Gazprom Neft expands its resource base in the Orenburg region

14 October 2014

Gazprom Neft Orenburg (a subsidiary of Gazprom Neft) has completed the 100% acquisition of OOO Yugra-Intek, which has a licence to search, explore and produce oil in the Kuvaisky licensing area in the Orenburg region.

Seismological surveys have recently been conducted on the block, which covers an area of 140 km2. Gazprom Neft Orenburg will continue geological surveys at the field, in order to acquire more accurate data on the reserves. The acquisition of the Kuvay block, adjacent to the Tsarichanskoye field and owned by Gazprom Neft Orenburg, will deliver additional synergies in the preparation and transportation of oil, and in the utilisation of associated petroleum gas.

Vadim Yakovlev, First Deputy CEO of Gazprom Neft, said:

"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 tonnes of hydrocarbons per year by 2020."