is pleased to announce the following senior appointments: Mr ...
  • OneSubsea: Wins Subsea Tree Contract for Shah Deniz II June 29, 2015 - OneSubsea®, a Cameron and Schlumberger company, has been awarded a contract totaling more than $60 million for the Shah Deniz Two development, operated by BP, offshore Azerbaijan. OneSubsea was awarded the initial contract for subsea trees for Shah Deniz Two in 2013. The scope of the new contract includes the ...

Technology Focus

  • AGR: Launches iQx – Multi Disciplinary Well Data Software June 16, 2015 - iQx™ GEO, a revolutionary innovation for managing well data Global oil and gas service company AGR has released new functionality for its bespoke well data software, iQx™ that will improve the analysis of spatial well data from more than 6,000 wells drilled on the Norwegian continental shelf. The new GEO ...
  • Emerson: Launches Latest Roxar RMS June 16, 2015 - Latest version of Roxar RMS™ comes with new structural modeling, uncertainty management and well targeting tools, leading to greater operator confidence in reservoir economics, improved decision-making and a more productive workflow. Emerson Process Management has launched the latest version of its reservoir modeling software, Roxar RMS™. The new version – ...
  • Weatherford Announces Launch of SecureView Cased-Hole Wireline Evaluation Suite May 12, 2015 - Weatherford International plc announced today the commercial release of its SecureView® wireline cased-hole evaluation suite at the 2015 Offshore Technology Conference (“OTC”). As managing well integrity has become more critical across the industry, the ability to identify and mitigate risks is integral for all operators. The SecureView® suite provides single-trip, ...
  • Centek: Launches Deep Water Inter Casing Centralizer Sub May 8, 2015 - Centek is launching its Inter Casing Centralizer Sub (ICCS), designed to be run as part of a tight tolerance casing string in deepwater, ultra-narrow annulus applications. Centek and Halliburton collaborated in developing the ICCS. The body of the centralizer sub is machined to Centek and Halliburton’s exacting standards. Centek’s patented ...
  • M-I SWACO: Releases SCREEN PULSE – A New Fluid and Cuttings Separator May 6, 2015 - SCREEN PULSE separator delivers optimum efficiency and reduces overall drilling costs M-I SWACO, a Schlumberger company, announced today the release of the SCREEN PULSE† fluid and cuttings separator. Easily installed onto new or existing shale shakers, the fully pneumatic system delivers drilling fluid recovery of up to 30 bbl per ...