Russia Oil and Gas, Geological prospecting
The CEO of RosGeo R. Panov has visited the exhibition of 21st Africa Oil Week. Africa Upstream in Capitown, SAR, and has held a number of the meetings with the representatives of the leading oil and gas companies.
Within the Russian and South-African business forum, Mr. Panov and the management of ZarubezhGeologiya, a subsidiary of RosGeo specializing in the foreign projects, held a number of the meetings with the representatives of the South-African oil and gas corporation Petro SA.
In 2014, RosGeo can increase revenue by 15% to 10.4 billion rubles, the Vice CEO for Economics and Finance, I. Silina says. Income from geological exploration activity of the company shares 95% in total revenue. RosGeo is going to increase net profit to 260 million rubles and EBITDA to 940 million rubles.
The forecast EBITDA is 9%, and profitability by net profit is 2.5%.
RosGeo did not make public its consolidated results in EBITDA and net profit before.
The forecast growth in revenue is explained by enlargement in the contract base, optimization and re-distribution of the priority work and more intensive work in Eastern Siberia and the Far East.
Gennadiy Schmal: The stabilization of oil extraction should be the primary objective of the geology development strategy.Edited by Rhod Mackenzie / 2014-06-25 01:36:28
The State Duma held parliamentary hearings on the topic: "The Development Strategy for the Geological Sector of the Russian Federation until 2030". Our expert – the President of the RF Union of Oil and Gas, Gennady Schmal - commented upon the results of the parliamentary hearings.
"The strengthening of JSC "Rosgeologiya" by 10 state geological enterprises included in the privatization plan, and the creation of a network of federal budgetary institutions under Rosnedra's jurisdiction – is a small private matter that does not reflect the situation that exists today in the geological sector of the country. The logical question arises: why ten, not twenty organizations, not all the other companies that are still represented in the industry?