Thursday, 27 March 2014

Bashneft buys Siberian producer for more than $1 bn

MOSCOW -- Bashneft Group has gained control over a 100% stake in LLC Burneftegaz, a company conducting exploration and producing oil in the Tyumen District, Russia. LLC Burneftegaz owns the rights to exploration and development of the Sorovskoye field (the Vostochno-Vuemskiy licence area) and the Tortasinskoye field (the Tortasinskiy licence area) via its wholly-owned subsidiaries. Total ?1+?2 oil reserves of the fields amount to 53.4 million tonnes. Commercial production was launched at the Sorovskoye field in 2013.


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