JULY: RESULTS OF TATNEFT
Crude Oil Production
The amount of 2,227,461 tons of crude oil or 100.4 percent versus July 2013 was produced at JSC TATNEFT, while the production since the beginning of the year amounted to 15, 213,434 tons, which was 63,605 tons more than in 2013. The amount of 14,932,790 tons of crude oil was delivered with the above-the-plan delivery amounting to 13,950 tons.
The new drilling penetration for 7 months of 2014 amounted to 275.5 thousand meters:
- drilling was performed for JSC TATNEFT in the amount of 226.6 thousand meters, including drilling to bitumen deposits in the amount of 10.2 thousand meters, production drilling accounting for 206.1 thousand meters and exploratory drilling accounting for 10.3 thousand meters.
- 6.7 thousand meters were penetrated for OOO "Tatneft-Samara", including production drilling in the amount of 2.4 thousand meters and exploratory drilling amounting to 4.3 thousand meters.
- for Joint Ventures and independent oil companies: 42.2 thousand meters.
177 wells were constructed and delivered to customers.
Active Well Stock Drilling
The penetration of sidetracking and horizontal wellbores amounted to 33.2 thousand meters (32.7 thousand meters in 2013) during seven months of 2014.
The average number of drilling crews performing conventional well drilling operations since the beginning of 2014 amounted to 34, while 13 drilling crews were engaged in drilling lateral and lateral horizontal wellbores. One drilling crew performed drilling to the bituminous deposits of Ashalchinskoye oil field for NGDU "Nurlatneft".
Repair of Wells
During seven months of 2014 the crews of remedial servicing, workover and oil recovery enhancement performed remedial servicing of 4,602 wells (717 wells in July) and workover in 1,426 wells (210 wells in July) at the sites of JSC TATNEFT.
77 wells were repaired outside the Republic of Tatarstan with 69 wells for OOO "Tatneft-Samara" and 8 wells for OOO "Tatneft-Severny". Formation hydrofracking operations were performed in 364 wells (58 wells in July); five 5 small diameter horizontal wells were drilled and completed for NGDU "Almetyevneft"; oil recovery enhancement works were performed in 1,501 wells (206 wells in July); bottomhole area treatment operations with application of JSC TATNEFT's technologies were performed in 1,878 wells.
Production Performance of the JSC TANECO
The TANECO Complex of Refining and Petrochemical Plants processed 783.2 thousand tons of crude oil and yielded 778.1 thousand tons of oil products in July 2014.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.