Monday 17 August 2015

Russia’s Rosneft buys oilfield service firm

Russian company Rosneft has bought an oilfield service company.

Its subsidiary now has full ownership of Trican Well Service, which provides pressure pumping services focused on production within the conventional oil and gas industry in Russia.

Rosneft said the new purchase will allow it to “increase economical and production efficiency in the area oil recovery increase, downhole operations and wells’ cementing".

It added: “The implementation of this strategy will allow the company to maintain record low operational costs leadership between leading oil and gas companies.

"Moreover the reached agreements will allow Rosneft to boost its expertise in the oilfield service area, due to access to high quality expertise in the area of production stimulation, well completion and downhole operations on conventional oilfields."