SURGUTNEFTEGAS In line with the agenda, the shareholders approved the annual report and annual accounting statements of OJSC "Surgutneftegas", including the income statement for 2014.
The meeting resolved to declare payment of dividends for 2014 as follows: RUB 8.21 per preference share and RUB 0.65 per ordinary share.
The meeting elected the following members of the Board of Directors: V.L.Bogdanov, A.N.Bulanov, V.P.Erokhin, I.K.Dinichenko, V.M.Krivosheev, N.I.Matveev, V.I.Raritsky, I.Sh.Usmanov and V.A.Shashkov.
The meeting also elected the Auditing Committee of three people and approved LLC "Rosexpertiza" as auditor for 2015. In addition, the meeting resolved to approve transactions that may be conducted in the future by OJSC "Surgutneftegas" and its affiliates in the course of its general business activity.
In his report about the 2014 results, Vladimir L. Bogdanov, Director General of OJSC "Surgutneftegas", said that the Company pursued its plans: increased the resource base, actively developed the fields, opened up new provinces, continued upgrading refining capacities and development of our own electric power solutions, implemented environmental and socially significant programs.
In the reporting year, oil production of OJSC "Surgutneftegas" totaled 61.4 million tonnes and gas production amounted to 9.4 billion cubic meters. The Company still sees the mid-term goal for the annual oil production at 61 62 million tonnes; there are plans for sustaining this level in place: exploration and drilling operations, new fields exploitation, and a number of well intervention and stimulation operations to enhance oil production.
"Increasing a resource base is a key factor for the Company's stable operation. Every year we ensure reserves additions above the level of production. In 2014, exploratory drilling exceeded 200 thousand meters; two fields and 32 new oil accumulations were discovered; reserves additions of C1 recoverable oil totaled 77 million tonnes."
Last year OJSC "Surgutneftegas" started developing three new fields in Western Siberia - Vysotnoye, Kochevskoye and Verkhnekazymskoye.
"The Company continues to increase its production in Eastern Siberia. In the reporting year the oil production increased by 7% to 7.7 million tonnes. The input of the region in the Company's oil production amounts to 13%."
In his report, Vladimir Bogdanov put particular emphasis on an important line of the Company's activity in Western Siberia - building new oil production clusters. He mentioned that the Rogozhnikovskoye group of fields is one of such clusters; at the year-end 2014, it includes three active fields. The next important step will be putting online the field named after V.I. Spielman (Severo-Rogozhnikovskoye), where building the infrastructure was in progress in the reporting year. Together with this field, the Rogozhnikovskoye group will yield about five million tonnes of oil a year.
The prospects for the Company development in Western Siberia are also related to forming a new production cluster in Uvatsky District in Tyumenskaya Oblast and adjacent territories of the south of Khanty-Mansiysky Autonomous Okrug - Yugra where the Company holds 12 license areas covering seven oil fields with over 40 million tonnes of class С1+С2 oil.
In 2015, the Company started to build the infrastructure at the Yuzhno-Nyurymskoye field that will be put online in 2016. We will determine the time of development of the other fields of this cluster based on the exploration results.
In the downstream sector, the quality of products has significantly improved. Due to the start of operation of the deep conversion plant in 2013, and upgrade of the existing units of the KINEF plant, the output of light petroleum products grew by 1.1 million tonnes in the reporting year. At the year-end, the whole amount of the diesel fuel produced complies with the requirements of the environmental Class 5.
As a part of the step-by-step upgrading of the refinery process scheme, building of the high-octane LK-2B gasoline plant with a capacity of 2.3 million tonnes a year continued in 2014.
In the energy sector, the Company continued to build its own generation capacities. In the reporting year, a 36 MW gas turbine power plant was put in operation at the Fedorovskoye field. All in all, in 2014, the Company's power plants generated 5.3 billion kWh of electric power which covered 44% of OJSC "Surgutneftegas" consumption needs in the upstream sector.
Talking about the financial results of the year, Vladimir L. Bogdanov noted that the Company's production performance and external factors made it possible for the net profit to grow nearly 3.5 times to RUB 891.7 billion.
"The main pride of OJSC "Surgutneftegas" has always been its team," Vladimir Bogdanov added. I am convinced that the results achieved by our employees in the reporting year, their experience and professionalism, initiative and creative approach to solving large-scale technical problems will be a solid foundation for realization of further development plans of the Company. I greatly appreciate the contribution of our employees, management team and the Board of Directors to the achievements of the Company."
We entered the year of 2015 with a stable financial position and good operational indicators. We have knowledge and experience, continuous scientific and technical search, adherence to the best working traditions, and leading positions in a number of activity directions. These factors will allow the Company to overcome present difficulties, confidently plan our future and subsequently achieve the goals set for us by the shareholders.
Press Service of OJSC «Surgutneftegas»
Tel.: (3462) 40-16-60
Tel/Fax: (3462) 40-10-18
e-mail: media@surgutneftegas.ru
27 June 2015
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