Rosneft Buys Orenburg Drilling Company

Russia's Rosneft reported Wednesday that it has acquired Orenburg Drilling Company from VTB-Leasing Group. 

Rosneft said the acquisition of Orenburg is a key aspect of its program aimed at reequipping its fleet of drilling units and implementing a policy for increasing the amount of services it can supply internally.

Rosneft First Vice President Eric Liron commented in a company statement:

"The Orenburg Drilling Company fleet of drilling units is one of the most modern in terms of technology and average age of the drilling units. As a result of the transaction, Rosneft's internal service share will increase enough to considerably improve efficiency of drilling projects implementation at the company's greenfields and brownfields, in particular by means of cost control at each stage of wells construction.

"Rosneft plans not only to concentrate on domestic drilling needs, but to carry on rendering services to third-party customers, contributing to oil production efficiency improvement."

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