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OJSC TNK-BP Holding, Company Intelligence Report
GlobalData, June 2011, Pages: 98
OJSC TNK-BP Holding, Company Intelligence Report
Summary
TNK-BP is an integrated energy company engaged in the exploration and production of crude oil and natural gas, refining and transportation and manufacturing of petroleum products primarily in Russia and Ukraine. The company was established in 2003 through the merger of BP and Alfa, Access/ Renova group. Each company owns 50% of TNK-BP. The company mainly produces crude oil and natural gas from West Siberia, East Siberia and Volga-Urals (Orenburg Region). The company headquartered in Moscow, Russia from where it manages business operations including trading, legal, finance and other business functions.
Scope
- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Key Events for 2011: This section provides the company’s expected operational and financial activities in 2011. This section maps the company’s focus for 2011 in nut shell.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy
The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
1 Table of contents
1 Table of contents
1.1 List of Tables
1.2 List of Figures
2 OJSC TNK-BP Holding, Company Overview
3 OJSC TNK-BP Holding, Key Events for 2011
4 OJSC TNK-BP Holding, Key Highlights
4.1 Oil Production Back on Track; Greenfield Projects Take Charge
4.2 TNK-BP Focusing on Major Projects to Strengthen Its Upstream Portfolio
4.2.1 Orenburg Fields
4.2.2 Yamal Projects
4.3 Russia’s Third Largest Integrated Oil Company; Strong Competitive Position
4.4 TNK-BP Global Acquisitions Will Pave Company’s Future Growth
5 OJSC TNK-BP Holding, SWOT Analysis
5.1 Strengths
5.1.1 Consistent Growth in Production
5.1.2 Stable Profitability Position Comparing to Peer Group
5.1.3 Commendable Reserve Replacement Ratio and F&D Cost
5.2 Weaknesses
5.2.1 Limited Geographical Reach
5.3 Opportunities
5.3.1 Acquisitions in Venezuela and Vietnam
5.3.2 Rospan - A Gas Growth Opportunity
5.4 Threats
5.4.1 TNK-BP and Lukoil Comes Under Russian Anti-Monopoly Scanner
6 OJSC TNK-BP Holding, Goals and Strategies
6.1 Strategic Target; Growth Plan for 2020
6.1.1 Reduce Gas Flaring; Attain Utmost Possible Associated Gas Utilization
6.1.2 Expanding the Gas Value Chain
6.1.3 Broaden Gas Option; Entering into Strategic Alliances Overseas
6.1.4 Plans to Bring Upside in Upstream and Downstream Operations
7 OJSC TNK-BP Holding, Production Overview
7.1 Production Profile
7.2 Assets Portfolio
7.2.1 Brownfield Projects
7.2.2 Greenfield Projects
7.2.3 Slavneft
8 TNK-BP, Exploration and Development Overview
9 OJSC TNK-BP Holding, Refining and Marketing
10 OJSC TNK-BP Holding, M&A Highlights
10.1 Acquisition of Upstream Assets From BP Plc
10.1.1 Deal Highlights
11 OJSC TNK-BP Holding, Forecast Production and Financial Statements
11.1 Income Statement (2008–2015)
11.2 Balance Sheet (2008–2015)
11.3 Cash Flow Statement (2008–2015)
11.4 Financial Ratios
12 OJSC TNK-BP Holding, Valuation
12.1 Net Asset Value
13 OJSC TNK-BP Holding, Peer Comparision
13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio
14 OJSC TNK-BP Holding, Detailed Operational and Financial Metrics
14.1 OJSC TNK-BP Holding, Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
14.2 OJSC TNK-BP Holding, Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
14.2.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
14.2.3 Crude Oil/Liquids Reserve Changes, 2006-2010
14.3 OJSC TNK-BP Holding, Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2006-2010
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
14.3.3 Natural Gas Reserve Changes, 2006-2010
14.4 OJSC TNK-BP Holding, Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
14.5 OJSC TNK-BP Holding, E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2006-2010
14.5.2 Acquisition Costs By Country/Region, 2006-2010
14.5.3 Exploration and Development Costs, By Country/Region, 2006-2010
14.6 OJSC TNK-BP Holding, Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
14.7 OJSC TNK-BP Holding, Reserve Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2006-2010
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
14.8 OJSC TNK-BP Holding, Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2006-2010
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
14.9 OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
14.10 OJSC TNK-BP Holding, Oil and Gas Performance Metrics
15 Appendix
15.1 Abbreviations
15.2 Methodology
15.2.1 Coverage
15.2.2 Secondary Research
15.2.3 Primary Research
15.2.4 Expert Panel Validation
15.3 Methodology for Company Valuation
15.4 Contact Us
15.5 Disclaimer
1.1 List of Tables
Table 1: OJSC TNK-BP Holding, Key Events, 2011
Table 2: OJSC TNK-BP Holding, Upstream Growth Profile
Table 3: OJSC TNK-BP Holding, Orenburg Field Details, 2010
Table 4: OJSC TNK-BP Holding, Yamal Projects Details, 2010
Table 5: OJSC TNK-BP Holding, Upstream Growth Profile, MMboe, 2010–2015
Table 6: OJSC TNK-BP Holding, Upstream Growth Profile
Table 7: OJSC TNK-BP Holding, Recent Transactions as a Buyer, 2010
Table 8: OJSC TNK-BP Holding, Forecast Production, 2008–2015
Table 9: , Price Forecasts, 2011–2015
Table 10: OJSC TNK-BP Holding, Income Statement ($m), 2008–2015
Table 11: OJSC TNK-BP Holding, Balance Sheet ($m), 2008–2015
Table 12: OJSC TNK-BP Holding, Cash Flow Statement ($m), 2008–2015
Table 13: OJSC TNK-BP Holding, Profitability Ratios, 2008–2015
Table 14: OJSC TNK-BP Holding, Other Financial Ratios, 2008–2015
Table 15: OJSC TNK-BP Holding, Capital Market Ratios, 2009–2011
Table 16: , Price Forecasts, 2011–2015
Table 17: OJSC TNK-BP Holding, Net Asset Value, 2011
Table 18: OJSC TNK-BP Holding, NPV of Oil/NGL Reserves, $/bbl, 2011
Table 19: OJSC TNK-BP Holding, NPV of Natural Gas Reserves, $/Mcf, 2011
Table 20: OJSC TNK-BP Holding, NPV OF Total Oil and Natural Gas Reserves , $/boe, 2011
Table 21: OJSC TNK-BP Holding, Sensitivity Analysis on Fair Value ($ per share), 2011
Table 22: OJSC TNK-BP Holding Vs. Peer Group, Operational and Financial Performance, 2010
Table 23: OJSC TNK-BP Holding and its Peer Group Comparison, Financial Ratios, 2010
Table 24: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 25: OJSC TNK-BP Holding, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 26: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 27: OJSC TNK-BP Holding, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 28: OJSC TNK-BP Holding, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 29: OJSC TNK-BP Holding, Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 30: OJSC TNK-BP Holding, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 31: OJSC TNK-BP Holding, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 32: OJSC TNK-BP Holding, Natural Gas Reserve Changes, Bcf, 2006-2010
Table 33: OJSC TNK-BP Holding, Oil and Gas Reserves Life Index, Years, 2006-2010
Table 34: OJSC TNK-BP Holding, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 35: OJSC TNK-BP Holding, Upstream Capital Expenditure, $m, 2006-2010
Table 36: OJSC TNK-BP Holding, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Table 37: OJSC TNK-BP Holding, Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 38: OJSC TNK-BP Holding, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 39: OJSC TNK-BP Holding, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 40: OJSC TNK-BP Holding, Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 41: OJSC TNK-BP Holding, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 42: OJSC TNK-BP Holding, Revenue and Expenses, $m, 2006-2010
Table 43: OJSC TNK-BP Holding, Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 44: OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 45: OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 46: OJSC TNK-BP Holding, Oil and Gas Performance Metrics, 2006-2010
1.2 List of Figures
Figure 1: OJSC TNK-BP Holding, Operational Map (Russia), 2011
Figure 2: OJSC TNK-BP Holding, Financial & Operational Overview, 2007–2010
Figure 3: OJSC TNK-BP Holding, Share Price Movement, June 2010–June 2011
Figure 4: OJSC TNK-BP Holding, Contribution of Greenfield Assets to Total Production, MMboe, 2008–2015
Figure 5: OJSC TNK-BP Holding, Company’s Ranking Among Top Integrated Companies Worldwide
Figure 6: OJSC TNK-BP Holding, Net Production, MMboe, 2007–2010
Figure 7: OJSC TNK-BP Holding, Profitability Ratios Comparison With Its Peer Group, 2009
Figure 8: OJSC TNK-BP Holding, Return on Equity Comparison With Peer Group, 2009
Figure 9: OJSC TNK-BP Holding, F&D Cost and Reserve Replacement Ratio Comparison With Peer Group, 2009
Figure 10: OJSC TNK-BP Holding, Rospan International Project, 2006–2010
Figure 11: OJSC TNK-BP Holding, Total Production By Type, MMboe, 2008–2015
Figure 12: OJSC TNK-BP Holding, Contribution of Brownfield Assets to Total Production, MMboe, 2008–2015
Figure 13: OJSC TNK-BP Holding, Contribution of Slavneft to Total Production, MMboe, 2008–2015
Figure 14: OJSC TNK-BP Holding, TNK-BP’s Gas Portfolio, 2011
Figure 15: OJSC TNK-BP Holding, Comparison of Exploration Cost and Reserve Addition, 2007–2009
Figure 16: OJSC TNK-BP Holding, Refining Throughputs, 2009-2010
Figure 17: OJSC TNK-BP Holding, Refining Throughputs, 2009-2010
Figure 18: OJSC TNK-BP Holding, Operational Availability, 2009-2010
Figure 19: OJSC TNK-BP Holding, Retail Station Network, 2009-2010
Figure 20: OJSC TNK-BP Holding and Peer Group, Relative Share Price Performance Index, June 2010–June 2011
Figure 21: OJSC TNK-BP Holding and Russian Peer Group, Relative Share Price Performance Index, April 2010–April 2011
Figure 22: OJSC TNK-BP Holding and its Peers, Per Boe Parameters, 2010
Figure 23: OJSC TNK-BP Holding and its Peers, Reserve Life Index, 2010
Figure 24: OJSC TNK-BP Holding and its Peers, Total Reserves & Production, MMboe, 2010
Figure 25: OJSC TNK-BP Holding and its Peers, Valuation Ratios, 2010
Figure 26: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 27: OJSC TNK-BP Holding, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010
Figure 28: OJSC TNK-BP Holding, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 29: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 30: OJSC TNK-BP Holding, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 31: OJSC TNK-BP Holding, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010
Figure 32: OJSC TNK-BP Holding, Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 33: OJSC TNK-BP Holding, Crude Oil Reserve Changes, MMbbl, 2010
Figure 34: OJSC TNK-BP Holding, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 35: OJSC TNK-BP Holding, Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010
Figure 36: OJSC TNK-BP Holding, Gas Production, By Country/Region, Bcf, 2006-2010
Figure 37: OJSC TNK-BP Holding, Natural Gas Reserve Changes, Bcf, 2010
Figure 38: OJSC TNK-BP Holding, Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 39: OJSC TNK-BP Holding, Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 40: OJSC TNK-BP Holding, Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 41: OJSC TNK-BP Holding, Oil Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 42: OJSC TNK-BP Holding, Upstream Capital Expenditure, $m, 2006-2010
Figure 43: OJSC TNK-BP Holding, Proved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 44: OJSC TNK-BP Holding, Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 45: OJSC TNK-BP Holding, Development Costs, By Country/Region, $m, 2006-2010
Figure 46: OJSC TNK-BP Holding, Exploration Costs, By Country/Region, $m, 2006-2010
Figure 47: OJSC TNK-BP Holding, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 48: OJSC TNK-BP Holding, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 49: OJSC TNK-BP Holding, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 50: OJSC TNK-BP Holding, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 51: OJSC TNK-BP Holding, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 52: OJSC TNK-BP Holding, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 53: OJSC TNK-BP Holding, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 54: OJSC TNK-BP Holding, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 55: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 56: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 57: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 58: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 59: OJSC TNK-BP Holding, Revenue and Expenses, $m, 2006-2010
Figure 60: OJSC TNK-BP Holding, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 61: OJSC TNK-BP Holding, Exploration Expenses, By Country/Region, $m, 2006-2010
Figure 62: OJSC TNK-BP Holding, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 63: OJSC TNK-BP Holding, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 64: OJSC TNK-BP Holding, Oil & Gas Revenue, By Country/Region, $m, 2006-2010
Figure 65: OJSC TNK-BP Holding, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 66: OJSC TNK-BP Holding, Production Costs, By Country/Region, $m, 2006-2010
Figure 67: OJSC TNK-BP Holding, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 68: OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 69: OJSC TNK-BP Holding, Exploration Expenses per boe, By Country/Region, $/boe, 2006-2010
Figure 70: OJSC TNK-BP Holding, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010
Figure 71: OJSC TNK-BP Holding, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010
Figure 72: OJSC TNK-BP Holding, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010
Figure 73: OJSC TNK-BP Holding, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 74: OJSC TNK-BP Holding, Total DD&A per boe, By Country/Region, $/boe, 2006-2010
Figure 75: OJSC TNK-BP Holding, Total Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 76: OJSC TNK-BP Holding, Oil and Gas Performance Metrics, 2006-2010
Oil Production Back on Track; Greenfield Projects Take Charge
TNK-BP’s crude oil production has declined recently due to a fall in production from its brownfield assets in West Siberia. The company’s crude oil production from brownfields experienced a negative compounded annual growth rate (CAGR) of 4% from 2008 through 2010 to reach 487 MMboe. The company’s subsidiaries for brownfield projects are Samotlorneftegas, Nizhnevartovsk, Nyagan, Nizhnevartovskoe, Neftegazodobivajusee Predprijatie and Orenburgneft (Volgo-Urals). Brownfield projects contributed around 88% of the company’s total production in 2008, which fell to 78% in 2010. However, the company’s total production increased during 2009 and 2010 by 1.5% and 2%, respectively. The rise in the total production during 2009 and 2010 was primarily due to new greenfield projects in Russia.
Greenfield projects will support the company’s total production in the future. TNK-BP has been developing greenfield projects through four subsidiaries: Uvat, Verhnechonskneftegaz, Nyagan (Kamennoe field) and Rospan International. Greenfield projects currently produce 11% of the company’s total liquids, which is expected to increase to 20-25% by 2015. The company expects that greenfield projects will contribute approximately 750 Mboe/d of production by 2020.
The table below shows the company’s greenfield projects and their respective production contribution to the company’s total production.
Uvat has been the major production contributor to the company’s total production from greenfield projects. Uvat’s initial contribution to the company’s total production in 2009 was about 2.3%, which rose to 4.1% in 2010. GlobalData expects Uvat to contribute 7.7% of the company’s total production by 2015. The project operates major production assets, including Urnenskoye and Ust-Tegusskoye. Greenfield projects have huge potential to support the company’s total production; offsetting the production decline from brownfield projects that have been operational for 40-45 years.
The figure below shows the expected production contribution of greenfield projects to the company’s total production to 2015. The Uvat and Verhnechonskneftegaz assets are the major greenfield contributors, representing around 7% of the company’s total production in 2010.
TNK-BP Focusing on Major Projects to Strengthen Its Upstream Portfolio
TNK-BP has been making considerable efforts to increase production from its assets base. The company expects its Orenburg Fields and Yamal projects to offer significant upside in the future. The company has been involved in the redevelopment of the Orenburg Fields, which have produced oil and gas for the last 60-70 years and are still expected to offer production potential. The company’s Yamal projects are major upcoming assets, which will offset the declining production from other legacy assets.
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