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1. Key performance indicators
Path: Company / Key performance indicators

... Current liquidity ratio 2.05 1.44 1.15 1.40 1.30 43% Sales revenue, mn USD Net income, mn USD Net cash from operations, mn USD Key production indicators 2011 2010 2009 2008 2007 Change, 2011/2010, % Proven reserves (including share in affiliates) oil, mn bbl 6,789 6,441 6,924 6,303 6,709 5% gas, bn ft 3 9,182 6,511 3,231 3,033 1,232 40% Hydrocarbon reserves, mn BOE 8,319 7,526 7,462 6,808 6,914 11% Crude oil production by consolidated subsidiaries, mn bbl 233...


2. The Directors
Path: Corporate Governance / THE DIRECTORS

... B. 1974, graduate of the Baltic Ustinov Technical University, and St. Petersburg State University. Doctoral Candidate of Economic Science. Since 2002, Head of the Department of Marketing and Refi ning of Gas and Liquid Hydrocarbons at JSC Gazprom. Since... ... Executive Offi cer of LLC Mezhrergiongaz (after 2010, LLC Gazprom Mezhregiongaz). Cherepanov Vsevolod Vladimirovich B. 1966, graduate of Moscow Lomonosov State University. 1999 to 2008, Chief Geological Engineer, Nadym Oil and Gas Production Branch of LLC NadymGazprom...


3. ADDRESS TO SHAREHOLDERS, INVESTORS & PARTNERS
Path: Company /  ADDRESS TO SHAREHOLDERS, INVESTORS & PARTNERS

... investors! Our Company gave a record-breaking performance on all fronts in 2011, leading the Russian industry by rates of growth of production, refining, and sales through premium channels. Gazprom Neft has once again proved itself to be one of the most... ... business strategy as confirmed by the Board of Directors, and to the hard work of company management and employees. Gazprom Neft’s top priorities in the next few years are to secure high rates of hydrocarbon production growth by developing new areas in Russia...


4. Development Strategy
Path: Company / DEVELOPMENT STRATEGY

... business plans. In 2011, Gazprom Neft took a major step towards achievement of the goals set out in in its Development Strategy. Operating performance improved year-onyear in nearly all segments. Production grew by 8%, refining by 7% and premium sales... ... a vertically integrated oil business was absolutely correct. The Company is well advanced in implementing its strategic plans. Gazprom Neft’s priorities for the coming years will be maintenance of the high production rate of hydrocarbons, expansion into new...


5. Asset management & corporate structure
Path: Company / Asset management & corporate structure

... and thus increased its holding in NIS a.d. Novi Sad from 51% to 56.15%. Four NIS subsidiaries were established in the Balkans in 2011 (in Romania, Bulgaria, and Bosnia-Herzegovina) in order to expand the scope of petroleum, liquefied hydrocarbon, fuel and lubricant marketing in southeast Europe. A crude-oil production subsidiary...


6. Competitive Position
Path: Company / Competitive Position

... company operating mainly in the Russian Federation. The Company is engaged in exploration and development of oil and gas fields, production of crude oil and gas, refining and retailing of petroleum products. As per PR MS-SPE classification, the Company’s proven reserves of hydrocarbons amount to more than 1 bn TOE , placing it among the top 20 global producers of crude oil. Gazprom Neft...


7. Geological exploration & production of crude oil & gas
Path: EVENTS 2011 / GEOLOGICAL EXPLORATION & PRODUCTION OF CRUDE OIL & GAS

In September 2009, the Board of Directors of Gazprom Neft approved a development strategy for the Company’s exploration and production business, which is targeting an increase of annual hydrocarbons production to 100 mn TOE by 2020. The Company’s reserves-to̴9;production ratio should remain at this...


8. Oil refining
Path: EVENTS 2011 / OIL REFINING

... characteristics of fuels, achieve much deeper refining, and to expand the volume and range of products (high-octane gasoline, diesel fuels, aromatic hydrocarbons, coke, modern bituminous materials and petrochemical products). In 2011, the Omsk Refinery concluded the first stage of retrofitting of a KT-1/1 catalytic cracking complex. The project will increase production of automotive gasoline and ensure deeper refining of crude oil. Work on new hydrotreatment...


9. Petrochemical Industry
Path: EVENTS 2011 / PETROCHEMICAL INDUSTRY

Gazprom Neft is a major Russian producer of aromatic hydrocarbons (benzene, paraxylene, orthoxylene and toluene) and olefin liquefied hydrocarbon gases (propane-propylene fraction)... ... vertically integrated petrochemical business by 2020. In 2011, therefore, our petrochemical business units made plans for increased aromatic hydrocarbon outputs and production of olefin-containing liquefied hydrocarbon gases, and for further refining of these...


10. Innovation
Path: EVENTS 2011 / INNOVATION

... successful long-term growth. Gazprom Neft’s strategic goal is to produce 100 mn TOE annually by 2020. This will require year-on-year growth of hydrocarbon output — a major challenge, which will make great demands on the energy and abilities of the Company’s science and innovation specialists. They need to increase the efficiency of oil production from depleted resources at ageing fields; develop new regions in Yamal, Eastern Siberia and Orenburg...


11. Key Risk Factors
Path: MD&A / KEY RISK FACTORS

... corporate environment of Gazprom Neft, by virtue of the following processes: Implementing a risk-oriented approach in all aspects of production and management; Undertaking systematic analysis of identified risks; Building a system to control risks and monitor... ... associated with competition in the industry There is tough competition between leading Russian oil and gas producers in their main lines of business, including: Acquisition of sub-soil usage licences for hydrocarbon production in auction sales arranged...


12. Comparis on of results for 2011 & 2010
Path: MD&A / COMPARIS ON OF RESULTS FOR 2011 & 2010

... optimization of the sales structure contributed to improving financial performance, with revenues up by 34.2% and adjusted EBITDA up by 39.7%; Production of hydrocarbons grew by 8.2% compared with 2010. Production of gas rose by 127.9%, raising total hydrocarbon production to 421...


13. Operating indicators & analysis
Path: MD&A / FINANCIAL APPENDICES / OPERATING RESULTS / OPERATING INDICATORS & ANALYSIS

... as stated in the table differ from those stated in the Group’s consolidated reports in the section giving additional information on activities related to exploration and production of oil and gas. The indicators used in the additional information were prepared... ... production of Slavneft 13.25 11.91 14.93 25.4% (10.1)% Share in production of Tomskneft 24.95 20.69 25.74 24.4% (17.1)% Share in production of SPD — — 1.86 — — Total gas production 111.42 140.53 320.20 127.9% 26.1% Hydrocarbons (mn BOE) Gazprom Neft 237...


14. Operating results
Path: MD&A / FINANCIAL APPENDICES / OPERATING RESULTS

... crude oil rose by 39.4% in 2011, compared to 2010. The cost of purchased oil, gas, and petroleum products rose by 39.8% in 2010 compared to 2009 as a result of rising crude oil and petroleum product prices, with a consequent growth in sales. Production & refining costs 2009 2010 2011 Changes, % 2011/2010 Changes, % 2010/2009 Hydrocarbon...


15. Glossary: Key Terms, Definitions & Acronyms
Path: Appendix / Glossary

... JSC Gazprom Neft (the parent company) and its subsidiaries. Geological survey Geological surveying for exploration purposes. Hydrocarbon reserves in categories À+Â+Ñ 1 Explored reserves according to the Russian classification. Represents the part of geological... ... probable reserves, based on the analysis of engineering and geological date. There must be at least 10% probability that actual production will be equal to or more than the estimate of proven, probable, and potential reserves. Primary refining Crude oil...


16. Power Generating & Energy Saving
Path: Social Responsibility / POWER GENERATING & ENERGY SAVING

... has also initiated programs to develop power generating infrastructure and rational use of energy as part of Gazprom Neft’s strategy of production development, which involves launch of new industrial facilities and therefore increases energy needs. The... ... isomerization plant for light gasoline fractions. The complex is the largest in Europe, and enables production of a high-octane component for saleable gasoline with zero content of sulphur, aromatics and unsaturated hydrocarbons. Integration of the complex...