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NaftaGaz has became a backbone organization of the Russian fuel and energy complex

NaftaGaz has became a backbone organization of the Russian fuel and energy complex
Naftagaz-Drilling LLC (a NaftaGaz enterprise) is included into the list of backbone organizations of the fuel and energy complex of the Russian Federation. The Government Commission on Economic Development Sustainability Improvement, headed by First Deputy Prime Minister of the Russian Federation, Andrey Belousov, has approved the "list of 6 backbone organizations of the Russian economy" presented by the Ministry of Energy, as it follows from the Minutes of the Commission's meeting by correspondence.

The criterion for companies inclusion into the list is exceeding minimum values of industry indicators, separately specified for each industry. Such inclusion allows companies to gain access to preferential loans and government guarantees for investment projects and debt refinancing. Initially, the list included 97 organizations, including all the largest companies in the oil and gas sector. Market dominance and the introduction of critical technologies were the main criteria. At the end of this May, Vladimir Putin instructed to include, if necessary, oilfield service enterprises into the list of backbone organizations; the corresponding instruction was published on the official website of President of Russia.

In early September, Minister Alexander Novak informed the media, that “12 oilfield service organizations have already been included into the list of backbone organizations of the Russian economy, and 5 more are under development” within the measures to ensure sustainability of the oilfield services industry and maximum jobs preservation.

As CEO of NaftaGaz, Islam Nazaraliev, noted, “under the current pandemic conditions, this decision of the Government on President's instructions implementation gives us an understanding of the possibility to use preferential financial instruments, guaranteed by the state. We perceive it as an assessment of our efforts to develop independent Russian oilfield services and to conduct effective business. In 2019, the Company’s headcount increased by almost 30%, and the equipment fleet - by 40%. This allowed timely and high-quality delivery of our contractual obligations to customers and social responsibilities to our employees and partners even now. Nevertheless, today our facilities are partially abandoned due to the situation in the oil industry related to OPEC + decisions. We hope that, if necessary, government support will help us to quickly return to normal production scopes”.

References:
NaftaGaz is a Top-5 independent drilling contractor in Russia. Company’s core activities — drilling of oil and gas wells and full-cycle rigging services. Activity region are Yamalo-Nenets Autonomous District, Khanty-Mansi Autonomous District, Krasnoyarsk Territory, Tyumen and Tomsk Regions at facilities of Gazprom Neft PJSC, Rosneft PJSC, Gazprom PJSC. NaftaGaz shows steady growth of production and financial performance year after year. The company systematically increases activity in the market updating the equipment fleet and improving drilling rate mostly by acquiring new clients and entering new fields. Almost 3 million meters and 704 wells have been drilled since 2014 (the year of foundation), 70% of them were drilled by horizontal drilling. During five years, more than 5 billion rubles have been invested in fixed assets. The headcount is 1700 people. In 2018, NaftaGaz joined the IADC (International Association of Drilling Contractors) thus making its production compliant with international market requirements.
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