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Bashneft oil production increased by 10.9% year-on-year in 2016

July 27, 10:44 UTC+3
The production increased to 10.58 mln tonnes
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MOSCOW, July 27. /TASS/. Oil production of Bashneft in the first half of 2016 increased by 10.9% to 10.58 mln tonnes, the company said in a statement

"During the six months of 2016, Bashneft produced 10.58 mln tonnes of oil, which is 10.9% more than during the same period in 2015. Bashneft-Polyus boosted production by 76.3% year on year (to 1.082 mln tonnes), while Burneftegaz increased production by 66.3% (to 1.14 mln tonnes). In the first half of 2016, production at brownfields gained 1.4% year on year," the press release said.

"In the second quarter of 2016, the company produced 5.294 mln tonnes of oil, which is 9.6% more than in the second quarter of 2015. In the second quarter of 2016, average daily production reached 58,200 tonnes per day. Production growth was driven mainly by Bashneft-Polyus and Burneftegaz, which accounted for 21.6% of total oil production as against 14.6% in the second quarter of 2015,"accoridng to the press release.

"Year-on-year production growth was also supported by a 0.6% increase in oil production at brownfields, mainly due to commissioning of new wells and highly efficient geological and engineering operations in Bashkortostan," the press release said.

Bashneft operates in more than 20 Russian regions and overseas. The Russian Property Management Agency holds 50% + 1 share in the company. 25% plus one share in Bashneft belong to the government of the republic of Bashkiria (Bashkortostan).

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