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Gazprom Neft increases share of hard-to-recover reserves in production to 65% — CEO

Gazprom Neft sets the task for itself to not merely operate stably but to develop proactively as well, Alexander Dyukov noted

MOSCOW, July 2. /TASS/. Gazprom Neft has increased the share of hard-to-recover oil reserves in company’s production to 65%, CEO Alexander Dyukov said at the meeting with Russian President Vladimir Putin.

"Process engineering and development of hard-to-recover reserves is a very important area of operations for us. Hard-to-recover reserves already account for 65%, almost 70% in the company’s share of production," the chief executive said.

Gazprom Neft sets the task for itself to not merely operate stably but to develop proactively as well, Dyukov noted. "An investment program in production is being implemented to this end. We put the third block of the Urengoy field in commercial operation in April; a number of large fields in the Arctic, in East Siberia are being developed," the chief executive said.

Refining is an important area of company’s operations, Dyukov said. Gazprom Neft completed the upgrade of the country’s largest Omsk Refinery last year, he noted. "For the time being, this is essentially a new oil refinery with the refining depth of 99%; 90% of units are new units thus far," the chief executive added.

The large-scale revamp of the Moscow Refinery will end next year, the Gazprom CEO said. "Accordingly, the [refining] depth will also reach 99%," he added.

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