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Gazprom Neft curbs production due to old wells

March 09, 2:21 UTC+3

The total crude oil production cut will amount to 1.7-1.8 mln barrels per day

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HOUSTON, March 8. /TASS/. The Gazprom Neft company is curbing oil production at old fields on account of unprofitable wells, the company’s First Deputy CEO Vadim Yakovlev told TASS.

"We are reducing on account of old wells, the old marginal wells," he said, confirming that a sharp decline in the company’s production this January was caused by provisional output cuts at the Prirazlomnaya field.

"We faced a temporary situation in January. It was freezing and there were very strong winds that had a large impact on crude oil shipments from the port, from Prirazlomnaya," he added.

Earlier, Gazprom Neft CEO Alexander Dyukov said that in 2017 the company would increase oil production by 4.5% or 5% and hydrocarbons - by 4% or 4.5%.

In December, OPEC and non-OPEC countries signed an agreement on oil output cuts at a meeting in Vienna. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of next year, and reduce production by another 558,000 barrels per day. Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day. Russia plans to cut its oil production by 300,000 barrels per day in the first half of next year.

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