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Rosneft lowers liquid hydrocarbons production in Q2 2023 — company

CEO Igor Sechin added that the company had to reduce production volumes in the second quarter, considering external constraints

MOSCOW, August 30. /TASS/. Rosneft slashed production of liquid hydrocarbons by 2.2% to 3.9 mln barrels daily in the second quarter of 2022 due to constraints of oil production in Russia, the oil and gas major said.

The company was producing four mln barrels daily during the first six months of the year.

"Liquid hydrocarbons production in the first half of 2023 stood at four million barrels per day (97 mln metric tons). In view of the constraint of oil production in Russia since March 2023, the volume of liquid hydrocarbons production in the second quarter of 2023 was lowered by 2.2% to 3.9 mln barrels per day (48.2 mln metric tons)," Rosneft informed.

"The daily production of liquid hydrocarbons surged by almost 7%. However, the company had to reduce production volumes in the second quarter, considering external constraints. I would like to note that Rosneft is limiting oil production in one guise or another since 2017, which prevents unlocking the own potential to the full extent," CEO Igor Sechin said.

Russia started the voluntary reduction of oil production in March 2023 by 500,000 barrels per day from average February figures. The decision was renewed until the end of 2024 after the OPEC+ meeting in Vienna on June 4.

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