Bashneft announces preliminary results for 2012

Bashneft crude oil production rose 2.2% year-on-year to 15 437 thousand tons in 2012 (112 690 thousand barrels)*. Average daily crude oil production amounted to 42.2 thousand tons per day (308.1 thousand bbl per day).

Thus, by the end 2012 Bashneft retained its leading position in Russian O&G industry, not only maintained the optimal level of production but provide oil production growth. Oil production growth resulted from more efficient interventions and advanced technologies used for drilling new high-rate horizontal wells, Bashneft reports.

Bashneft Refineries in Ufa processed 20 773 thousand tons of crude in 2012 (151 643 thousand barrels) that is a 1.5% decrease compared with 2011 results. Average depth of refining amounted to 84.9% that is just slightly below 2011 figure, despite the regular overhaul held at Ufa Refinery in Q2. In the meantime average Nelson index grew to 8.55 from 8.3 after the Delayed Coker expansion project was completed at Bashneft-Ufaneftekhim with the capacity increase to 1.6 from 1.2 mln tons per year.

Light product yield remained at 59.7% level while the composition of petroleum products output and, particularly, gasoline products, was significantly changed. The share of Euro-3 gasoline decreased to only 20.5% from 73% year-on-year and share of Euro-4 gasoline and higher standard gasoline rose to 75.1% compared with 12.8% in 2011.

The share of Euro-4 diesel fuel in the product portfolio decreased to 10.5% from 16.7% in 2011 while the share of Euro-5 diesel fuel grew to 13% from 5%. In the meantime Bashneft has been selling only high-octane gasoline and Euro-5 diesel fuel through its own retail network starting from July 2012.

* – ton to barrel conversion factor – 7,3

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