Bashneft increased production and reduced oil refining in the first quarter

UFA, 23 April 2015. /Bashinform News Agency, Arthur Basyrov/. In the first quarter of 2015, Bashneft increased production by 14.4% and decreased oil refining by 11,3 percent compared with the same period in 2014. The latter indicator the company explains that it was in keeping with the plan and under current macroeconomic conditions and a new tax policy it helped to maximize the value of the product mix by increasing the output of light products.

Bashneft’s product mix considerably improved. Thus, gasoline output added 5% year-on-year and reached 1,212 thousand tons, while the output of diesel fuel increased by 5.5% to 1,898 thousand tons. At the same time, the output of fuel oil fell by 18.7% to 706 thousand tons, while the output of vacuum gas oil slumped by 93.6% year-on-year to 27 thousand tons.

The company’s press release marks that strong growth of oil production in the first quarter of 2015 was driven by a 4.7% increase in production at brownfields mainly due to highly efficient geological and engineering operations in Bashkortostan. The R. Trebs and A. Titov fields in the Nenets Autonomous District and the Sorovskoye field in the Khanty-Mansi Autonomous District, which accounted for 12.6% of the Company’s total production in the first quarter of 2015, were another important driver of production growth.