Russian oil producer Bashneft has acquired a 100% stake in oil firm Burneftegaz in a deal worth more than $1bn.
Bashneft president Alexander Korsik said that the acquisition of Burneftegaz meets the requirements of the company’s strategy for the upstream segment, which involves resource base expansion and the acquisition of promising assets.
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“This transaction will enable considerable expansion of the company’s footprint in the Tyumen District, where we are already implementing a number of successful upstream projects,” Korsik added.
Burneftegaz owns the rights to exploration and development of the Sorovskoye field and the Tortasinskoye fields in Russia through its wholly owned subsidiaries.
Commercial oil production at the Sorovskoye field was launched in 2013, totalling around 300,000t. Licences for the fields are valid until 2032, and total ?1+?2 oil reserves are estimated at 53.4 million tonnes.
Burneftegaz’s wholly owned subsidiary LLC Tortasinskneft also holds licences for geological exploration at the Severo-Ityakhskiy 3 and Vostochno-Unlorskiy subsoil areas. Burneftegaz has conducted 2D seismic surveys covering 575km and 3D seismic surveys covering 234km² and drilled seven prospecting and exploration wells.
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By GlobalDataUnder the terms of the licence, 2D seismic surveys covering 578km have been conducted, and exploration drilling has commenced at the Severo-Ityakhskiy 3 subsoil area. 2D seismic surveys covering 592km have been conducted at the Vostochno-Unlorskiy subsoil area, and the first exploration well drilling is slated for 2015.
Image: Bashneft Group’s oil production. Photo: courtesy of JSOC Bashneft.
