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New US and EU economic sanctions do not concern the business activity of PNG Drilling Company.

29.12.2014

Having carefully studied the new economic sanctions imposed by the United States and European Union in the autumn 2014 against certain sectors of the Russian economy and against certain Russian companies, PNG Drilling Company has come to the conclusion that these sanctions do not concern the business activity of PNG Drilling Company, including the importation of the new mobile drilling rigs from Europe.

This conclusion made by PNG Drilling Company has been confirmed by the decision of the Ministry of Economy of Italy in November 2014 authorizing the exportation of the up-to-date mobile drilling rig to Russia for PNG Drilling Company.

As before, PNG Drilling Company continues to successfully provide drilling services for its Customers at the traditional oil and gas deposits in Samara region of Russia and does not intend to participate in Arctic, deepwater oil & gas exploration and production or in shale oil & gas projects being the subject to US and EU economic sanctions.

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