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Gazprom Neft may raise its oil output by 10% in 2022

October 15/2021

MOSCOW (MRC) -- Gazprom Neft could increase oil production in 2020 by 10% year on year, reported S&P Global with reference to CEO Alexander Dyukov's statement on Oct. 14.

Dyukov previously said the company was seeking to push hydrocarbons output to 100 million mt in 2021 even if oil production limitations under the OPEC+ pact remained in place, from 96.1 million mt in 2020.

"Considering that next year demand for oil may continue to grow, next year we could increase production by 10%, maybe more, but it will depend on quotas set by the ministry," Dyukov said during the Russian Energy Week conference in Moscow.

He expressed hope that oil prices would not reach USD100/b, but that "everything was possible."

Gazprom Neft, like other Russian producers, is subject to quotas under the OPEC+ agreement.

In accordance with OPEC+ efforts to counter the impact of the coronavirus pandemic, the company cut oil output to about 1.06 million b/d in May 2020, compared to 1.33 million b/d in April 2020, when the deal was not yet in effect, according to the energy ministry's data.

As MRC informed earlier, in August, 2021, Gazprom Neft redeemed BO-01 and BO-04 series bonds ahead of schedule on 24 August. Bonds were repaid ahead of schedule at the outstanding part of the par value, while the coupon yield was paid for the coupon period, on the date of payment of which the securities are repaid ahead of schedule. Bond issues with a total par value of Rb15 bln. were placed in 2016 with maturity in 2046.

Gazprom Neft (headquartered in St. Petersburg, part of Gazprom, which owns 95.68% of its shares) is one of the largest Russian oil companies. In 2015, Gazprom Neft remained one of the leaders in the oil industry in terms of key performance indicators - the level of operating profit and return on invested capital. In 2015, Gazprom Neft produced 79.7 mln tonnes of hydrocarbons, increasing production by more than 20% compared to 2014 and thus achieving the highest production growth in the Russian oil industry.

Gazpromneft - Moscow Oil Refinery is a subsidiary of Gazprom Neft. The plant's production capacity is 12.15 mln tonnes/year of  hydrocarbons. The company produces motor gasolines, diesel, marine and aviation fuel, fuel oil, high-octane additives to motor gasoline, bitumen and gases for various purposes, as well as polypropylene (PP). And in 2010, Moscow Oil Refinery and SIBUR created a joint venture for PP production - NPP Neftekhimiya LLC.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Gazprom neft, Moscow Refinery, Russia.
Category:General News
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