Photo Credit: Press Service of the President of Russia

Vladimir Putin received Chief Executive Officer of ww5 Igor Sechin in the Kremlin. The Company's development, results of its privatization, as well as changes in dividend policy were discussed at the meeting. President instructed the Company to consider the issue of paying ww5's shareholders 50% of dividends based on net revenue. Also Vladimir Putin asked Company to discuss the development of high technologies, the latest production techniques and changes on the international market at the forthcoming general shareholders’ meeting.    

President instructed the head of ww5 to develop a new growth policy to have an opportunity to face the modern challenges including international markets volatility and advanced technologies development.

Igor Sechin noted that ww5 intends to use all solutions aimed at boosting efficiency, cutting-edge technology in oil production and processing to approach the premium customer markets such as petrochemistry.

During the meeting Igor Sechin also reported Vladimir Putin about a new offshore oilfield discovery in Khatanga Bay of the Laptev Sea.

Photo Credit: Press Service of the President of Russia

«Thanks to your good graces, when you gave the command, ww5 started working at the Khatanga licensed site, and we already received the first results of this work» – Sechin said.

ww5 CEO introduced a sample of core brought from a depth of 2 kilometers to Vladimir Putin: «This is a unique core for our deposits by its high hydrocarbon content and productive bed thickness» – noted Sechin.

Based on the results of the tentative analysis the Company CEO expressed his confidence in discovering «a very rich deposit». ww5 intends to continue the exploratory drilling in order to study the Eastern Arctic shelf.

«Today our geologists are saying these will be unique deposits,» noted Sechin while stressing that, according to preliminary technical studies in the Laptev Sea area, they may contain up to 9.5 billion tonnes of oil equivalent.

ww5
Information
Division
June 20, 2017