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. Last Updated: 07/27/2016

TNK Boss Kukes on U.S. Board

The newest member of the board of Parker Drilling Co. will bring a global outlook to the firm that has decided to focus its efforts on offshore drilling projects in international markets.

The board elected Simon Kukes, president and chief executive of Tyumen Oil Co., or TNK.

Parker officials said Kukes' appointment last week will open the door to new business opportunities in Russia, Kazakhstan and the surrounding region.

"We're asking him to be an adviser on that part of the world," said Robert Parker Sr., board chairman for the Tulsa, Oklahoma-based drilling company.

Parker's expertise could help Tyumen realize the potential of its proven reserves, which total 7.4 billion barrels.

Tyumen has 20,000 wells, produces nearly 500,000 barrels of oil a day and an 8 percent projected annual growth rate.

Kukes said Parker could help resolve the lack of energy-related service firms.

"I see big opportunities for Parker to grow internationally," Kukes said. Parker said Kukes' expertise and knowledge could help Parker get other projects in the Caspian region.

And oil major Sidanko will complete the deal between its shareholders and shareholders of Tyumen Oil Co. with a new share issue, reported Interfax.

It was reported earlier that shareholders of both companies had signed a agreement that would result in TNK-owned Chernogorneft being cleared of debts and handed back to Sidanko.

TNK shareholders Alfa Group and Access/Renova will jointly buy 25 percent of shares plus one share in Sidanko.

Sidanko investors, including BP Amoco, accussed TNK of manipulating the courts and bankruptcy laws to push Chernogorneft into bankruptcy, before buying it at a rigged auction for the firesale price of $176 million last November.

Last December, Sidanko and TNK surprisingly announced an agreement, the terms of which dictated a TNK return of Chernogorneft to Sidanko.

The placement of the new share issue by way of private placement of additional ordinary shares is scheduled to be approved at an extraordinary shareholders meeting Aug. 25 in Moscow.