OAO Ingushneftegazprom Company is one of the integrated oil companies to emerge from the reorganization and large-scale privatization of Russia’s oil and gas industry in the years following the dissolution of the Soviet Union. OAO Ingushneftegazprom Company was established in 1997 as a state enterprise on the basis of assets held and controlled by Government of Ingushetia Republic, OAO Ingushneftegazprom company is currently the biggest company operating in Ingushetia Republic. The company aims to strengthen its positions among the world’s top energy companies, maintaining its leading positions by operating indicators and joining the leaders by financial criteria and shareholder value.
OAO Ingushneftegazprom Company views the following factors as crucial for achieving these goals: constant improvement of efficiency in all aspects of Company business; development and application of new technologies; raising levels of transparency and openness; high standards of corporate governance; high levels of social responsibility; an efficient personnel policy; strict observance of Russian and international standards for environmental and industrial safety. OAO Ingushneftegazprom rapid development in recent years has created enormous potential for sustainable growth and scheduled implementation of strategic tasks, founded on a unique resource base, highly qualified personnel and an efficient system of innovative development.
OAO Ingushneftegazprom company has set itself the goal of sustainable increase of oil production, assuming that the macroeconomic climate remains favorable and that the tax system is optimal. Growth of output in the short and medium term will be determined mainly by fields in Russian region of Voznesenovski, Karabulak, Nazran, Malgobekski, Grozny, Gudermes, Chechen-Ingushetia Republic, which is a new and promising region of oil production for the Company. OAO Ingushneftegazprom company launched commercial oil production at the Karabulak, Malgobekski development of which represents one of the largest project of its kind in Russia for the last 15 years. Development of new field is to begin in the near future in other part of Russia. Production from these new fields will fill the Eastern and Western Siberia – Pacific Ocean trunk pipeline, enabling OAO Ingushneftegazprom to diversify its oil deliveries and substantially broaden its presence on the Asia-Pacific market.
The Company’s traditional production regions, such as Voznesenovski, Karabulak, Nazran, Malgobekski, Grozny, Gudermes still have much potential and will remain of fundamental importance in the medium term, particularly in view of potential for increasing recovery rates through application of new technologies.
Long-term production growth by OAO Ingushneftegazprom company will depend on new invented projects in the Ingushetia Republic, as well as projects on the shelves of Russia’s southern seas (Black, Caspian and Azov). OAO Ingushneftegazprom is carrying out intensive geological exploration work in these regions on new located oil field in Western and Eastern Siberia, OAO Ingushneftegazprom has highly promising geological exploration blocks, immediately adjacent to the Vankor field. Commercial reserves discovered at these areas will enable the Company to create a major new oil production hub. In the future yet another production hub could be formed on new discovered fields, together with other license areas immediately adjacent to them. The most promising Company areas are located on the Black Sea shelf, and the first exploration well be drilled early 2011.
OAO Ingushneftegazprom company has over 700 bln cubic meters of proved gas reserves by international classification, of which only 19% are currently being developed. Therefore, development in the gas sector and commercialization of reserves are among priority tasks for the Company. OAO Ingushneftegazprom has the potential to increase annual output of gas to more than 50 bln cubic meters. Most of the growth should be at the Karabulak-Acahaluki oil fields, Malgobekski field , where 46% of the Company’s proved gas reserves are concentrated. The goal of commercializing gas reserves is also supported by the Company’s ongoing program for raising utilization levels of associated gas to 97%, which is also necessary in order to meet the requirements of incoming Russian legislation.
OAO Ingushneftegazprom company corporate Scientific Research Complex in Ingushetia consists of a Corporate Research & Development Center and 5 regional R&D institutes, of which seven specialize in exploration & production, and three in refining & marketing, the Corporate Scientific Research Complex provides R&D support and organizes use of technology throughout the Company’s production chain.
Russian Federation
