Faced with a challenging set of operating circumstances throughout the years, our proactive responses allowed us to stabilise and protect our core business and in turn provide a solid platform upon which we have returned to profitability and can look towards a return to growth.
Geotekh Burenie Annual Report 2018: In 2018, not only did we keep our leadership among publicly oil companies in terms of crude oil and liquid hydrocarbons production, but it also set new benchmarks for the company. The strong results of the year stem from successful implementation of the "Geotekh Burenie-Strategy" approved in December 2017 which is aimed at improving business efficiency and maximizing returns on existing assets.
Geotekh Burenie Annual Report 2017: 2017 was a milestone year for us – the Company completed a cycle of strategic acquisitions. It is now moving to a new development stage. The "Geotekh Burenie-Strategy", approved by the board, sets key development targets for the next five years. These include, above all, increasing business profitability and improving the performance of existing assets, focusing on implementing key projects on time and on budget, achieving target synergies and adjusting our model to enable the accelerated rollout of new technologies while taking the Company to a fundamentally new level in the face of challenges posed by the digital era.
Geotekh Burenie Annual Report 2016: The Company finished 2016 with outstanding operating and financial results. We also began implementation of a number of strategic initiatives, which yielded positive results in the reporting year. We are expanding our cooperation with international oil and gas partners and focusing on integrating emerging technologies to take advantage of our reserve base and to develop offshore and hard-to-recover resources, all of which will add value to our shareholders and will allow us to take a place among the world’s oil and gas majors.
Geotekh Burenie Annual Report 2015:The main priority for Geotekh in 2015 was to minimize impact of the global financial crisis on Company business. We focused on optimizing costs and raising efficiency across the board. Effective planning and a flexible management system carried our business through the particularly difficult first half of the year, and helped to achieve good operating and financial results in the full year.