Russia Oil and Gas

Tatneft’s revenue in H1 rose 16% to 245 bln roubles under IAS, net profit – 61% to 32 bln roubles

Tatneft’s revenue in H1 2014 under IAS rose 16% to 244.8 bln roubles against H1 2013, is said in today’s company’s report.
In H1 2014 the consolidated sales revenue and other income from the main activity and excise duty made up 244.8 bln roubles against 211.2 bln roubles in H1 2013, is reported.
The net profit of the shareholders of the group in H1 2014 made up 51.5 bln roubles against 31.9 bln roubles in H1 2013.
The total cost of Tatneft’s assets in H1 2014 rose from 674 bln roubles to 715 bln roubles. The total amount of debts in H1 rose from 170 bln roubles to 176 bln roubles. The group’s shareholder capital increased from 503.9 bln roubles to 538.5 bln roubles.

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ChTPZ Group and Turkmenneft have closed the memorandum about commercial and scientific and technical cooperation

The working visit of the representatives of Turkmenneft concern to the enterprises of ChTPZ Group Alnas, Izhneftemash, Chelyabinsk Pipe Rolling Plant and Pervouralsk New Pipe Plant has resulted in the closure of the memorandum about commercial and scientific and technical cooperation. It binds the mutual interest of the sides in the complex cooperation, first of all, in connection with realization of the White Well project in Turkmenistan. The project of ChTPZ Group is unique for the domestic fuel and energy market because it presupposes the supplies of oil production equipment and further services. They provide for the simultaneous enlargement of nonfailure operating time at the whole underground part, with individual selection, production and service of the special complexes of electric submersible equipment and the pumping and compressor pipes for the abnormal well fund. It gives an opportunity to reduce the number of pulling and running operations, repairs and associated costs. Nonfailure operating time at a well of Tomskneft at the equipment made within the White Well project was over 365 days, thus, the average nonfailure operating time was exceeded at the well by 3 times. At twice of the well of Lukoil – Western Siberia, the period exceeds the standard result by over 30%. Under the memorandum, field testing will be held at 6 wells of Turkmenneft.
Under its results, the specialists of ChTPZ Group will define the most appropriate oil production equipment that will be supplied to Turkmenneft. First of all, it will be pumping and compressor, casing and oil pipeline pipes of different purposes with diameter from 57 to 426 mm.

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As of August the 25th of 2014, the volume of daily production of oil and gas condensate in the Russian Federation made up 1 448.7 thousand tons

As of August the 25th of 2014, the volume of daily production of oil and gas condensate in the Russian Federation made up 1 448.7 thousand tons

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Tax manoeuvre is a deliberate attempt to speed up sale of oil reserves to the detriment of the country

The Ministry of Finance has published for public comment draft amendments to the Tax Code and the Law "On Customs Tariff". The main changes concern the rates of excise duties on fuel, tax on mineral extraction (MET), export duties on oil and oil products. The tax manoeuvre is extended for 3 years (2015-2017), it should be completed by the beginning of the formation of common markets for oil and oil products with Belarus and Kazakhstan in the framework of the Eurasian Economic Union. Now the duties on oil in Russia five times higher than in Kazakhstan, Belarusian duties are the same as our ones, but they wanted to go back to a low level. Russia met half-way to its partners. The main factor in the formula for calculating the duty on oil will fall two times in 2015-2017 from the current 59% to 30%, and the coefficient for gasoline - three times (also to 30%).

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Varioganneft is implementing a comprehensive pipeline integrity program.

OJSC "Varioganneft", a subsidiary of OJSC NK "RussNeft", is successively implementing a comprehensive program to improve the reliability of pipelines in the oil fields of the Variogansk block. The company spent about 61 million roubles for these purposes within the current period in 2014.
A comprehensive program ensuring the integrity of the pipelines includes monitoring, diagnosis, protection, repair and replacement of the pipelines. As part of the program from year to date the joint-stock company has provided the industrial safety expert preview of 187 km of pipelines, enveloped 162 km with inhibitor protection and replaced 21 km of pipelines.

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South Stream gas pipeline may be laid in the territory of Greece, although Gazprom lost in struggle for DESFA

The unprecedented pressure on Russian is unlikely to force Gazprom to abandon the construction of the South Stream gas pipeline. Too much money has been invested.
And Greece can help with it.
On August 19th, 2014, Bulgaria again suspended the construction of the South Stream main gas pipeline. The EU practically stopped the negotiations with Russia on the prospects of its construction.
According to the EU, it should finally force Putin to abandon the construction of the South Stream gas pipeline, to agree to supply gas vie Ukrainian gas transportation system, which will be controlled by the United States and the European Union in the future and to stop supporting Novorossiya.
The EU expected concessions from Russia, but can not see them.
The disclaimer of Bulgarian brothers – Slavs is sad, of course. But, Russia has another variant. It is the construction of a new route of the South Stream gas pipeline under the Black Sea to the coast of Turkey, transit via the Turkish gas transportation system to the border with Greece and further transit via the gas transportation system of Greece to other EU countries.
The fact that Turkey supports this plan has long been known. The Energy Minister of Turkey has repeatedly spoken in favour of this route.

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A branch for gas supply to Southern Kyrgyzstan will be built from the pipeline of Turkmenistan – China

The professor, the member of the public supervisory council under the Ministry of Energy of Kyrgyzstan V. Kasymova says that it’s unreasonable to sell the lands of Kyrgyzstan in exchange for gas because in the future they expect the construction of the gas pipeline from Turkmenistan via the territory of the Alaysky district to China, and a branch for gas supplying to the Osh and Batkensky regions can be built from there. She claims that Kyrgyzstan possesses own hydrocarbon reserves and they should be developed with the attraction of investment. In her opinion, it’s wrong that Kyrgyzgaz is sold to Gazprom. One of the promises of Gazprom was to execute deposits exploration for gas and to develop industrial reserves if those are discovered. Kyrgyzstan should not agree with the demand of Uzbekistan to sell a part of the Kyrgyz lands for gas.

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Bashneft increases revenue in Q2 by 8%?

Bashneft publishes its accounting by ISA for Q2 on August 27.
Under the forecast of A. Sidorov, AK BARS Finance, Bashneft can increase revenue for Q2 by 8% to 158.8 billion rubles, EBITDA by 20% to 30.4 billion rubles and net profit by 29% to 18.0 billion rubles.
In his opinion, the financial results of Bashneft will be pretty strong because the company demonstrated solid operational results on the background of a favourable market situation. The major factors were the following:
Seasonally high oil product sales in the summer;

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Perm petroleum engineering company to produce 170 tons of drilling pipes for Bashneft

Perm petroleum engineering company (PKNM) will produce 170 tons of heavyweight drill pipes and will deliver them to Bashneft. The total contract value is approximately 35 million rubles.
Under the contract thick-walled drill pipes of different diameters (TBT-89, TBT-127), used to create an axial load on the rock-breaking tool and to transfer torque from the rotor during the drilling of difficult horizontal wells, will be produced.

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Dependence of Kazakhstan on Russian oil products may last till 2019

Kazakhstan may remain dependent on Russian oil products till 2019, a senior analyst of the Agency for Investment Profitability Research (AIPR) Artem Ustimenko said.
According to him, now more than one-third (1.36 million tons) of petrol, consumed in Kazakhstan, and about 14% (0.7 million tons) of diesel fuel fall on imports from Russia.
"The dependence on imports of Russian oil products will be seen until the completion of the modernization of domestic refineries in 2016, although these dates may be shifted to the 2018-2019," – the interlocutor stated. Ustimenko notes that the increase in gasoline prices in Kazakhstan was expected. "The increase of the marginal retail price of oil products became an anticipated forced step against the background of the increasing risk of a sustainable deficit on the domestic market of fuels and lubricants on certain categories of light vehicle fuel, especially high-octane gasoline," - the interlocutor says.

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