JSOC Bashneft plans to increase oil production to 220 thousand tons in the Orenburg Region

JSOC Bashneft and the Administration of the Orenburg Region have signed an Agreement for economic and social development till 2016 on Thursday. It aims at creating favorable conditions for economic and social development of the Region. The Agreement was signed by JSOC Bashneft President Alexander Korsik and Orenburg Region Governor Yuri Berg.

As oil company press service informs, in particular, Bashneft intends to increase investments in exploration and development of fields located at theKitayamsko-Blagoravskiy and Dachno-Repinsky license blocks, increasing the volume of oil production in the Region to 220 thousand tons per year by 2017.

Bashneft will continue implementing oil product supply investment programs focused on rebranding and modernization of gas stations and bulk plants, as well as the renewal of the vehicle fleet and further improvement of services at the company filling complexes.

The company will also continue to participate in social-oriented projects to develop the Orenburg Region.

In October 2012, OJSC Orenburgnefteprodukt merged with JSOC Bashneft, and as a result tax payments to the regional and municipal budgets of the Orenburg Region increased by more than 3 times and amounted to 489.7 mln roubles according to the last year results.

JSOC Bashneft operates in oil production and oil product supply in the Orenburg Region. LLC Bashneft-Dobycha carries out oil exploration and production at the Kitayamsko-Blagoravskiy and Dachno-Repinsky oil fields. The current production volume is 150 thousand tons per annum. Bashneft-Orenburgnefteprodukt is one of the leading companies in the Orenburg Region operating in oil product supply area. The subsidiary operates 88 filling stations and 15 bulk plants. Sales of oil products amounted to 653 thousand tons in 2012.