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Gasco: an Isentranian company at work around the world
Gasco is an energy company working to build a future where everyone can access energy resources efficiently and sustainably. As a multinational company, we are considered one of the global supermajors, and we operate in dozens of countries around the globe, with roughly 33,000 men and women working for us. Our operations primarily focus on the exploration, development, production and sale of oil and natural gas. With more than 3.4 billion BOE discovered over the past three years, we are still best in class for exploration. However, our business model is becoming increasingly integrated and sustainable and we aim to eliminate gas flaring by 2025.
Our history
In 1974, Gasco was founded and established from the Oil and Gas Union, a state entity which existed under the old Directorate regime. Our founder and first CEO was Enrico Matheus, who did much to create our current guiding vision. Since then, Gasco has begun dozens of international exploration and development projects and has in the last decade, begun an intensive effort to place more emphasis on the exploration and sale of natural gas, particularly in northern Africa.
Our continued evolution towards becoming an integrated energy company saw us grappling with the restructuring of the business, which has saved us Æ700m a year. We generated Æ5bn in the three-year period 2014-16 by restructuring the mid-downstream sector, and refined our upstream model to ensure we can continue to create value despite the collapse in the oil price and in European gas consumption
Our operations
Upstream
Upstream refers to our onshore and offshore projects, from choosing oil exploration blocks and drilling wells through to our hydrocarbon production operations. Cutting-edge seismic surveying and subsoil analysis technology, as well as sophisticated tools and the expertise of our geologists and engineers, allow our oil fields to begin their productive life. Thanks to advanced analysis and drilling technologies, we are able to integrate exploration and development. During exploration, for example, we carry out analyses to prepare for development, which comes before production. Staggering the set-up stage of the mining sites of deposits means cash flow can be anticipated. Reconversion of exploration assets also saves us hundreds of millions.
Mid-downstream
Midstream refers to activities associated with the transportation and storage of hydrocarbons; downstream includes oil refining and distribution. Gasco's new strategy involves restructuring this sector to improve its efficiency and productivity. Biorefineries and green chemistry underpin Gasco's green economy.
Global operations
Gasco wants to improve access to energy in the countries in which it operates. Our inspiration comes from the Matheus formula (the basis for planning relationships with foreign governments devised by company founder Enrico Matheus), which since the 1970s has aimed to establish an equal relationship with oil-producing countries, creating the basis for a model of responsible economic development. This conviction is still valid today and aims to help producing countries become independent in energy supply through dialogue and respect for cultures.
Our values
Sustainability
Sustainability has always been the driving force in Gasco’s unceasing quest for progress. It is essential to guarantee results and strengthen the company’s reputation and economic performance. We have always worked in partnership with producer countries, acknowledging the value of their resources not simply in economic terms but by providing tangible support for energy development.
Innovation
Technological innovation is fundamental to both achieving our objectives and laying the foundations for our future. Every day we go down new roads, each arrival merely a new starting point. We strive for efficiency in all our activities, using our high level of expertise and our financial and energy resources in the best ways possible.
Humanity
We champion the importance of culture in all its forms through real support for research, from universities to schools to the Arts. And because we are inspired by strong principles and values, we aim to guarantee correctness, transparency, honesty and integrity in all areas of our work – always complying with the highest legal standards and guidelines, nationally and globally. Our actions are always aimed at safeguarding and promoting human rights, respecting safe and fair working standards, protecting the environment and countering corruption.
Energy transition
In 2016 the Carbon Disclosure Project (CDP) ranked us among the top of the major oil and gas companies in the Climate A List. We are moving ever closer towards decarbonising the energy system. Natural gas represents a strategic repositioning opportunity for us, because it has a lower carbon intensity and can be combined with renewable sources for electricity production. In addition, we want to invest in the methane supply chain, so we can continue to reduce CO2 emissions.
Our management
Fortem Testrius
Chief Executive Officer
Born in Pax Illori and Chief Executive Officer of Gasco since June 2014. He graduated in physics in the late 1970's from the University of Rhodes and began his career with the company in 1981 as an oilfield engineer.
Reyna Iovus
Chief Exploration Officer
Born in Volgna and Chief Exploration Officer of Gasco since December 2016. She graduated in geology in the late 1990's from the Union University and began her career with the company in 2002.
Contact us
Commodities Purchase Form
As a commodities company, Gasco is more than happy to become a regular supplier of oil and/or natural gas products to any corporate or government entity which is willing and able to provide consistent payment. We currently offer crude oil, liquid natural gas, gasoline, kerosene, heating oil, propane, butane, and other oil/gas products.
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[b]Commodities Purchase Form[/b]
[b]Name of Entity:[/b]
[b]Head of Entity:[/b]
[b]Products Desired:[/b]
[b]Describe Demand (high, med, low):[/b]
[b]Other Comments:[/b]
Exploration Project Proposal Form
Gasco is always seeking oil and gas exploration projects overseas, and we're willing to partner with nations and/or businesses for the purpose of development and resource extraction. The nations we do business in are treated with utmost respect, and Gasco always makes the maximum effort to protect the sanctity of the environment and the safety of the workers.
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[b]Exploration Project Proposal Form[/b]
[b]Name of Entity:[/b]
[b]Head of Entity:[/b]
[b]Project Location:[/b]
[b]Anticipated Resource (oil or gas):[/b]
[b]Other comments:[/b]
Construction Project Proposal Form
Gasco operates multiple refineries and pipelines abroad. If your nation or company wishes to present a construction proposal, please fill out the form below. Full disclosure, our acceptance will be based on our current number of projects and the geographical location of your proposed construction.
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[b]Construction Project Proposal Form[/b]
[b]Name of Entity:[/b]
[b]Head of Entity:[/b]
[b]Project Location:[/b]
[b]Proposed Construction (refinery, pipeline, other):[/b]
[b]Additional Project Description (design specs, potential obstacles, etc):[/b]
[b]Other Notes:[/b]
International Partnership Form
Gasco works with the academic community, civil society, institutions and businesses to research specific solutions for sustainable development.
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[b]International Partnership Form[/b]
[b]Name of Entity:[/b]
[b]Head of Entity:[/b]
[b]Describe Partnership Initiative:[/b]
