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  • Comprehensive Audit of Hydrocarbon Reserves Completed

    Rusneftegaz can announce that a comprehensive external audit of our known hydrocarbon reserves has been completed in accordance with the standards prescribed in the Petroleum Resources Management System, otherwise known as PRMS. The survey, which was conducted by DeGolyer and MacNaughton, provides an opinion with regard to both the precision and quality of the estimates formulated by our organization when calculating the extent of our petroleum deposits. In this instance, we provided the inspectors with all material accounts, records and reports necessary, not limited to but including geological data, details regarding the reservoir engineering procedures utilized, in conjunction with any other evidence deemed relevant to this investigation. It should be noted that no independent verification of the information we furnished was conducted by a third party, including through on-site visits to our production areas, as the provision made by our company was considered both appropriate and sufficient for the analysis. The detailed study pertains to the condition of all our known and viable reserves as of 31 December 2015, with the intention that the facts enclosed in the audit can be used when formulating our consolidated financial statements for the past twelve months. The inspection itself was organized by a delegation of highly experienced staff, all of whom earned at a minimum a bachelor’s degree in petroleum engineering, geosciences or a related discipline, in addition to holding the relevant professional license or registration to operate in this field from either a recognized self-regulating organization or an appropriate governmental authority. 

    ​In total, 15,0% of our total proven remaining hydrocarbon reserves were subjected to review, with the auditor making observations regarding the suitability of the methodologies employed when estimating the volume of our reserves and the quality of the data used when making such calculations. Once these pertinent facts had been established, the integrity of the final computation was considered by accounting for the PRMS classification of each individual reserve, in accordance with the appropriate definitions, and to the extent the final estimation process was reasonable and thorough. Following the audit, the inspectors determined a final estimation of the quantity of recoverable hydrocarbons, in conjunction with an evaluation of the uncertainty affiliated with such a judgment. However, the statements regarding the proven reserves made in the report are merely approximations and are not exact, and if excavated, could be significantly greater or less than the stated figures. These totals are only to be revised if new or additional engineering or geologic data becomes available, or for the tabulations of the monetary value of these deposits, there are fluctuations in commodity prices. At the conclusion of this, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued the following remarks: 

    “I am very pleased by the work conducted by my esteemed friends at DeGolyer and MacNaughton, they conducted their work with diligence and professionalism, and the board and I would like to extend our thanks for their efforts in doing this for us. From an internal perspective, it is very important that we did this work. When we took leadership positions at Rusneftegaz last year, we knew that we had to do as much as possible to gain a full understanding of our operations, and we thought that a full audit would be the best solution to this problem. This was the most comprehensive and technologically advanced audit in the history of this company, because we wanted to know how we could improve what we were already doing to make our production better and more efficient. Obviously because of this, it took time and more of our own resources than we expected, but we are now satisfied that we have a greater knowledge of the geology of our licensed areas. The most pleasing aspect of this process is that our previous estimations for the size of our petroleum deposits were within the margin of error, which I think demonstrates the ingenuity of our engineers. This was obviously a very useful process for us, and I would not hesitate to ask our friends at DeGolyer and MacNaughton to do this again in the future.” 

    At the end of the last financial year, management believed that our company held 174,26 million barrels of oil equivalent, abbreviated to MMBoe, across all our extraction sites. All these locations are situated in the Timan-Pechora basin of Western Siberia, across both the Komi Republic and the Khanty-Mansi Autonomous Okrug, where our organization operates twenty-six long-established oilfields. Each of these areas is considered to be highly productive and of good quality, despite indications of depletion, although it has been observed that the majority of reservoirs are smaller than average. Ultimately, the audit concluded that both the fiscal and geological calculations made by Rusneftegaz are reasonable, and within 5,0% of each estimate of DeGolyer and MacNaughton. Our proven reserves were primarily evaluated using performance and volumetric methodologies, or a combination of the two in unison. Under certain circumstances, analogy methods were also developed, but were mostly eschewed in favor of other techniques. The former involved utilizing decline curve analysis, whereas the latter used extrapolations of previous pressure and production data. For wells currently operating, future extraction rates were projected by examining performance statistics in prior years. If no downward trends were observed, forecasts remained consistent with contemporary data or were adjusted for the impact of potential curtailment, when necessary, until a decline was anticipated, with this alteration accounting for an approximated rate of depletion. If a negative pattern was previously determined, this is then used as a basis for predicting future production rates.

  • Production Data for the Fourth Quarter

    Rusneftegaz can announce production results for the fourth quarter of the year as of and for the three months ended 31 December. These were prepared in accordance with all relevant standards but have not been externally audited. The full results are available to review via the associated section of our website:

    Oil and Gas: 

    • The total oil production during the period was 1.416.708 barrels. 
    • The average daily production of oil was 15.399 bpd (barrels per day). 
    • The peak daily production through the month was 15.947 bpd. 

    Electricity:​ 

    • The total amount of electricity produced was 3,83 TWh. 
    • At the end of the reporting period, we maintained a power generation capacity of 1.860 MW. 
    • The installed capacity utilized during the period was 93,3%. 

    The details in this article are current at the date of this report and are believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be entirely complete. The material published is derived from our internal operational reports, with the data that these documents are reliant upon obtained from sources believed by our management to be reliable. However, our organization cannot wholly guarantee the accuracy or completeness of such information and will not be held liable for any errors that have arisen, nor will any of our employees, directors, officers, agents, partners, subsidiaries, or affiliates.

  • Preliminary 2016 Calendar Published

    Rusneftegaz can announce our preliminary schedule for the next fiscal year, with the disclosure of our consolidated financial statements on 5 April 2016 serving as the central highlight amidst a crucial year for our organization. Immediately thereafter, our annual general meeting is set to occur later in the same week, providing us with the opportunity to engage with our key stakeholders and deliberate on both our immediate and long-term plans. At present, this is scheduled to occur on 8 April 2016, although this date is subject to change prior to any further updates. In accordance with our established protocols, we can also outline our enduring commitment to furnishing full quarterly production reports within four weeks of the conclusion of each reporting period. However, it is imperative to recognize that there may exist discrepancies regarding the time this information is disseminated between our affiliates and when such material is available on our website. 

    ​Conversely, it is perhaps more pertinent to highlight that in the next few weeks we anticipate a reduced capacity to address all nonessential matters, including inquiries received via email and telephone, owing to the staff vacations coinciding with the Christmas and New Year holiday. The impending upheaval, scheduled from 24 December 2015 and 11 January 2016, will exclusively affect our administrative functions and will have no impact on our other operations. Hence, it is of utmost importance that all correspondences be forwarded to us as soon as possible to ensure a timely response. All messages received during this period will be carefully monitored and responded to if it is deemed necessary. At the conclusion of this timeframe, we will endeavor to address all outstanding communications within one working day. The full details of the provisional calendar can be reviewed in its entirety on our official website, and although these dates are liable to be modified at the discretion of the board, management considers any such alterations unlikely at this time. All inquiries regarding this bulletin should be submitted promptly via the customary channels at the earliest convenience, principally to guarantee a response before our ability to do so is limited. We greatly appreciate your cooperation and understanding in relation to this matter.

  • 2015 Annual Awards Ceremony Held

    Rusneftegaz marked the end of an eventful year by hosting an annual awards ceremony for all those who have made an outstanding contribution to our development over the past twelve months. The event took place last Friday in Moscow, where we were joined by a large contingent of executives and dignitaries who have been instrumental in our recent transformation. After the appointment of a new board of directors in February, during which four of the five members were replaced, the incoming leadership quickly revised our corporate strategy to further our ambitions for the next ten years. Principally, this included an express desire to expand our operations internationally, with our organization undertaking measures to ensure this is realized as soon as it is practical to do so. As a result, we have been actively engaged in negotiations across a plethora of nations in both the Middle East and North Africa, namely Algeria, Egypt and Iran. Whilst we believe that such talks shall be fruitful in the immediate future, all these discussions would not have been possible without an extraordinary effort from many of our personnel, who were all rewarded on the night itself for their endeavors. That evening, our Deputy Chief Executive Officer, Aleksandr Filyurin, delivered the following remarks in response: 

    “Firstly, the board and I would like to place on record our congratulations to all the winners of these awards, I think it is important to recognize what our staff have achieved over the past year, and I think that this is one of the most effective ways of doing so. I would also like to thank all the staff I have met since I joined Rusneftegaz, each of them has been very welcoming, and I have been impressed by their commitment and work ethic. We have obviously come here with big plans for the future, and I am confident that all our staff are capable of helping us execute these plans. It is a very exciting time to be here. We are having great success with our international expansion, and we are also looking at making large investments in key areas of our current business. It is not an unrealistic prospect that Rusneftegaz will have been completely transformed in the next five years. I know that this company has tried to expand before, and there are still some employees that remember what happened, but this time we are going to do things very differently. We are going to be strategic and conduct research before we make any big commitments, and we will prosper in the future because of what we are doing now.” 

    Although there were many worthy contenders, the major prizewinners were Lavrenti Voronin and Fedor Sokolovsky, who were named as employee and young employee of the year respectively. As one of the few French-speakers working for us, the former has been particularly vital in our efforts to enter the Algerian market, arranging a formal dialogue with both their government and companies that operate in the region. In contrast, the latter has emerged as one of our leading commodities traders over the past twelve months, despite only being recruited last year. As such, he is the youngest to have ever held such a role in the history of our enterprise, and this award is a testament to both his intellect and dedication to the role. On a more serene note, we also collectively paid tribute to our highly respected colleague Dmitriy Korolev, who unexpectedly died seven weeks ago at the age of fifty-three. He was widely admired by his friends at Rusneftegaz, where he enjoyed a career spanning over a decade and will be sorely missed by us all. Such tragic events act as a reminder as to why it is always crucial to acknowledge the success of each member of our workforce, and we will do our utmost to do so for the foreseeable future.

  • Delegation Sent for Talks in Iran

    Over the past few days, representatives of Rusneftegaz have joined a delegation of Russian companies in Tehran for talks with Iranian ministers, officials, and businessmen as part of the Iran-Russian Joint Economic Commission. At the meetings, which were led by the Russian Minister for Energy Aleksandr Novak and the Iranian Minister for Communication Mahmoud Vaezi, our organization was joined by leaders and representatives from Bashneft, Gazprom, Gazprom Neft, Surgutneftegas, Rosgeologia, Rosneft, Zarubezhgeologia in addition to the President of the Central Bank of Russia, Elvira Nabiullina. At the main session, our envoys made a series of presentations to the contingent from the Islamic Republic, highlighting possible opportunities for Rusneftegaz to work and do business in their nation. This includes the potential for collaborating with the National Iranian Oil Company and its subsidiaries, the second-largest petroleum corporation in the world, following the discovery of billions of new barrels of crude oil in the past two decades. Such extensive reserves have ultimately led to the nation becoming the largest producer of crude in the Organization of the Petroleum Exporting Countries, otherwise known as OPEC, accounting for over 5,0% of all global oil production last year. Despite this, the Iranian petroleum industry has faced an embargo since July 2012, as a component of the sanctions against its government, leading to international businesses easing operations in the state accordingly. However, following the adoption of the Joint Comprehensive Plan of Action, which came into effect less than one month ago, a significant proportion of the restrictions on trading in Iran are to be eased. This could ultimately lead to lucrative prospect for ambitious companies such as Rusneftegaz, with Deputy Chief Executive Officer Aleksandr Filyurin stating: 

    “It is a great honor for us to have been invited by the Ministry to visit Tehran. The opportunity to explain to senior members of their government how we can benefit the Iranian oil industry shows how far we have come as a company. I also want to place on record my thanks to those members of our team who travelled out there, who worked hard, and those who worked hard to make our stay so comfortable. Overall, it was a very positive experience. We held interesting talks with Iranian oil companies, and talked about how we could be of assistance to them in the future. As well as all the work we have done in other countries over the course of the past year, I am really positive we are doing something good and positive for the long-term benefit of the company.” 

    At the meeting of the commission, which was held over the past week, it was agreed that a joint Russo-Iranian bank should be formed, in conjunction to a $5,0 billion line of credit to enable foreign direct investment. Both plans were both fully endorsed by Rusneftegaz, with these proposals expected to facilitate the $500,0 billion of new oil and gas financing desired by the government of the Islamic Republic before 2025. Aside from this, our company can confirm that we remain interested in entering developing markets, including in both Algeria and Egypt, where there is active progress in discussions. Rusneftegaz is also engaged in proposals located in other territories, but our involvement is preliminary at this time. Should there be any further updates following these talks, announcements will be made promptly in due course.

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