Russia’s Bashneft boosts output in 1Q 2014

5/1/2014

Russia’s Bashneft boosts output in 1Q 2014

MOSCOW -- In the first quarter of 2014, Bashneft produced 4,115 thousand tonnes of oil, a 7% year-on-year increase from the first quarter of 2013. In 1Q 2014, average daily production amounted to 45.6 thousand tonnes per day, having reached an 18-year high.

The strong production growth in 1Q 2014 was driven by a 2.2% increase in production at brownfields, due to highly efficient geological and engineering operations, and by the fact that from January to March 2014, Bashneft produced 176 thousand tonnes of oil at the R. Trebs and A. Titov fields in the Nenets Autonomous District.

In addition, starting from March 27, 2014, Bashneft consolidated production from the recently-acquired LLC Burneftegaz for the last five days of March 2014, during which time Burneftegaz produced 9 thousand tonnes of oil.

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