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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Gazprom PAO    GAZP   RU0007661625

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Gazprom Neft' : Neft Expands Arctic Oil Field Output

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01/21/2017 | 03:17pm CET

Gazprom Neft said today it had launched production from two new wells at its Arctic oil field Prirazlomnoye, bringing the total to six.

Prirazlomnoye is the first Russian Arctic oil project, and this year, output is seen at 2.6 million tons of crude, or 19.06 million barrels, despite a three-month technical maintenance shutdown of the same-name platform during the summer. To compare, last year the Prirazlomnaya platform pumped 2.1 million tons of oil, or 15.4 million barrels.

The summer maintenance work will be carried out mainly by U.S. companies, according to Gazprom Neft head Alexander Dyukov. This sounds interesting in light of U.S. sanctions against Russia, which, among other things, prohibit the provision, exportation, or re-exportation of goods, services (not including financial services), or technology in support of exploration or production for deepwater, Arctic offshore, or shale projects that have the potential to produce oil in the Russian Federation.

Although Dyukov did not name any of the companies that will take part in the maintenance work, the statement raises the question if oilfield service providers have found a way around the sanctions that would restrict their access to Russias oil industry and the industrys access to technology and services.

Production at Prirazlomnoye started at the end of 2013, and first oil, and the new blend, ARCO, from Arctic Oil, reached markets the following year. Since then, more than 10 million barrels have been shipped from the field.

Recoverable reserves at Prirazlomnoye are estimated at 540 million barrels of crude, and the peak of production is set to be reached in 2020, at 110,000 barrels per day. The Arctic as a whole is top priority for Gazprom Neft: last year, two new projects got the go-ahead there. Messoyakha, which is the northernmost onshore oil field in Russia to date, is estimated to hold 470 million tons of oil and condensate. Novoportovskoye, or Novy Port, field holds an estimated 250 million tons of oil and condensate.

(c) 2017 Saudi Research and Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2016 96 823 M
EBIT 2016 14 281 M
Net income 2016 16 159 M
Debt 2016 36 295 M
Yield 2016 5,20%
P/E ratio 2016 3,74
P/E ratio 2017 4,27
EV / Sales 2016 0,99x
EV / Sales 2017 0,92x
Capitalization 59 401 M
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Mean consensus HOLD
Number of Analysts 12
Average target price 2,44 $
Spread / Average Target -2,6%
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NameTitle
Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Timur Askarovich Kulibayev Independent Director
Vladimir Alexandrovich Mau Director
Andrey Igorevich Akimov Director
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