Energy Transition: Companies' Perspective

Recorded On: 07/13/2021

Organized by the CIS-FSU Chapter

Mark Gyetvay, CFO & Deputy Chairman, Novatek
Sergey Vakulenko, Head of Department for Strategy and Innovation, Gazprom Neft
Moderator: Jennifer Josefson, AIPN President; Partner, Morgan Lewis

This webinar features presentations by Mark Gyetvay of Novatek, the largest independent natural gas producer in Russia and global LNG exporter, and Sergey Vakulenko of Gazprom Neft, a major Russian oil and gas company. The discussion explores the challenges and opportunities of the energy transition from the Russian company perspective. Jennifer Josefson, the newly appointed AIPN President and Morgan Lewis Partner, moderates the discussion.

Mark Gyetvay

CFO & Deputy Chairman, Novatek

Mark Anthony Gyetvay studied at Arizona State University (Bachelor of Science, Accounting, 1981) and later at Pace University, New York (Graduate Studies in Strategic Management, 1995). After graduation, Mr. Gyetvay worked in various capacities at a number of U.S. independent oil and gas companies where he specialized in financial and economic analysis for both upstream and downstream segments of the petroleum industry.

In 1994, Mr. Gyetvay began his work at Coopers and Lybrand, as Director, Strategic Energy Advisory Services. He subsequently moved to Moscow in 1995 with Coopers & Lybrand to lead the oil and gas practice. He was admitted as a partner of PricewaterhouseCoopers Global Energy where he assumed the role of client service engagement partner, Utilities and Mining practice, based in Russia (Moscow office). Mr. Gyetvay was an engagement partner on various energy and mining clients providing overall project management, financial and operational expertise, maintaining and supporting client service relationships as well as serving as concurring partner on transaction services to the petroleum sector.

Mr. Gyetvay is a Certified Public Accountant (inactive status), a member of the American Institute of Certified Public Accountants and an associate member of the Society of Petroleum Engineers. He is a recognized expert in the oil and gas industry, a frequent speaker at various industry and investor conferences, has published numerous articles on various oil and gas industry topics and was a former member of PwC’s Petroleum Thought Leadership team. He has been recognized by Investor Relations Magazine as one of the best CFO’s in Russia and the CIS, and by Institutional Investor magazine as one of the Top Five CFO’s in Europe’s Oil and Gas sector. Institutional Investor voted him as the Best CFO in the EMEA Oil and Gas category for 2017 and 2018. Finance Monthly magazine named Mark Gyetvay the Best CFO in Russia for the consecutive years of 2015 to 2019, and he received the Game Changer 2017 and 2018 Award for Russia.

From 2003 to 2014, Mr. Gyetvay was a member of NOVATEK’s Board of Directors and served on the Investment and Strategy Committee. From 2003 to 2014, he has been Chief Financial Officer and, in August 2007, Mr. Gyetvay was elected to NOVATEK’s Management Board. In July 2010, he became Deputy Chairman of NOVATEK’s Management Board.

Sergey Vakulenko

Head of Department for Strategy and Innovation, Gazprom Neft

Sergey Vakulenko heads the Strategy and Innovation Department of Gazprom-Neft. Until 2011, Mr. Vakulenko headed the consulting practice of IHS CERA in Russia, working, in particular, on projects for the reform of the tax system of the oil industry and the development of the General Scheme for the oil industry of the Russian Federation until 2020. Prior to IHS CERA, Mr. Vakulenko worked at Shell as an Economist, Business Development Manager, JV Representative and Portfolio Manager for the Exploration and Production segment. Mr. Vakulenko graduated from the Moscow Institute of Physics and Technology and the Fletcher School of Law and Diplomacy (a joint program of Tufts and Harvard Universities).

Jennifer Josefson

AIPN President; Partner, Morgan Lewis

Jennifer Josefson represents clients across the spectrum of energy industries, including oil, gas, liquefied natural gas, petrochemical, power, and renewables. Her practice focuses on international, cross-border transactions and projects in Russia, Central Asia, the Middle East, and Africa. She regularly advises on mergers and acquisitions, joint ventures, joint operating agreements, power purchase agreements, concessions, production sharing agreements, farm-ins, supply agreements, and service agreements. Jennifer also handles the commercial agreements regularly used by energy companies for revenue generation, raw materials and feedstock inputs, and facilities operations and maintenance.

Jennifer contributes to the development of international contracting standards for the energy industry through her work with the Association of International Petroleum Negotiators (AIPN). She currently presides as AIPN’s President, has served on AIPN’s Board of Directors, was founding regional director of AIPN’s CIS Chapter, and a co-chair of the AIPN 2019 Model Farmout Agreement Revision. As a standing faculty member for 10 years, Jennifer regularly conducts AIPN’s international oil and gas contracting training courses—the Short Course and the Core Course.

Consistently recognized as a top energy and natural resource lawyer, Jennifer is ranked in Tier 1 by both Chambers Global and Chambers Europe, and consecutively named “Lawyer of the Year – Russia” for oil & gas, energy, mining, and natural resources by Best Lawyers. Chambers Europe noted sources describe her as "extremely knowledgeable; she understands both the international best practices and Russian specifics of the project." Jennifer is also recognized by IFLR1000 and Who’s Who of International Energy Lawyers.

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