Bashneft profits on higher output

Production push: Increased oil output lifts Bashneft earnings

Russian oil producer Bashneft has raised net income by 13% quarter-on-quarter in the second quarter as sales revenues rose on higher output from brownfields and better prices.

The Moscow-listed independent netted 15.85 million roubles during the second quarter on sales revenues up 11% versus the first quarter at 13.17 million roubles.

Oil production rose 6.3% to about 30.6 million barrels.

On a six-month basis Bashneft earned net income of 29.81 million roubles as production rose 9.3% to about 59.42 million barrels.

As Upstream reported earlier this month, Bashneft has looked to postpone a planned secondary placement of stock in London in a delay coinciding with a legal battle linked to its privatisation in the 1990s.

The operator's majority owner since 2009 Sistema has lost an appeal against a bar on it selling its shares in the company pending the investigation, according to Reuters reports from Moscow.

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