Services
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Fingrupp LLC Oil & Gas Refinery Production And Services
Fingrupp LLC Oil & Gas Refinery carries out exploration works with the purpose of expanding the resource base. Exploration activities have been consistently delivering good results driven by the advanced exploration techniques and selection of the most promising areas based on research results. To increase the success of exploration drilling, step-by-step implementation of advanced technologies for processing and interpreting seismic data continued. In particular, innovative approaches to account for inhomogeneities of the upper part of the column are used to minimize the forecast error for structures. At the design stage, finite-difference modeling of the wave field is carried out to select the optimal parameters of the seismic survey.
The Company has paralleled expertise operations, which allows to minimize risks associated with the development of new fields and shorten new project lead times. Proximity to export markets and own transportation infrastructure reduces the transportation expenses and improves cost efficiency of operations in the region targets for exploration. Oil and gas exploration encompasses the processes and methods involved in locating potential sites for oil and gas drilling and extraction. Early oil and gas explorers relied upon surface signs like natural oil seeps, but developments in science and technology have made oil and gas exploration more efficient. Geological surveys are conducted using various means from testing subsoil for onshore exploration to using seismic imaging for offshore exploration.
Oil Production and Development
Development drilling is the main production support driver, which provides more than 8% from the Company oil and condensate production. Fingrupp LLC Oil & Gas Refinery is focused on high-tech well construction – 2.9 thousand new wells were commissioned in 2019 and 57% of them had horizontal completion. 986 new horizontal wells with multi stage fracturing were commissioned; their share grew up to 34%. Unit production per horizontal well in the first production year grew by 11% compared to 2018 and made about 9 Kt per well, which is 2.4 times higher than the directional wells indicator. Advanced planning, drilling and development technologies secured 44.8 tpd average annual flowrate at new wells and 2019 incremental production reached 19.6 mln tons. Along with the new zones drilling, the Company also performs infill drilling in order to increase reserves recovery efficiency by development system transformation and further elaboration. The Company also performs sidetracking in order to increase production and secure designed recovery rates. In 2019 sidetracks were made in 1.3 K wells and secured 3.3 mln tons of oil incremental production. Sidetracks construction improvement by the horizontal drilling share increase up to 71% made it possible to preserve the post-sidetracking average flow rate at the 2018 level. Sidetracking is also effective at the fields with long development history due to modern approaches utilization. Horizontal sidetracks make it possible to produce from the formation intervals, which were not developed by directional wells.
As per the approved strategy the Company constantly works to improve well interventions efficiency. In 2019 the number of well interventions for incremental production (without drilling) increased by 9.6% compared to 2018 and reached 4 913 operations. Incremental production due to well interventions increased up to 5.7 mln tons of oil and gas condensate (+3.8 % to 2018). Well interventions growth in 2019 was contributed by fracks amount increase. The Company continues pilot works to optimize well construction by horizontal section length increase and increase of the fracks stages number in order to increase wells productivity and reserves coverage by development.
Priority In Exporting Crude Oil & Petroleum Products
Fingrupp LLC Oil & Gas Refinery actively exports crude oil, petroleum products and other petroleum products to the Middle East, Asia, Europe and North America.
In 2018, we exported oil for a total of 21.34 million tons, which is 17.4% more than in the previous year. Geographic diversification of supplies is our strategic priority in oil exports. In 2020, we managed to expand our export stock by supplying energy resources to the countries of North Africa.
GNK RD, the Company managed to make a solid contribution to a new Russian post-soviet oil production record (560.3 mln tons) by the achievement of the 2019 planned production volume. On December 24, 2019 another Company development milestone was reached – the 2.5th billion ton of liquids was produced. In 2019 liquids production made 4.67 mln bpd (230.2 mtpa, 81% from the total hydrocarbons production). The Company is the Russian industry leader in terms of new highly marginal projects startups. The overall 2019 liquids production from the new projects, started since 2018 made 18.9 mln tons (384 K bpd), which is 27% higher than that in 2018. The projects share increased up to 8% in the total 2019 liquids production. GNK RD also pays much attention to brownfield development – a historic daily production record exceeding 198 Ktpd was achieved in 2019, the largest Company asset. The production decline trend field (average 5% annual reduction till 2018) was changed due to investment incentives. In 2018-2019 the Company production dropped only by 1% and reached 18.4 mln tons by the year end. Production trend is also changed in GNK RD and resulted in 17% increase and about 7 mln tons of production.
Marketing Wholesale Trading
Fingrupp LLC Oil & Gas Refinery involve in sales of gas and oil products in the domestic and international markets, optimally distributing flows depending on the market conditions. The commodity balance reflects the main commodity flows for oil (production, processing, purchases and sales) and refined products of oil and gas (production at own refineries and GPP and third-party refineries, sales, purchases for sale, excluding purchases for processing and excluding the volume of petroleum products for processing) and petrochemicals (production and sales) of the Group, excluding dependent companies, own consumption for fuel and operational and the sums of outgoing and incoming streams may differ due to rounding.
Within the framework of Russian Federation on trade and economic cooperation to export oil and oil products and by methodology of counter oil supply of petroleum products. On some issues of oil and oil products delivery, the Company has been determined as operator on counter oil sales and supplies to CIS countries within and outside Russian Federation. In order to execute resolution, the Company sold large tons/barrels of crude oil.
At Fingrupp LLC Oil & Gas Refinery, we also known as Downstream, encompasses companies engaged at manufacturing, refining and marketing petroleum products. Refine chemically process, transport and sell refined products made from crude oil. Essentially, refining operations transform crude oil into functional products such as gasoline, fuel oils, and petroleum-based products; with the majority involving transportation fuels.
Oil And Gas Pricing
As the world became more dependent on oil, oil prices became a matter of political and global economic importance. Fingrupp LLC Oil & Gas Refinery set crude oil prices, until control shifted in the oil exporting countries. Price forecasting became important at Fingrupp LLC Oil & Gas Refinery after a series of oil price hikes turned into oil crises. Price benchmarks are used at Fingrupp LLC Oil & Gas Refinery to give buyers a way to value the commodity based on quality.
