Rosneft plans to increase annual oil production to over 250 mln tonnes by 2022

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Development of new fields, including the Vankor and Erginskoye areas, as well as the Russkoye and Yuzhno-Komsomolskoye fields, is seen as one of the sources for the production growth

KRASNOYARSK, /TASS/. Russia’s oil major Rosneft said on Thursday its oil production may exceed a forecasted figure of 250 million tonnes a year by 2022.

“By the year 2022, the company plans to increase its oil output to 250 million tonnes or more, thanks to organic growth,” according to the materials issued ahead of an annual meeting of shareholders.

According to the materials, development of new fields, including the Vankor and Erginskoye areas, as well as the Russkoye and Yuzhno-Komsomolskoye fields, is seen as one of the sources for the production growth.

In 2017, Rosneft increased oil and condensate production by 7.3%, to 225.5 million tonnes. Hydrocarbons output went up by 6.3%, to 281.7 million tonnes of crude oil equivalent, with daily output being up by 6.5%, to 5.72 million barrels of crude oil equivalent.

According to earlier reports, Rosneft’s board of directors approved a strategic program till 2022. The company plans to focus on production stimulation and digitalization.

Rosneft CEO Igor Sechin anticipated an expected net yield from the implementation of the strategy of 15-20% of the current capitalization.

 

 

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