The most important event in 2015–2016 was the Transformation Program under way which was initiated by the Head of State. The Transformation Program is aimed at increasing the company’s value, enhancing the business efficiency through changes in the business processes, introduction of the best managerial practices and technologies, improved human resources management and company’s portfolio management.
Since June 2016, a transition to a new model of the corporate scheme has begun which involves the simplification of the production asset management. The model seeks to reduce the number of management levels through affiliation of sub-holdings, simplification of the organizational structure and exit from non-core and auxiliary assets.
The number of management levels will be reduced to two against the existing six.
The first - management level - will be represented by a National Company. At this level, Strategic Management will be centralized.
The second level - subsidiaries. Their objective will be to effectively run business operations, according to the goals predefined by the corporate center.
The new model will reduce administrative procedures and the number of managerial levels, speed up decision-making and release resources to focus on core activities as well as improve the Group manageability. Strategic Management of the entire value chain - from hydrocarbons exploration and production to the sale of oil and gas products - will be fully centralized.