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

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Gazprom Neft' : - Russia's northernmost active oil field enters commercial production

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09/23/2016 | 03:49pm CEST

Release date- 22092016 - A ceremonial event marking the launch of the Vostochno-Messoyakhskoye field took place today.

The event was attended by Alexey Miller, Chairman of the Gazprom Management Committee, Igor Sechin, Chief Executive Officer of Rosneft, and Alexander Dyukov, Chairman of the Gazprom Neft Management Board.

Russian President Vladimir Putin gave the command via a video call to start offloading oil from the Vostochno-Messoyakhskoye field.

The Vostochno-Messoyakhsky licensed block is located in the Gydan Peninsula (Taz District, Yamal-Nenets Autonomous Area). The nearest population center - the Tazovsky village - is 150 kilometers away from the field. The project was executed despite the lack of industrial and transport infrastructure: in 2015-2016, some 400,000 tons of cargo was delivered to the field via water transport and winter roads.

Thanks to the use of state-of-the-art technical and engineering solutions, the pre-development of Vostochno-Messoyakhskoye took less than three years. Today, the project includes 50 oil development wells and a 98-kilometer oil supply pipeline connecting the field to the Arctic Circle - Purpe oil trunkline. The pipeline is heat-insulated against low Arctic temperatures.

High-viscosity oil from Vostochno-Messoyakhskoye is heated at the central oil collection facility prior to transportation. Two power plants with a total capacity of over 90 MW were built at the field and the oil delivery and acceptance point to fully satisfy the facilities' power needs. Vostochno-Messoyakhskoye is expected to reach peak production in 2020 with 5.6 million tons of oil.

The field's complex geological structure necessitated the use of advanced drilling, well construction and formation pressure maintenance methods. The main pay zones of Vostochno-Messoyakhskoye are terrigenous reservoirs characterized by extreme horizontal and vertical discontinuity. Novel solutions, such as multilateral well drilling, were employed to improve the field development efficiency.

Special technologies were used in field pre-development to mitigate adverse impacts on the Arctic environment. Specifically, the oil supply pipeline was placed over the ground on special supports with a temperature stabilization system installed in order to preserve the permafrost. The underwater sections of the oil pipeline were built across the rivers using the directional drilling method. Thanks to that method, the natural landscapes of the Indikyakha and Muduiyakha rivers were preserved. The oil pipeline has a number of beam crossings over water barriers and special crossings for animal migration.

'The exploration of the Russian Arctic holds strategic importance for Gazprom. Step by step, we bring into development new gas and oil fields and build the required infrastructure in this challenging region with enormous potential. This past spring, we have successfully put in operation the unique Arctic Gate oil loading terminal to ensure year-round shipments of Yamal oil. Today, we have launched commercial production from Vostochno-Messoyakhskoye, the northernmost of Russia's active oil fields. The new Arctic project will be a key part of Russia's powerful oil and gas complex in the circumpolar North,' Alexey Miller said.

Background

The Vostochno-Messoyakhskoye field is located 340 kilometers north of Novy Urengoy in the Taz District, Yamal-Nenets Autonomous Area. The field's recoverable oil and condensate reserves exceed 340 million tons. Field development is carried out by Messoyakhaneftegaz, with Gazprom Neft and Rosneft as equal shareholders. The field's operator is Gazprom Neft.

To date, the investments in the development of Vostochno-Messoyakhskoye total RUB 85 billion.

As agreed with the native peoples of the Gydan Peninsula, locals have round-the-clock access to the medical center of Vostochno-Messoyakhskoye and a heliport with a heated waiting room.

Media Contact:

Tel: +7 495 719-10-77

+7 495 719-47-36

+7 495 719-24-32

+7 495 719-28-01

(c) 2016 Electronic News Publishing -, source ENP Newswire

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Financials ($)
Sales 2016 93 081 M
EBIT 2016 13 860 M
Net income 2016 15 808 M
Debt 2016 35 366 M
Yield 2016 4,74%
P/E ratio 2016 3,61
P/E ratio 2017 3,43
EV / Sales 2016 0,92x
EV / Sales 2017 0,86x
Capitalization 50 585 M
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Mean consensus HOLD
Number of Analysts 12
Average target price 2,40 $
Spread / Average Target 12%
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Managers
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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