Chornomornaftogaz

Chornomornaftogaz (also: Chernomorneftegaz, Ukrainian: Чорноморнафтогаз, Russian: Черноморнефтегаз, lit. "Black Sea oil and gas") is an oil and gas company located along Krymgazseti in Simferopol, Crimea. It is legally a subsidiary of Ukraine's state-owned oil and gas company Naftogaz.[4] However, after the 2014 Crimean crisis it was seized by the region's parliament in the run-up to its annexation by Russia.[5] There was also a privately owned oil company Chernomorneftegaz, registered in Moscow in 1998 and purchased by Rosneft in 2011, which is not linked to Chornomornaftogaz.[6]

Chornomornaftogaz
Native name
Ukrainian: Чорноморнафтогаз
Russian: Черноморнефтегаз
TypeState unitary enterprise
IndustryOil and gas
Founded1979
Headquarters
Simferopol
,
Crimea
Key people
Igor Shabanov (Director General)[1]
ProductsNatural gas
Crude oil
Natural-gas condensate
Production output
1.651 billion cubic metres (58.3×10^9 cu ft) of natural gas (2013)[2]
ServicesPipeline transportation
Natural gas distribution
Revenue$156 million[3] (2017)
-$8.38 million[3] (2017)
$645 million[3] (2017)
Total assets$2.17 billion[3] (2017)
Total equity$1.96 billion[3] (2017)
OwnerNaftogaz (de jure)
Republic of Crimea (de facto)
Websitegas.crimea.ru

History

The company was established with the order of the Ministry of Gas Industry of the USSR on October 20, 1978 №209-org to develop oil and gas resources in the Black Sea and the Sea of Azov.[7][8]

In February 2014, Ukraine's state-owned oil and gas company Naftogaz sued Chornomornaftogaz for delayed debt payments of 11.614 billion UAH (almost €1 billion) in the Economic Court of the Crimean Autonomous Republic.[9]

In March 2014, Crimean authorities announced that they would nationalize the company.[10] Crimean deputy prime minister Rustam Temirgaliev said that Russia's Gazprom would be the new owner.[11] A group of Gazprom representatives, including its head of business development, has been working at the Chornomornaftogaz head office since mid-March 2014.[4] Formally, nationalized assets were transferred to the newly established company Crimean Republican Enterprise Chernomorneftegaz, which was later reorganized into state unitary enterprise Chernomorneftegaz. On 11 April 2014, the U.S. Treasury's Office of Foreign Assets Control announced that it had added Chornomornaftagaz to the Specially Designated Nationals and Blocked Persons List as part of the U.S. sanctions against Russia.[12] Reuters quoted an anonymous U.S. official who explained that the United States wanted to make it impossible for Gazprom to "have dealings with Chornomornaftogaz", and if that were to happen, Gazprom itself could face sanctions.[13] The European Union followed suit on 13 May 2014, the first time its sanctions list has included a company.[14][15] Naftogaz has considered to file a suit against Russia in international arbitration for a compensation for the seized company.[16]

In December 2015, Chornomornaftogaz moved two jack-up rigs—Tavrida and Petro Hodovanets—from Odeske gas field to Russian territorial waters due to disputed status of the field and a risk that rigs will be arrested by the Ukrainian authorities.[16][17][18]

Operations

Chornomornaftogaz is an integrated oil and gas company engaged in natural gas explorations and production, transport, storage, and distribution. It operates the Hlibovske underground gas storage.[10] Its offshore operations are concentrated primarily in the northwestern part of the Black Sea shelf.[5]

The company has licenses for 17 fields, including 11 gas fields, four oil fields and two gas condensate fields.[19] It licenses for offshore fields include Odeske, Shtormove, Prykerchenske, Holitsynske, Arkhangelske, Bezimenne, Subbotinske, and Strilkove. In addition it owns licenses for Jankoy and Semenwckoye onshore fields. Its total reserves of all fields are estimated at 58.6 billion cubic metres (2.07×10^12 cu ft) of natural gas, 1.231 million tons of natural-gas condensate, and 2.53 million tons of crude oil.[20] In 2013, Chornomornaftogaz produced 1.651 billion cubic metres (58.3×10^9 cu ft) of natural gas.[2] In 2012, it produced 1.174 billion cubic metres (41.5×10^9 cu ft) of natural gas, 62,800 tonnes of natural-gas condensate, and 8,900 tonnes of crude oil.[21] The research group IHS reported that in 2013 Chornomorneftegaz accounted for 7.9% of Ukraine's gas production and 2.4% of its oil production.[5]

The company owns four jack-up rigs (Syvash, Tavrida, Petro Hodovanets, and Nezalezhnist) and eight fixed drilling platforms.[8][22][23][24] Purchase of Petro Hodovanets (ex-West Juno) and Nezalezhnist was criticized due to corruption and money laundering allegations and higher purchase price that the market price.[25][26] These rigs were nicknamed the "Boyko towers" after the former energy minister Yuriy Boyko.[2][27]

References
  1. "Igor Shabanov appointed as Director General of 'Chernomorneftegaz'". Vestnik Kavkaza. 2015-08-25. Retrieved 2015-02-11.
  2. Pogorilov, Stanislav (2014-03-19). След Газпрома: что будет с Черноморнефтегазом [Gazprom's trail: what will happen to Chornomornaftogaz] (in Russian). LIGABiznesInform. Retrieved 2014-03-22.
  3. https://www.kartoteka.ru/card/f6ac81c9fdbadc8a19be52fff7499e04/d76b2b3fea447ffb5e5440ca9222d13c/.
  4. "Crimea to hand over Chornomornaftogaz to Russia's Gazprom - deputy CEO". Interfax-Ukraine. 2014-03-18. Retrieved 2014-03-22.
  5. Crooks, Ed (11 April 2014). "US imposes sanctions on Crimea gas group". Financial Times. (subscription required). Retrieved 2014-05-18.
  6. Melnikov, Kirill (2011-09-08). "Роснефть" вывела частных инвесторов с шельфа. Компания покупает "Черноморнефтегаз" и "Синтезнефтегаз" [Rosneft brought private investors out from the shelf. The company buys Chernomorneftegaz and Sintezneftegas]. Kommersant (in Russian). Retrieved 2015-02-14.
  7. "European Gas Conference" (PDF). Archived from the original (PDF) on 2015-11-17. Retrieved 2015-11-13.
  8. "Chornomornaftogaz". Enterprise Catalogue Ukraine Today. Retrieved 2014-03-15.
  9. «Нафтогаз» требует, чтобы «Черноморнефтегаз» вернул 11,6 млрд гривень [Naftogaz requires that Chornomornaftogaz returned 11.6 billion UAH] (in Russian). UNIAN. 2014-03-18. Retrieved 2014-03-23.
  10. "Crimean authorities not ruling out future privatization of Chornomornaftogaz". Kyiv Post. Interfax-Ukraine. 2014-03-14. Retrieved 2014-03-16.
  11. "Нафтогаз" покинув свою "дочку" — "Чорноморнафтогаз" — напризволяще ["Naftogaz" left his "daughter" — "Chornomornaftogas" — to fend for themselves]. Espreso TV (in Ukrainian). 2014-03-14. Archived from the original on 2014-03-16. Retrieved 2014-03-16.
  12. "Treasury Designates Seven Individuals And One Entity Contributing To The Situation In Ukraine" (Press release). United States Department of the Treasury. 2014-04-11. Retrieved 2014-04-12.
  13. Mohammed, Arshad (11 April 2014). "U.S. sanctions Crimea gas company, in move aimed at Gazprom". Reuters. Retrieved 2016-02-11.
  14. Norman, Laurence (12 May 2014). "EU Modestly Expands Sanctions on Russia". The Wall Street Journal. Retrieved 2014-05-18.
  15. "EU punishes Russia, adds more names to sanctions list". EurActiv. 13 May 2014. Retrieved 2014-05-18.
  16. "Kyiv Says Russia Loots $357 Million Oil Rigs In Black Sea". Radio Free Europe/Radio Liberty. 16 December 2015. Retrieved 2015-02-11.
  17. "FSB sends escort ship to protect Chernomorneftegaz boring rigs from Ukrainian warships". TASS. 2015-12-16. Retrieved 2015-02-11.
  18. Barsukov, Yuri; Sokolovskaya, Yanina (2015-12-15). Отступление в буровом порядке. Зачем "Черноморнефтегазу" военный конвой [Retreat in the drilling mode. Why Chernomorneftegaz needed a military convoy]. Kommersant (in Russian). Retrieved 2016-02-11.
  19. "Chornomornaftogaz ups gas production by 12.8% in H1, 2012". Ukrinform. 2012-07-12. Retrieved 2014-03-16.
  20. "Chornomornaftogaz Triples Production at Offshore Strilkove Gas Field". Ukrinform. 2011-10-15. Retrieved 2014-03-16.
  21. Чем Россия расплатится за «Черноморнефтегаз» [What Russia will pay for Chornomornaftogaz] (in Russian). Forbes Ukraine. 2014-03-19. Retrieved 2014-03-23.
  22. "Black Sea oil and gas" (PDF). Energy Economics (378). Platts. April 2013. pp. 24–26. Retrieved 2014-03-16.
  23. "Chornomornaftogaz decides against leasing right to drill outside Ukraine". Kyiv Post. Interfax-Ukraine. 2012-08-13. Retrieved 2014-03-16.
  24. "Chornomornaftogaz additionally constructs facilities at Shtormove gas field in the Black Sea". Ukrainian Energy. Ukrinform. 2012-08-21. Archived from the original on 2014-03-16. Retrieved 2014-03-16.
  25. "Report says Ukraine overpaid for oil rig". Ukrainian Journal. 2012-05-25. Retrieved 2014-03-16.
  26. Stack, Graham (2013-09-02). "More questions as new details emerge over Naftogaz rig purchase". Business New Europe. Retrieved 2014-03-16.
  27. Semerak, Ostap (2012-12-26). "How to return $80 million to Ukraine for the Boyko towers". Kyiv Post. Retrieved 2014-03-22.
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