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News

Investment in Rus’-Oil development reached $300 million in 2016.

25.01.2017.

Rus’-Oil has wrapped up its operating results for 2016. According to CEO Sergey Podlisetsky, “the past year was a very challenging one for the entire oil-and-gas industry of our country; but Rus’-Oil managed to grow its reserves and increase production despite low oil prices”. Production in 2016 nearly doubled compared to 2015: from 2.2 million tons to 4.2 million. DeGolyer and MacNaughton estimate the company’s extractable reserves at 147 million tons as of October 1, 2016. However, these estimates came in before the company signed confidential management contracts for eight additional assets. These include six licensing sites in Khanty-Mansi Autonomous Okrug, Western-Kolvinsky oilfield in Yamalo-Nenets Autonomous Okrug and Matyushkinskaya Vertikal company. “This brings the company’s reserves to about 211 million tons”, says Sergey Podlisetsky. According to the CEO, the company’s investment reached $300 million in 2016.

“This investment was directed at developing the company’s infrastructure, including construction of 150-km long KMAO-Yugra pipeline connecting two oilfields, Gustorechenskoe and Multanovskoe, into a single oil transport system to Yuzhny Balyk oil pumping station. The pipeline was built within a record short time – less than 4 months from design to launch. It is capable of passing up to one million tons of oil a year”, Rus’-Oil CEO explains.

Rus’-Oil, established in 2013, manages several oil-and-gas producing assets with extensive geography (KMAO-Yugra, Sakha-Yakutia, Irkutsk Oblast, Nenets Autonomous Okrug). This includes companies like Dulisma, Polyarnoe Siyanie, Gustorechenskoe, IrelyakhNeft, Razvitie Sankt-Peterburg, etc. The company is currently producing 4.2 million tons a year.