Gazprom Neft Buys Oilfield in Orenburg Region

- Gazprom Neft Buys Oilfield in Orenburg Region

Friday, September 02, 2011
OAO Gazprom Neft

The Gazprom Neft Group has acquired 100% of ZAO Centre of Science-Intensive Technologies, which holds exploration and production licenses for hydrocarbons in the Tsarichanskoye field – the largest of those discovered in the Orenburg region in recent years. According to Gazprom Neft's estimates, recoverable hydrocarbon reserves in the field may exceed 25 million tons.

"Gazprom Neft is familiarizing itself with a new territory – the Orenburg region, which will become, in the long run, another oil production center for the company. Gazprom Neft is planning to expand its presence in the region, both through the development of the underlying asset – the Eastern part of the Orenburg field, and through engaging other blocks to ensure a synergistic effect," said Vadim Yakovlev, the First Deputy CEO of Gazprom Neft.

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Gazprom Neft 2Q Earnings Soar to $1.17B

- Gazprom Neft 2Q Earnings Soar to $1.17B

Wednesday, August 03, 2011
OAO Gazprom Neft

Gazprom Neft published on its website its consolidated financial results in accordance with US GAAP for 1H 2011.

Increased sales volumes and higher crude and petroleum prices drove the Company's revenue up by 39% to $21.341B in 1H 2011 compared to 1H 2010 (2Q 2011 revenue of $11.476B is 43% higher than in 2Q 2010).

Earnings before interest, income tax, depreciation and amortization (EBITDA) in 1H 2011 comprised $4.945B or 58% higher than in H1 2010 due to an increase in refining throughput, product mix optimization and improved market conditions. In 2Q 2011 EBITDA increased by 60% to $2.478B compared to 2Q 2010.

Net income in 1H 2011 increased by 74% to $2.604B versus 1H 2010 driven primarily by growth in EBITDA. 2Q 2011 resulted in $1.167B in net income (56% higher than in 2Q 2010).

The increase in net income resulted in a 6% growth in net cash provided by operating activities 1H 2011 compared to the same period of 2010 or $2.512B. Net cash provided by operating activities reached $1.891B in 2Q 2011 or 28% higher than in 2Q 2010.

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Gazprom Neft, Petronas Sign PSA with Cuba on 4 Offshore Blocks

- Gazprom Neft, Petronas Sign PSA with Cuba on 4 Offshore Blocks

Monday, August 01, 2011
Dow Jones Newswires
MOSCOW
by Alexander Kolyandr

Gazprom Neft, which is controlled by state gas company Gazprom, said Monday it has signed a product-sharing contract on four blocks in the Gulf of Mexico offshore Cuba with Petronas, the Malaysian national oil company, and Cubapetroleo, the Cuban national oil company.

Following the signing, Gazprom Neft becomes a party in the contract and acquires 30% stake in the project, while Petronas retains 70% in the project. Prior to the agreement Petronas had a 100% stake in the project.

In October 2010, Gazprom Neft and Petronas signed the Farm-out Agreement

"This partnership with Petronas will help Gazprom Neft to enforce its competence in the sphere of deep water development and expand its expertise in projects outside of Russia," Alexander Dyukov, chairman of Gazprom Neft management board said.

Apart from Cuba, Gazprom Neft participates in international exploration and production projects in Iraq, Equatorial Guinea, Venezuela and--through its Serbian affiliate company--in Angola, Romania and Hungary.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Gazprom Neft: Schlumberger to Drill Wells at Iraq Badra Field

- Gazprom Neft: Schlumberger to Drill Wells at Iraq Badra Field

Monday, June 20, 2011
Dow Jones Newswires
MOSCOW
by Jacob Gronholt-Pedersen

A consortium led by Russian state oil producer Gazprom Neft has picked Schlumberger to drill the first wells at the Badra field in Iraq, the Russian company said Monday.

Schlumberger has been contracted to drill 11 wells over a three-year period, Gazprom Neft said.

The consortium--which also includes South Korea's Korea Gas Corp., or Kogas, Turkish Petroleum Corp., or TPAO, and Malaysia's Petronas--plans to start production from the Badra field in 2013.

Gazprom Neft estimates total costs for the Badra project at $2 billion and plans to drill 17 wells by 2017, when production should reach 170,000 barrels a day.

Gazprom Neft is the oil arm of Russian gas giant Gazprom.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Gazprom Neft, Shell to Mull JV for Western Siberia Projects

- Gazprom Neft, Shell to Mull JV for Western Siberia Projects

Friday, June 17, 2011
Dow Jones Newswires
MOSCOW
by Malgorzata Halaba

Gazprom Neft, the oil arm of Gazprom, said Friday it has signed a cooperation agreement with Shell Exploration Company BV, a unit of U.K. energy giant Shell.

The companies will assess the potential of creating a joint venture to pursue projects in Western Siberia and areas both inside and outside of Russia, and to further develop cooperation between the two companies in upstream and downstream, the statement said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Gazprom Neft, GEPetrol Ink Cooperation Agreement

- Gazprom Neft, GEPetrol Ink Cooperation Agreement

Tuesday, June 07, 2011
Gazprom Neft

Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, and Candido Nsue Okomo, Director General of GEPetrol, the national oil company of Equatorial Guinea, signed a cooperation agreement in the Kremlin. The signing of the agreement was witnessed by Russian President Dmitry Medvedev and the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo.

The document regulates key areas of cooperation between Gazprom Neft and GEPetrol within the framework of implementing Product Sharing Agreements (PSAs) signed in 2010 for geological prospecting of blocks T and U on the Equatorial Guinea shelf. In particular, the agreement sets out the fundamental principles for managing the project and the procedures for making key decisions.

The registration of Gazprom Neft Equatorial in Equatorial Guinea is currently being finalized and, once created, the company will represent Gazprom Neft in the project for geological prospecting of blocks T and U. Analysis of the results of seismological exploration conducted in February 2011 is scheduled to be completed by the end of 2011/start of 2012.

"Projects in Equatorial Guinea enable Gazprom Neft to simultaneously achieve several objectives: creating a production center in West Africa, gaining new experience of managing international projects and broadening our shelf expertise," commented Alexander Dyukov, Chairman of the Management Board of Gazprom Neft.

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