Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

TNK-BP Acquisition Boosts Rosneft's 1Q Production

change text size

Russia's OAO Rosneft reported Tuesday that its first quarter production increased by 82.4 percent compared with 1Q 2012 to 4.8 million barrels of oil equivalent per day (boepd).

The firm said that the increase in its crude oil production – to 4.2 million boepd – was largely due to its acquisition of TNK-BP adding some 18.4 million barrels. Removing the contribution from TNK-BP, Rosneft said that its daily oil production increased by 0.6 percent thanks to organic growth at its Vankor oil field that was mainly driven by new wells.

Gas production increased to 635,000 boepd, compared with 226,000 boepd for 1Q 2012. The jump in production was again largely due to the impact of TNK-BP's contribution.

Rosneft President Igor Sechin commented in a statement:

"The key event for Rosneft in the reporting period was the acquisition of 100-percent equity interest in TNK-BP. The company has strengthened its leading positions in development of the Russian shelf and signed a number of significant long-term agreements on monetization of hydrocarbon production.

"Dynamic business development had a positive impact on our operational performance – sustainable production growth and building up our reserve base. We have maintained our solid financial position and will continue to work efficiently to increase the shareholder value and investment appeal of our company."

Rosneft's revenues for 1Q 2013 were greater by 2.5 percent at $24.4 billion, while EBITDA profit improved 7.6 percent to $4.7 billion.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  CNOOC Flows First Oil from Xijiang 24-... (Nov 25)
 -  Faroe Completes Sale of Glenlivet Stak... (Nov 25)
 -  Jupiter to Spud Latest Kazakh Well in ... (Nov 25)
 -  Maersk Gets Extension from Hess for Re... (Nov 24)
 -  Cidade de Ilhabela FPSO Achieves First... (Nov 24)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Controls Cost/Scheduler
Expertise: Budget / Cost Control, Planner / Scheduler, Project Controls
Location: Deer Park, TX
 
Domestic Mobility Tax Consultant
Expertise: Accounting or Finance
Location: Houston, TX, TX
 
Production Accountant (RS1050)
Expertise: Accounting or Finance
Location: Houston, TX
 
search for more jobs