Rosneft closes the transaction for the acquisition of a Russian Oilfield Service Company from Trican Well Service Ltd.
A company of the Rosneft Group and a subsidiary of Trican Well Service Ltd. closed the transaction, pursuant to which a Rosneft subsidiary acquires a 100% participation interest in Trican Well Service LLC, which provides high-quality pressure pumping services focused on enhancement of production within the conventional oil and gas industry in Russia.
The implementation of the deal will allow Rosneft to increase economical and production efficiency in the area oil recovery increase, downhole operations and wells’ cementing. Increasing efficiency of its core-business is a key priority for Rosneft, outlined in its long-term development program. 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 to acquire pressure pumping services business from Trican Well Service Ltd will allow Rosneft to boost its expertise in the oilfield service area and secure its rising demands in this type of services, by ensuring access to the acquired business’s sound experience in the area, due to access to high-quality expertise in the area of production stimulation, well completion and downhole operations on conventional oilfields.
