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Gazprom Neft says can boost output by up to 80,000 barrels per day in two days

Earlier, Russia and Russian oil companies, including Gazprom Neft, agreed to cut crude production by 228,000 barrels per day under the OPEC+ deal

© Vladimir Smirnov/TASS

RIYADH, October 14. /TASS/. Gazprom Neft technically can boost its crude production within two days by 75,000-80,000 barrels per day, and double it within 2-3 months, Chief Executive Officer of the Russian oil producer Alexander Dyukov told reporters on Monday.

Read also

OPEC Secretary General: World will continue to need oil going forward

"Gazprom Neft can boost production by 75,000-80,000 barrels per day within two days and by 150,000 barrels per day — within 2-3 months," he said.

Russia and Russian oil companies, including Gazprom Neft, agreed to cut crude production by 228,000 barrels per day from the level of October 2018 when it amounted to 11,421 mln barrels. Deputy Chief Executive Officer of Gazprom Neft Alexei Yankevich said in May that he considered the company’s possibilities to boost production this year substantial if restrictions within the OPEC+ deal were removed. Nevertheless, the agreement was extended in June by the end of March 2020.

Earlier reports said that without taking into account OPEC+ restrictions Gazprom Neft can boost crude production from 63 mln tonnes by the end of 2019 to 65-66 mln tonnes in 2020. Meanwhile, hydrocarbons output will rise from 96 mln tonnes this year to over 100 mln tonnes in 2020.

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