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Gazprom Neft to raise 2007 oil output nearly 1% to 660,000 b/d
Platts
Moscow
Petroleumworld.com 12 28 06Russia's Gazprom Neft, an oil arm of the gas giant Gazprom, plans oil
output to grow slightly to over 33 million mt (660,000 b/d) in 2007, up from
654,000 b/d it expects to pump this year, a company's spokeswoman said
Wednesday.
"The 2007 plan envisages oil output to exceed somewhat 33 million mt,"
she said, adding that the plan is yet to be approved by the company's board of
directors.
Starting from 2007, Gazprom Neft (former Sibneft) plans to increase crude
output annually after the oil production was declining at least for two last
years.
Sibneft's oil production was already declining when Gazprom bought the
firm in October 2005, mainly due to insufficient investments, according to
Gazprom.
This year, crude output is seen 1% less than in 2005 at 32.73 million mt
(654,600 b/d), but 2.2% more than expected. In 2005, Sibneft produced 33
million mt against 34 million mt planned. In 2004, Sibneft's oil output was at
34.04 million mt.
The company's current plans envisage raising oil production up to 80
million mt/year (1.6 million b/d) by 2020. To meet the goal, Gazprom Neft has
to increase oil output on average by 4% per year, according to its long-term
strategy.
The oil output growth will be achieved using modern technology at the
company's old fields as well as tapping new fields.
In 2007, the company plans to participate in all possible auctions to
receive rights on developing new profitable reserves. "We are interested in
further acquisitions of everything what is profitable," the spokeswoman said.
In December 2006, Gazprom Neft won auctions to develop Yuzhno-Toraveysky
block in the Nenets region in Russia's North, whose recoverable reserves are
estimated at 12.3 million mt (89.79 million barrels) of crude and 343 million
cubic meters of natural gas. In-place reserves are estimated at 60 million
boe.
It also won rights to develop Novorossiisky block in the Krasnodar region
in southern Russia last September. The block's reserves are forecast to hold
25 billion cubic meters of gas.
--Nadia Rodova, nadia_rodova@platts.comFor more news, request a free trial to Platts Oilgram News at
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Platts 27 12 06
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