Gazprom Neft Press Office:
The Gazprom Neft Board of Directors has reviewed information on the structuring and management of the company’s debt portfolio throughout 2017, as well as proposals for optimising this in 2018.
Engaging in a financial borrowing programme throughout 2017, and using the most viable instruments available in implementing this, saw the company improve the performance of its debt portfolio, reducing its net debt/EBITDA ratio year on year and optimising financing costs across all currencies.
In order to undertake its financing programme Gazprom Neft last year signed a range of credit agreements with major Russian banks, with 2017 seeing the company issuing a record number of exchange-traded bonds, successfully placing local bond issues totalling RUB70 billion and increasing the ruble component of its bond portfolio through a greater proportion of Russian securities. Effective operations on the Russian debt market, together with favourable market conditions, allowed Gazprom Neft to offer the lowest coupon rates (for comparable maturities) of all Russian corporate borrowers.
The Board of Directors also examined the long-term implementation of the Achimovsky deposits at the Severo-Samburgskoye field, as well as rim accumulations at the Pestsovoye and En-Yakhinskoye fields.
As part of implementing these projects Gazprom Neft is developing its own skills and competencies in working with hard-to-recover deposits, with major development of the Achimovsky deposits at the Severo-Samburgskoye field expected to begin in 2021, and development of rim accumulations at the Pestsovoye and En-Yakhinskoye fields in 2022.
Having been brought up to date with the planned implementation of these projects the Board of Directors approved a proposal for transporting liquid hydrocarbons from these fields through the Urengoyskaya pumping station, to be commissioned in late 2019, meaning Gazprom Neft will be able to ensure the delivery of guaranteed volumes of oil for transportation via the Zapolyarye-Purpe pipeline.Tags: efficiency, management, finances