Russia's Gazprom Neft announced late Tuesday that it has completed the acquisition of OOO Yugra-Intek, so expanding its resource base in the Orenburg region in the south of the country.
OOO Yugra-Intek has a license to search, explore and produce oil in the Kuvaisky licensing area of the Orenburg region. Seismic surveys have already been conducted on the block, which covers an area of 52 square miles, and Gazprom Neft intends to continue geological surveying for more accurate data on reserves in the area.
The acquisition of the block – which lies adjacent to the Tsarichanskoye field that is also owned by Gazprom Neft – will deliver additional synergies within the infrastructure for preparing and transporting oil and the utilization of associated petroleum gas, the firm added.
Gazprom Neft First Deputy CEO Vadim Yakovlev commented in a company statement:
"Gazprom Neft has only been working in the Orenburg region for a few years, but our output has practically tripled over that period. We will continue to push this metric up and are aiming to produce 8.5 million tons of hydrocarbons per year by 2020."
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