Date: 5 months ago   Category: Energy

Gazprom Neft can increase oil production by 50 thousand barrels a day by the end of 2019 — Rambler News Service


Gazprom Neft oil production (the transaction of OPEC) can increase oil production by 50 thousand barrels a day by the end of 2019 thanks to mitigation of terms of agreement of Russia with OPEC about reduction of level, the vice chairman of the board of Gazprom Neft Vadim Yakovlev has said. He has explained that terms of agreement of OPEC allow Gazprom Neft to increase production in the conditions of reduction in production of oil in Venezuela and Iran. Now production of the company reached level of production of October, 2016 — preceding measures of OPEC for market stabilization. "Now Gazprom Neft sees reserves that in the presence of such opportunity to increase production on 20-30 thousand barrels a day in the short term and on 50 thousand barrels a day in the long term (by the end of 2019)" — Yakovlev whose words are cited by the press service of the company has noted. Yakovlev has also noted that the total amount of investments of Gazprom Neft for the next two-three years is supposed at the level of 360-400 billion rubles a year. In the next years the company plans development of the new fields found around the existing infrastructure (West Winter, the Remote group of fields, the Meretoyakhinsky field). According to arrangements with OPEC, Russia had to reduce oil production by 300 thousand barrels a day to an indicator of October, 2016 when oil production made 11,247 million barrels a day (according to the Ministry of Energy of the Russian Federation). On April 28, 2017 the Ministry of Energy of the Russian Federation has reported that Russia has achieved the stated production reduction. On June 23, 2018 the OPEC countries at a meeting in Vienna have made the decision to increase production since July 1, 2018 approximately by 1 million barrels a day — before 100 percent observance of terms of transaction. The Minister of Energy of the Russian Federation Alexander Novak explained that the share of Russia in the general increase in oil production of the countries of OPEC can make about 200 thousand barrels a day.

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