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  • Recognizing and Preventing Fraud

    Following several reports concerning the illegal use of our brand and imagery, Rusneftegaz is urging increased vigilance against fraud schemes perpetuated in the name of our organization. Although we have undertaken appropriate measures to have this malevolent content removed, it should be considered that we do not market our products publicly under any circumstances, with the majority of our business in the petroleum industry conducted exclusively via commodities exchanges. Therefore, all interested parties should take note that we do not have any listings on any websites or social media sites, and we do not employ any individual or company to act as an intermediary on our behalf. This is principally due to the fact that it is not necessary for oil companies to pay extortionate fees for the marketing of their goods, nor should prospective buyers be willing to be charged for such services. Not only would this cause a number of conflict-of-interest issues to arise, but it would also diminish the profit margins of all legitimate participants in a transaction. As a result, we will never surrender our rights as a supplier and producer to an agent, or enter into any trilateral sales contracts accordingly. In response to this update, our Deputy Chief Executive Officer, Aleksandr Filyurin, delivered this statement in response: 

    “We have recently noticed a large increase in the number of reports we have been receiving about fraud, and are naturally very concerned about this, especially considering some of them appear to use our name and logo. It is important that anyone who is serious about buying oil does plenty of research before doing anything naïve, especially considering the scammers control a lot of information about the buying process. Everyone, and I mean everyone, should be alert to the risk of fraud. For every one thousand brokers I see online, only one is legitimate. There are so many ‘joker brokers’ who either do not understand the process at all, or are just looking to make a quick dollar in a scam. I would urge anyone looking to buy oil to do so through a broker approved by one of the major commodities exchanges. It is so easy and so simple, yet so many choose to try and do it through the scammers voluntarily. I must insist that anyone reading this does their research before trying anything like this, otherwise you could lose a large amount of money.” 

    Whilst we always recommend that those keen to acquire such fuels use a broker recognized and regulated by the relevant authorities, any potential customers who opt to pursue over-the-counter transactions should be aware that the risk of exposure to malicious actors increases considerably. Thus, we implicitly warn all such individuals and entities that our corporation will never communicate solely via electronic means, and that no member of our executive leadership act as a signatory to any of our corporate documentation. Consequently, we advise all of those seeking to become involved in this trade to exercise considerable due diligence before communicating with unknown counterparties, and to utilize the advice published in this bulletin for their own benefit. Due to the serious nature of these crimes, we politely request that anyone with suspicions pertaining to material found on the internet report it to us as soon as possible via the report@rusneftegaz.ru email address. Additional information relating to this subject is available for review on our website. We necessitate your cooperation and understanding regarding this important matter. 

  • Production Data for the First Quarter

    Rusneftegaz can announce production results for the first quarter of the year as of and for the three months ended 31 March. 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 1.627.899 barrels. 
    • The average daily production of oil was 17.889 bpd (barrels per day). 
    • The peak daily production through the month was 18.706 bpd. 

    Electricity:​ 

    • The total amount of electricity produced was 2,30 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 57,3%.  

    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. 

  • 2016 Annual General Meeting

    At the conclusion of what has been an eventful period for our company, Rusneftegaz held our annual general meeting on 8 April, with several of the major figures from our organization convening in Moscow to discuss both our performance and our long-term plans. The event centered upon the disclosure of our consolidated financial statements for 2015 earlier last week, which were unanimously approved in conjunction with the corresponding director’s report. All the data published in these documents were prepared in accordance with International Financial Reporting Standards, also known as IFRS, and were externally audited to verify the reliability of our fiscal reports. While this was the principal focus of the convention, there were also a number of other motions passed, including maintaining the services of each member of our board of directors and reappointing our existing third-party auditor. In a similar vein, our stakeholders also voted to make no changes to the composition of our audit committee, in the opinion that no amendments were necessary. However, our shareholders once again opted to forego any dividend for the economic performance we recorded last year, believing that it was in the long-term interests of our enterprise to reinvest such funds in future projects. As a consequence, we plan to continue implementing our long-term investment strategy in the year ahead, potentially transforming our business by the end of the decade. In response to this, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued the following remarks:    

    “I would firstly like to place on record the thanks of the board and I to all our staff who have helped the last year be such a success. It is usually very difficult for new management to come into an established organization like this and to try to implement their ideas, but we have had no problems at all. Speaking from a personal perspective, it has been a very productive year for us; a lot of the things that have happened I didn’t expect to happen so quickly. I would also like to place on record our thanks to the Ministry of Energy, who have let us join their missions to Algeria, Iran and Egypt over the last year to help us find new projects to work on around the world. To be honest, we are massively ahead of schedule. I certainly didn’t think that we would be trying to expand internationally in our first year, but here we are. Ultimately, I am optimistic that we are going to be able to establish ourselves across the Middle East and North Africa in the next few years. Our talks have been incredibly productive, and I hope that I will be able to bring you some positive news soon. Obviously, there is still a lot for us to do here; there are a lot of changes that we are going to need to make over the next year. There are some ideas where we haven’t fully decided the correct plan of action yet, and others that we are going to need to take time to implement properly. In general, I would say that there’s a lot to look forward to for Rusneftegaz. Things are only going to get better, and I hope that everyone associated with this great company can join us in being optimistic for what is yet to come.”   

    Overall, the continued uncertainty in worldwide commodity prices is likely to ensure that the fiscal performance of our oil division remains hebetudinous in comparison to previous periods. Thus, our management board has finalized and is now executing an extensive plan to mitigate the effects of the more challenging economic conditions. This is primarily to accelerate the volume of investments made in electricity infrastructure, which will establish greater efficiency over the next five years in this area of our business. In addition, we also intend to continue our existing plan of managing our levels of petroleum extraction appropriately, maintaining the profitability of this production unit in the immediate term. This is whilst preserving the integrity of our oil reserves for the future, when the value of such commodities is expected to be higher and will therefore cultivate increased revenues. Said agenda for the short term is also encompassed in a broader strategy for our long-term prosperity, involving our organization becoming one of the largest energy companies in the Russian Federation by the end of the next decade through an aggressive growth program that is currently being implemented. For instance, over the past twelve months, Rusneftegaz has made great strides internationally. We have held talks with officials in a plethora of countries across the globe to imminently expand our operations into their respective territories. Despite the fact that these negotiations are at a preliminary stage, our executive leadership is broadly confident regarding the likelihood of a positive and fruitful outcome. Our corporation will duly notify of any updates pertaining to this matter accordingly and politely requests the cooperation and understanding of all those involved at this time. Any and all queries in respect to this subject should be submitted in due course via telephone or email to receive a prompt reply from us. 

  • 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.

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