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Gazprom Neft plans to increase hydrocarbon output to 130 mln tonnes by 2025

Oil demand will continue to recover in 2022, the company’s CEO Alexander Dyukov also noted

MOSCOW, January 26. /TASS/. Gazprom Neft plans to increase hydrocarbon production by almost a third in favorable conditions and reach 130 mln tonnes of oil equivalent in 2025, the company’s CEO Alexander Dyukov said in an interview with Rossiya-24 TV channel.

"We can already predict that by 2022, hydrocarbon production will have increased by at least 10%. When it comes to 2023-2024, a lot will rely on market conditions, since various things influence the price. However, for the time being, we are assuming that if there are no crises, we will be able to expand production by 5% [per year] in 2023-2024. Our next output milestone is 130 mln tonnes in 2025," he said.

Dyukov recalled that in 2021 the company surpassed the figure of 100 mln tonnes of oil equivalent.

He also agreed that oil demand will continue to recover in 2022 and will exceed the levels reached in 2021. "This means that while diversifying their business, oil companies should not forget to invest in creating new oil capacities. This is necessary to maintain stability in the market and avoid high volatility," he concluded.

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