Rosneft acquires Orenburg Drilling

Rosneft

Rosneft has completed acquisition of 100% share in Orenburg Drilling Co. from VTB-Leasing Group.

Acquisition of Orenburg Drilling Co. is the key aspect of the program aimed at the re-equipment of Rosneft’s fleet of drilling units and implementation of the policy of the group for internal service share increase. Acquisition of Orenburg Drilling Co. will provide most important regions of the company’s activities with drilling operations subject to maximum pricing efficiency.

“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,” said Eric Liron, first vice president of Rosneft. “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 also to carry on rendering services to third-party customers, contributing to oil production efficiency improvement.”

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