MOSCOW (MRC) -- Russia's Gazprom Neft said Nov. 18 it would hit its long-standing goal of reaching annual hydrocarbons output of over 100 million mt of oil equivalent in 2021, reported S&P Global.
The company was seeking to reach this target despite oil production limitations under the OPEC + pact by diversifying gas and condensate portfolio.
The company's output of hydrocarbons totaled 96.1 million mt in 2020, or 1.95 million b/d of oil equivalent.
"For the full year, the company is expected to produce over 100 million mt of oil equivalent for the first time in its history, with further growth potential next year," CEO Alexander Dyukov said in a release.
Gazprom Neft "proactively" boosted hydrocarbons production in the third quarter, he added, amid recovering demand for oil.
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.
Dyukov previously said Gazprom Neft could increase oil output by over 10% in 2022, depending on quotas set by the Russian energy ministry.
As MRC wrote previously, Gazprom Neft could increase oil production in 2020 by 10% year on year, said the company's CEO Alexander Dyukov on Oct. 14.
We remind that 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.
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