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    TotalEnergies signs agreements for the development of low carbon natural gas projects

    TotalEnergies starts pullback from Russia with $4 billion writedown

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil makes three new oil discoveries offshore Guyana

    Petronas hires Maersk semi-submersible for Suriname exploration

    Maersk Drilling awarded additional three-well contract with Aker BP

    Maersk Drilling secures contract extension from Equinor for low-emission jackup

    Seadrill awarded $404 million in contracts for three Middle East jackups

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    Shell starts production from Guanabara FPSO in Brazilian pre-salt

    Can African Oil Producers help the world end reliance onRussian Oil and Gas?

    Can African Oil Producers help the world end reliance onRussian Oil and Gas?

    ABB to lead power and automation engineering and equipment supply in new order from ioneer at US mine

    ABB to lead power and automation engineering and equipment supply in new order from ioneer at US mine

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MOL and PETRONAS Sign MoU on Liquefied CO2 Transportation for CCUS

    Cheniere announces substantial completion of Train 6 at the Sabine Pass Liquefaction Project

    Cheniere announces substantial completion of Train 6 at the Sabine Pass Liquefaction Project

  • Projects
    Global oil and gas projects pipeline at US$4 trn

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

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    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Angolan exploration and production to drive Africa cumulative capital expenditure

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Neptune Energy confirms oil and gas discovery at Hamlet in the North Sea

    Baker Hughes to expand carbon utilization portfolio with power-to-gas solution

    Baker Hughes launches subsea wellhead technology to lower well construction, installation costs

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    South Sudan to take over oil operations in nationalization drive

    Shell will sell Russian fuel stations as part of exit plan

    Guyana and Exxon in talks to build offshore gas pipeline

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Europe’s largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Neptune Energy increases production from Gjoa platform

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    Shell starts up hydrogen electrolyser in China with 20 MW production capacity

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    Aramco announces second quarter and half-year 2020 results

    bp agrees to sell its petrochemicals business to INEOS

    bp agrees to sell its petrochemicals business to INEOS

    Empire Pipeline Acquires Gibson Terminal In Terrebonne Parish, Louisiana

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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Gazprom plans to carry forward cost efficient in 2018

venkat by venkat
February 28, 2018
in Europe, Pipelines & Transport, Press Releases, Projects
0

The Gazprom Board of Directors took note of the information about the Gazprom Group’s cost optimization (reduction) efforts in 2018.

It was stressed that over the years the Company had sustained a comprehensive approach to cost reduction. The work in this area involves a number of main activities.

One of those activities is cost optimization at the budgeting stage, which is achieved by, inter alia, seeking additional cost reduction opportunities. A conservative approach to budget planning helps restrain cost escalation and ensure excellent financial stability.

When drafting its investment program, Gazprom performs a thorough assessment of the cost efficiency of its projects and the initial need i for investment. The investment portfolio is managed in such a way so as to ensure the timely implementation of all major projects and the fulfillment of obligations for reliable gas supplies during peak demand in winter.

Gazprom and its subsidiaries achieve significant additional savings through cost optimization in individual business segments. At present, Gazprom is implementing the Operational Efficiency and Cost Reduction Program for 2018, which contains a list of specific measures in such fields as FEED, non-core asset optimization, energy saving and energy efficiency, and procurement.

The Gazprom Group places special emphasis on procurement planning and implementation. Careful analysis and monitoring is performed at every stage, from determining the need for goods, works and services to executing contracts. This allows the Company to find additional options for cost reduction with regard to both current expenses and investment projects.

The Management Committee was instructed to carry on with the cost optimization efforts in 2018 and to report the results of those efforts to the Board of Directors in the second quarter of 2019.

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