16 July 2015, Thursday, 17:12

Bashneft increased oil production and reduced processing in the first half of the year

 

UFA, 16 July 2015. /Bashinform News Agency, Elvira Latypova/. PSJOC Bashneft in the first half of the year increased oil production by 12.4% to 9.54 million tons, the press service of the company informs. The oil refining decreased by 14.9% and amounted to 9.19 million tons.

The preliminary operating results for the half of the year showed the 3.6% growth of production at the brownfields compared to the corresponding period of the last year. Increase in production at brownfields was mainly due to commissioning of new wells and highly efficient geological and engineering operations in Bashkortostan. The R. Trebs and A. Titov fields in the Nenets Autonomous District and the Sorovskoe field in Khanty-Mansi Autonomous District also played a significant role in the production increase. They provided 14.6% of the company’s total production in the second quarter.

The reduction in processing of hydrocarbon raw materials in the first half of the year to 9.19 million tons was scheduled. This level of processing in the current macroeconomic situation and the existing tax environment allows maximizing the value of the commodity basket by increasing the output of light petroleum products, it is said in the company’s press-release.

Dark oil product output decreased significantly. The vacuum gas oil production was completely terminated. The fuel oil output decreased by 16.7% to January-July 2014 — to 1,283 thousand tons. Light oil products output increased to 68.5% compared to 60.5% in the second quarter 2014. A significant increase in the share of light oil products and their quality improvement became possible owing to the completion of a number of projects for Bashneft Refinery Complex modernization in 2014, including the commissioning of a new hydrogen production unit.

PJSOC «Bashneft" is a vertically integrated oil company operating in more than 20 regions of Russia and abroad. At the end of 2014 it ranked sixth in Russia's oil production (17.8 million tons), and the fourth — in primary oil refining (21.7 million tons). Proved oil reserves as of January 1 totaled 2.15 billion barrels, reserve life — 16.9 years. Since July 3, 2015 the Republic of Bashkortostan owns a blocking stake in the company — 25% plus one share, the Federal Property Management Agency controls 50.08% of the authorized capital.