Geotech, Bashneftegeofizika Russian oilfield service holdings begin merger
MOSCOW. July 28 (Interfax) - JSC Bashneftegeofizika and JSC Geotech, two major Russian oilfield service holdings, have begun merging, Geotech reports.
"A series of measures to consolidate the assets of the two companies is underway as part of the agreements reached between the companies' shareholders," according to the statement. The deal should close by the end of the year.
Founded in 2009, Geotech, formerly Geotech Seismorazvedka , operates in Western and Eastern Siberia, the Timan-Pechora and Volga-Ural provinces, as well as in Kazakhstan, Uzbekistan, and other countries. The company boosted revenue 15% to 6.3 billion rubles in 2025. Geotech was previously owned by a closed-end mutual fund within Gazprombank Group , though control was transferred to JSC RNI Holding at the end of 2025 according to the latest disclosed information. Geotech's CEO, Mikhail Vakhrushev, is also the CEO of several subsidiaries of VMP Scientific and Production Holding.
A source familiar with the negotiations told Interfax that the deal has resulted from the restructuring of Geotech's loan portfolio, as well as the support and financial assistance of a major Russian bank.
Ufa-based JSC Bashneftegeofizika (BNGF) is a Russian oilfield services company that has been linked to developing the Bashkortostan oil industry since 1932. BNGF is one of the largest domestic manufacturers of oil and gas equipment and is considered a backbone enterprise in the fuel and energy sector. BNGF boosted revenue 45% to 37.3 billion rubles in 2025.
"The merger will create one of Russia's largest players in the oilfield services market, with a full range of expertise, from developing and manufacturing modern equipment to providing a full range of geological exploration and oilfield services. The companies' combined production, technological, and scientific potential will create additional opportunities for implementing large-scale projects for leading Russian subsoil users, developing domestic technologies, boosting import independence, as well as expanding presence in the foreign markets of friendly countries," according to the press release.
