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Oil price of $50 per barrel comfortable for Russia’s sector, says expert

According to the head of strategy and innovation at Gazprom Neft, production is profitable for the company with the oil price of $20 per barrel

© Igor Onuchin/TASS

MOSCOW, February 17. /TASS/. The oil price of $50 would be comfortable for Russia’s oil sector in the long-term, Head of Strategy and Innovation at Gazprom Neft Sergey Vakulenko told an online discussion on Wednesday, adding that production is profitable for the company with the oil price of $20 per barrel.

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"It is rather difficult to speak about certain prices being comfortable for Russian companies without mentioning taxation, but we believe that in the long-term around $50 per barrel is a comfortable price. Higher is also good, of course, but we are fine with $50," he said.

For Gazprom Neft the price of around $20 per barrel is profitable, Vakulenko said, adding though that this option envisions no new projects development.

"Speaking about stress tests, with the price of less than $20 we can produce oil, drill wells at existing fields, but not develop new projects," he noted.

Deputy Chief Executive Officer for Exploration and Production Vadim Yakovlev told TASS earlier that Gazprom Neft projects the oil price at $50 per barrel for 2021.

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