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Gazprom Neft plans to fulfill its oil production plan despite production cut deal

May 24, 21:17 UTC+3 MOSCOW

The company will not change its plan for production at new fields

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MOSCOW, May 24. /TASS/. Gazprom Neft expects to fulfill its production plan for 2017, which is 89.2 million tonnes of hydrocarbons, despite an agreement with OPEC to reduce oil production, the company’s Deputy General Director for Economics and Finance Alexei Yankevich told a conference call.

"The agreement will have a certain impact on our production, but of course, when meeting these restrictions, we will try to reduce production in those projects that are less efficient than our greenfields. Most likely, the reduction will concern brownfields," he said.

"We are going to complete the plan we announced, which is 89.2 million tonnes of hydrocarbons, even taking into account these limitations, "Yankevich said.

He added that the company will not change its plan for production at new fields, in particular Novoportovskoye and Vostochno-Messoyakhskoye.

In 2016, the company increased hydrocarbon production by 8.2% to 86.2 million tonnes of oil equivalent. At the same time, head of Gazprom Neft Alexander Dyukov, said that in 2017 the company intends to increase oil production by 4.5-5% and production of hydrocarbons by the same percentage. According to him, before the agreement on the reduction of oil production, Russia entered into with OPEC countries and 10 other states, the production growth plan was more aggressive.

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