Parker Drilling appoints Russian oilman to board of directors

Aug 01, 2000 02:00 AM

Parker Drilling has appointed a Russian oilman to its board of directors -- a move that is sure to raise the value of Russia's third-largest oil company and give Parker some extra muscle in the region. According to Parker officials, the appointment of Simon Kukes, president and CEO of Tyumen Oil, to the Parker board will open the door to new business opportunities in Russia, Kazakhstan and the surrounding region.
"We're asking him to be an advisor on that part of the world," said Robert L. Parker Sr., board chairman. In return, the drilling contractor's expertise as a global company could help the Russian oil company unlock the potential of its proven reserves of almost 7.5 bn barrels, most of which are in Siberia.
"I see big opportunities for Parker to grow internationally," said Kukes after being appointed to the now nine-member board of Parker. Kukes' appointment to the board of the Tulsa-based drilling company may well be the first time a Russian CEO has been named to the board of a major US company listed on the New York Stock Exchange, Tyumen officials said.

Kukes' expertise and knowledge could help Parker Drilling secure other projects in the Caspian area. The company already has a strong presence in the region, drilling wells in some of the largest oil fields in the world, including the Kashagan East wildcat, which could be twice the size of Alaska's Prudhoe Bay, the biggest field in North America.
Russia's supply of qualified oilfield service companies is short. Demand for such a skill is high, and, according to Kukes, Parker Drilling could help fill that need. "It's hard to find a good contractor," he said.
Tyumen has 20,000 wells and produces nearly 500,000 bpd of oil. Kukes said the company's projected growth rate is about 8 % a year. "We need to do a lot of drilling work," he said.

Source: Energy24
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