Rosneft Acquires Orenburg Drilling Company
Rosneft completed acquisition of 100% share in Orenburg Drilling Company from VTB-Leasing Group.
Acquisition of Orenburg Drilling Company 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 Company 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. 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,” First Vice President of Rosneft Eric Liron commented on the transaction.