JSOC Bashneft will increase extraction of hydrocarbons and will continue upgrading

Elvira Latypova

In 2012 Bashneft extracted 15,396 million tons of oil at the plan of 15,15 million tons. In 2013 the extraction volume in the territory of Bashkortostan will remain the same. To increase oil recovery the company plans, in particular, due to developing the Trebs and Titov oilfields in the Nenets Autonomous District which will be started in pilot operation by the end of the year. The Group’s President, the Chairman of Board of JSOC Bashneft Alexander Korsik said about it in his interview to journalists upon termination of the company shareholders meeting.

It was the first meeting of shareholders of the reorganised company. It should be mentioned that, in the course of reorganisation affiliated joint-stock companies "Ufa Oil Refining Factory", "Novoil", "Ufaneftehim", "Bashkirnefteprodukt" and "Orenburgnefteprodukt" joined "Bashneft".

The reached level of extraction will be supported at operating Bashneft’s oilfields in Bashkortostan within the next three-five years. In addition to it, according to Alexander Korsik, the company plans «to find additional reserves which can be essential in comparison with what we have for today». «A large-scale geological exploration program» is provided in the company, licences are purchased now.

In the field of oil refining Bashneft will continue the upgrading program. «We already supply today all marketing companies with Euro-5 fuel. Gradually we will completely pass to issue of only Euro-5 fuel», the Chairman of Board of JSOC Bashneft informed.

JSOC Bashneft reorganisation cannot affect cost of fuel for consumers in any way, Alexander Korsik assured. He marked: «All functionally is the same. Expenses did not change. The gasoline price is influenced by cost of oil which does not depend on us, cost of processing and the state tax policy». In the macroeconomic plan the Bashneft President does not see preconditions for radical changes in the market. In his opinion, «most likely, the price for gasoline will be more or less at the same level where it is».

#bashneft #oil recovery #upgrading

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