Business | Oil & Gas

Russia's Rosneft sees 2% oil output hike

Russia's largest oil producer Rosneft expects to boost oil and gas condensate output by two per cent in 2009 and maintain positive free cash flow given that oil prices are above $50 (Dh183.61) per barrel, it said on Monday.

  • Reuters
  • Published: 23:31 January 12, 2009
  • Gulf News

Moscow: Russia's largest oil producer Rosneft expects to boost oil and gas condensate output by two per cent in 2009 and maintain positive free cash flow given that oil prices are above $50 (Dh183.61) per barrel, it said on Monday.

Rosneft said in a statement its oil and gas condensate output is expected to reach 112.3 million tonnes in 2009 (2.26 million barrels per day), up from 110.1 million tonnes the company produced last year.

The increase is mainly expected due to accelerated production drilling - the company plans to drill 704 new wells - and the launch of Vankor, its major oil and gas field in Eastern Siberia, the company said.

The 2008 production represented a 9 per cent growth compared to the previous year, less than the initial forecast of 11 per cent, which was revised down in September after the company delayed the launch of Vankor by a year.

Rosneft also said that it plans to increase marketable gas production to 11.9 billion cubic metres (bcm) in 2009, up by six per cent from 11.2 bcm in 2008.

Rosneft was one of Russia's few major oil companies which managed to increase oil production last year, which was the first year in the last decade when the country's overall oil output fell following large increases in the previous years.

Analysts expect the decline - by 0.9 per cent to 9.87 bpd - is likely to continue because of ageing reserves and plunging oil prices.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Oil & Gas

  1. Fact file: What is Dubai Mercantile Exchange?

  2. Iran in talks to finance South Pars phases

  3. Dubai Mercantile Exchange trades 1b barrels

  4. Dubai Mercantile Exchange has got fundamentals right, says Sharaf

All articles in Oil & Gas

More from Business

Gulf News
Popular in Business
A world of fun
Global Village

A world of fun

Revamped layout featuring four cultures to greet visitors this season

Business Editor's choice