Bashneft Announces Preliminary Results of Its Production Activities

OREANDA-NEWS. February 8, 2012. Bashneft has announced preliminary results of its production activities in 2011.

In 2011, the company produced 15.106 million tons of oil on its fields, thus exceeding by 6.8% (961,000 tons) its oil production in 2010 and also exceeding by 2.8% (406,000 tons) the amount assigned in the business plan, which was equal to 14.7 million tons. Thus oil production level on Bashneft’s developing fields reached its optimum ahead of schedule and the Company plans on holding its position in the middle term.

The Company’s average daily oil output in Q4 2011 reached 41,800 tons, exceeding Q1 2009 by 30% (31,900 tons per day), when AFK Sistema took control over Bashneft. Production growth was ensured by the introduction of modern technologies and boosting the efficiency of geological and engineering operations.

In 2011, the Ufa oil refinery complex refined 21.062 million tons of oil, which is 0.6% less than it had refined in 2010. The average oil refining efficiency rate was 85.9% last year, which is insignificantly less than in 2010. Light oil output sank to 59.9% due to scheduled repairs of some secondary refining facilities, including catalytic cracking of vacuum gas oil (Q2), aromatic production plant (Q3), hydrogen production and hydrocracking (Q4). Bashneft is working on diversification and started production of RT aviation fuel in April, 2011.