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Gazprom Neft commences first sea transportation from Novy Port field

JSC Gazprom Neft has made a summer shipment of oil from the Novy Port oil field, with crude oil being delivered to European consumers by sea for the first time. This new type of crude named Novy Port, has all the characteristics of light crude, while its low sulphur content of approximately 0.1% is better than both the Urals Russian mixture and Brent.

A sea tanker will deliver the oil to Europe in September and over 80,000 tonnes of the new Novy Port oil classification are scheduled to be delivered from the field by two tankers during the 2014 ice-free season.

The Novy Port field is one of the largest oil and gas condensate deposits being developed in Yamalo-Nenets autonomous area. Based on the Yamal peninsula, the deposit is located far away from existing pipeline infrastructure. Therefore, year-round transportation of oil from the Novy Port will be conducted by sea. Gazprom Neft confirmed the viability of this plan in 2011 after a test voyage by a nuclear-powered icebreaker from the Sabetta port (north east of the Yamal peninsula) to Cape Kamenny some 400km to the south. A terminal with daily capacity of up to 40,000 tonnes of crude will be built at Cape Kamenny at the end of 2015 to facilitate year-round transshipment of oil.

C1 and C2 reserves at the Novy Port deposit hold over 250 million tonnes of oil and condensate, as well as over 320 billion cubic meters of gas (including Paleozoic deposits). Last year, Gazprom Neft Novy Port, the project operator and a subsidiary of Gazprom Neft, completed drilling as part of its pilot production program. In the summer of 2014, the company began production drilling. Full-scale industrial development of the Novy Port will begin in 2016.

JSC Gazprom Neft (tax number: 5504036333) ranks fifth largest oil producer in the Russian Federation. Gazprom Neft and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.

IFRS net profit of Gazprom Neft for 2013 attributable to the company's shareholders grew by 0.9% to RUB 177.917 billion. Revenue decreased by 1% to RUB 1.504 trillion from RUB 1.519 trillion in 2012, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 4.2% to RUB 336.752 billion from RUB 323.106 billion.

According to the DataCapital information retrieval system, RAS net profit of Gazprom Neft for H1 2014 went up 34.3% to RUB 47.502 billion from RUB 35.359 billion the year before. Revenue increased by 6% to RUB 614.225 billion from RUB 578.582 billion, GP decreased by 5% to RUB 171.755 billion from RUB 181.841 billion.

"AK&M", 22.08.2014


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