Rusneftegaz can announce that we have updated our research and development strategy for the next five years. Whilst long-term projects have been assigned to facilitate the progress of our organization, for the majority of their time, our pool of engineers and scientists will be responding to the ongoing needs and challenges that are faced by our personnel working in the field. This regularly entails improvising tools, repairing or repurposing machinery according to the circumstances, in addition to prolonging the lifespan of assets that are vital to our operations. However, work shall also be conducted on the fulfillment of our strategic objectives, to be defined at a later date by the incoming management. Primarily, and regardless of the intricacies of these aims, this will entail the development and adoption of new technologies that will ultimately improve the efficiency and effectiveness of our organization, including making reductions in pollution and carbon emissions. Following the publication of the revisions to this aforementioned program, the incoming Deputy Chief Executive Officer, Aleksandr Filyurin, commented:
“Since I joined Rusneftegaz a few weeks ago, I have been very impressed by all those I have met in the research and development department so far, they are highly skilled and knowledgeable in their areas of expertise. We are very fortunate to have them on our side. The work that they appear to do covers almost all areas of our business, obviously there is the work done in the laboratory, but also in terms of consulting on the acquisition of new equipment and developing new working practices out on our oil wells. Research is a fundamental pillar of our plan to grow and expand this company, and we believe that it is crucial that we place every available resource necessary to continue this important work. I view this investment as speculation, like trading stocks and shares. If we can find or do something that is vastly superior to what our competitors are doing, Rusneftegaz could become one of the leading companies in the global oil industry.”
The outlined scheme builds upon those that preceded it, and ultimately recognizes both the achievement and the progress that has been registered over the past half-decade. At a fundamental level, this involves continuing to support the accumulation of knowledge by our personnel, and utilizing it appropriately within the relevant areas within our company. Thus, with this extensive understanding of our industry, our engineers are capable of changing the best working practices in accordance with the latest recommendations from across the globe. Similarly, continual learning gives our staff the skills necessary to analyze the suitability of specialist equipment that could be deployed on our production sites. Rusneftegaz will also continue to collaborate with our strategic partners, not only in academia, but private institutions and other enterprises. This shall be not merely be for our own immediate economic progress, but for the longer-term interest of all the involved entities. Throughout our corporate history, Rusneftegaz has routinely supported projects conducted by geologists and scientists alike with the data accrued on our license areas over the past twenty years, and this will continue for the foreseeable future. Such efforts could potentially yield meaningful benefits for the wider world, if the work is sufficiently bold and ambitious. For example, our company possesses both substantial monetary resources and research capacity to advance and improve the next generation of sustainable technologies. Therefore, a generous budget has been allocated to study catalytic reformation techniques that can be used to generate hydrogen, in conjunction with another project examining how electrolysis can potentially be utilized in the production of the fuel on an industrial scale. However, on a short-term basis, this comprehensive research and development program will enable our company to implement technical measures that will reduce costs and improve operations respectively. Hence, Rusneftegaz intends to consume considerable capital engineering alternative steam generators for our power stations over the next five years. Our management believes this represents a significant innovation upon contemporary production standards, and once this initial design phase culminates, it is projected that our organization will be able to modify our existing power infrastructure in accordance with these concepts. If this is successful, Rusneftegaz will have consequentially reduced the amount of coal required to facilitate electricity generation, and will undertake the necessary legal processes to protect the begotten intellectual property accordingly. With such a broad set of schemes being disclosed in this announcement, Rusneftegaz will endeavor to provide updates at the appropriate time, and will make further briefings regarding these plans accordingly.
