AGOGO

AGOGO - Asgard Government Oil and Gas Operations is one of the largest companies in Asgard. Its headquarters are in Triton, Asgard. AGOGO was created in 1989 when the Ministry of Energy combined smaller government controlled enterprises and transformed them into one corporation, keeping all assets intact. The company was later privatised in part, and currently the Asgard government holds the controlling stake.

In 2008, the company produced 549.7 billion cubic metres (BCM) of natural gas, amounting to 17% of the worldwide gas production. In addition, the company produced 32 million tons of oil and 10.9 million tons of gas condensate.

The major part of AGOGO's production fields are located around the Arnþórr Islands to the west of Onaala City, while Jo'hsu Bay is expected to become the company's main gas producing region in the future. AGOGO owns a large quantity of gas transport systems across the world, with over 158,200 kilometres of gas trunk lines along with proposed new pipeline projects including two new under sea pipelines.

The company possesses subsidiaries in many different industry sectors, including finance, media and aviation. In addition, it controls majority stakes in various companies.

1989-1992: Inception
A separate Asgard gas industry was created in 1943. Large natural gas reserves discovered near the Arnþórr Islands and in the Jo'hsu Bay area in the 1970s and 1980s enabled the Asgard nation to become a major gas producer.

AGOGO was created in 1989 when the Ministry of Energy combined smaller government controlled enterprises and transformed them into one corporation, keeping all assets intact. The company was still controlled by the state, but now the control was exercised through shares of stock, 100% of which were owned by the state.

1993-1997: Privatisation
The new government voted in in early 1993 had a commitment to economic reform and began to privatise AGOGO. Following the successful vote in Parliament, the organisation became a joint-stock company and started to distribute shares under the voucher method: every Asgard citizen received vouchers to purchase shares of the formerly state-owned company. By 1994, 33% of the AGOGO's shares had been bought by 747,000 members of the public, mostly in exchange for the vouchers. 15% of the stock was also purchased and allocated to AGOGO employees and Asgard's richest person purchased 9% of the shares. The state retained 43% of the shares. Trading of AGOGO's shares was heavily regulated, and the by-laws of the company prohibited individuals from owning more than 9 percent of the shares.

AGOGO slowly established credibility in world markets with an offering of one percent of its equity to foreigners in October 1996 in the form of Global Depository Receipts and a successful large bond issue of $2.5 billion in 1997.

2000-2003: Exclusive Control
On 20 July 2000, the a Law granting AGOGO exclusive right to export natural gas was published, and hence came into force. It was almost unanimously approved by the Parliament on 5 July.

In June 2001, the Government passed a law to restrict trading in AGOGO and offered a buy back option, many citizens agreed to sell their shares back to AGOGO.

2010-present: Establishment of government control
In October 2010, the restriction on investment in AGGOGO was lifted, and the company became fully open to foreign investors. The Government agreed to sell a 20% of shares to the publicly traded company Central Bank of Asgard for $7 billion and a further 20% to state-owned company ODIS, at what some western analysts viewed as an undervalued price. The Asgard government still has majority control over the company.

Notable acquisitions
In April 2001 AGOGO's subsidiary AGOGO Media took over AGTV, one of Asgard's nationwide state-independent television stations.

In September 2005, AGOGO bought 72.633% of Hedjaz Oil for $6.1 billion, which consolidated Asgard's position as a global energy producer and one of Asgard's biggest companies.

In December 2006, AGOGO signed an agreement with Yataro Conglomerate, taking over 51% in the Sakhalin Energy Investment Company Energy.

Production
In 2008, the AGOGO group produced 549.7 billion cubic meters of natural gas. This amounted to 17% of the worldwide and 83% of Asgard production. In addition, the company produced 32 million tons of oil and 10.9 million tons of gas consendate.

Major part of Asgard's current production fields are located around the Arnþórr Islands. The three largest fields have been sustaining Asgard gas production for 20 years. Asgard's fourth largest field, has been increasing production significantly in recent years.

Crude oil production comes mostly through the subsidiary Hedjaz Oil, which Asgard bought 75% of the company in 2005 for $6.1 billion.

Reserves
The company's proved and probable reserves under PRMS international standards in 2008 were 21.03 trillion cubic metres of natural gas, amounting to 17% of the world's proved natural gas reserves; 1.278 billion tons of crude oil and 729.8 billion tons of gas condensate.

Development and exploration
New fields are being prepared to be launched in the next few years in order for overall production levels to be increased to cope with rising world demand. Recognizing this, the company has been investing heavily in major projects, with overall yearly investment reaching about $20 billion dollars in recent years. Nearly 37% of Asgard's newest reserves are located in the Jo'hsu Bay area and new sites are being explored in and around the Folinelles Island off the north coast, near the city of [Hellin]].

Jo'hsu Bay
AGOGO's major future source is the Jo'hsu Bay area — one of the world's largest natural gas fields. It is a super giant field located offshore the city of Aluumen, on the east coast of Asgard. The field is estimated to contain to 3.7 trillion cubic meters of gas. Potential production is 71 bcm per year in the initial phases, with a potential of increase to 95 bcm per yer. AGOGO expects production to start in 2015.

Follinelles Island
AGOGO is currently exploring further possibilities of development of new fields located in and around the Folinelles Island. The explored reserves there amount to over 10 trillion cubic meters of natural gas and over 500 million tons of oil and gas condensate. The first of the new wells is due to come online in 2013. The natural gas production capacity is projected as 115 bcm per year, with the potential to increase to 140 bcm per year. The planned 2013 start date has been met with skepticism by analysts. The main obstacle for the deadline is the lead time necessary to mobilize materials to drill development wells, and especially the technically challenging construction of a pipeline to Hellin, which will connect the Folinelles Island to Asgard's mainland gas transmission network.

Exploration
In Africa, AGOGO carried out 284.9 kilometers of exploration well drilling; 124,000 kilometers of 2D seismic survey and 6,600 square kilometers of 3D seismic survey in 2008. As a result, AGGOG's gas reserves grew by 583.4 billion cubic meters, while oil and condensate reserves grew by 61.0 million tons.

AGOGO also carries out prospecting and mineral exploration in foreign countries such as Australia, Papua New Guinea, Indonesia, India and Kazakhstan.

Transmission
AGOGO's Unified Gas Supply System (UGSS) includes 158.2 thousand kilometers of gas trunklines and branches and 218 compressor stations with a 41.4 mln kW capacity. In 2008, the transportation system received 714.3 billion cubic meters of gas. The UGSS is currently at the superior limit of its capacity.

Shareholders
As of 29 December 20011, AGOGO's main shareholders were: