Bashneft’s profits rise

by on November 19, 2012 7:42 am BST

Net income for the nine months to 30 September totaled about $1.46 billion, up from a profit of $1.44 billion during the same period last year.

Revenues also increased slightly, from $12.47 billion last year, to nearly $12.63 billion during the first nine months of 2012.

The jump in revenues came as production lifted 2.1%, averaging about 307,200 barrels of oil per day, up from an average of about 301,000 bpd a year earlier.

Bashneft attributed the rise in output to improved efficiency of production drilling and the use of enhanced oil recovery techniques.