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Gazprom Neft retains hydrocarbon production plan for 2017 at 89.2 mln tonnes

March 02, 7:39 updated at: March 02, 8:02 UTC+3

At the end of 2016 the company increased its hydrocarbon production by 8.2% year-on-year to 86.2 mln tonnes of oil equivalent

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MOSCOW, March 2. /TASS/. Gazprom Neft, despite agreement between Russia and OPEC to reduce oil production, maintains production plan of 89.2 mln tonnes of hydrocarbons for 2017, according to the company’s Deputy CEO for Economics and Finance Alexei Yankevich.

"Our production plan totals 89.2 mln tonnes - and we stick to that plan," he said.

At the end of 2016 the company increased its hydrocarbon production by 8.2% year-on-year to 86.2 mln tonnes of oil equivalent.

It was reported earlier that Gazprom Neft, which was meant to intensively increase production for the year cut it, in January more than other companies. Head of the company Alexander Dyukov reported that in 2017 the company plans to increase its oil production by 4.5 - 5%, hydrocarbons - by 4 - 4.5%. According to him, prior to the agreement on reducing oil production, which Russia signed with the OPEC states and 10 other countries, production growth plan was more aggressive.

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries agreed to reduce their daily average output by 1.164 mln barrels starting January 1, 2017. Together with 11 countries outside of the organization, reduction of oil production will total 1.7-1.8 mln barrels per day. Russia is going to adhere to its commitments to reduce oilproduction by 300,000 barrels.

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