26.04.2017

MOODY’S UPGRADES RUSSNEFT’S RATING TO B1 FROM B2 AND CHANGES OUTLOOK TO POSITIVE FROM STABLE

Gas Projects

RussNeft pays special attention to implementation of projects aiming at associated petroleum gas (APG) utilization increase as well as natural gas production and processing and gas power generation.

 

APG utilization programs

Under this line of action the company has implemented 3-year programme of measures, enhancing the effective level of APG utilization up to 95%. In order to reach this objective, a number of major engineering gas infrastructure facilities have been built at the fields of the company.

In 2015, 96 mln m3 of APG were flared off, that is four times less than in 2013 and by 13% less than in 2014.

The 95% APG utilization rate has been achieved. The state requirement, geared to minimize production impact on environment, has been fulfilled. The objective at present is to maintain the level of rational APG utilization, as well as improve energy efficiency of oil production and reduce the emission of greenhouse gases. These activities will be pursued within the framework of the corporate programme for 2016-2018. Among the other measures to be undertaken in 2017, the most important are the implementation of the final stage of the design and exploration works, as well as performance of construction and assembling works, and commissioning of gas pipeline from Tagrinskoye Oilfield of OAO Varioganneft to Compressor Station of SIBUR Holding.