Monday, May 3, 2010

Gazprom Neft To Double Annual Oil Output By 2020 - Prime-Tass

MOSCOW (Dow Jones)--Russian oil major Gazprom Neft (SIBN.RS) plans to double its oil output to around 100 million metric tons of oil a year by 2020 from the 50.8 million tons of oil equivalent produced in 2009, the Prime-Tass news agency reports Friday citing the company's corporate magazine.

The company plans to double its output by acquiring oil assets from Russian natural gas monopoly OAO Gazprom (GAZP.RS), its parent company.

Gazprom Neft also plans to increase output by developing oil fields belonging to Slavneft (SLAV.RS), which it holds on a parity basis with oil company TNK-BP Holding (TNBP.RS).

Gazprom Neft also sees its output abroad accounting for 10% of the total output by 2020. Specifically, the company has already started operations in Venezuela as part of the National Oil Consortium, and also has projects in Iraq, Libya, Equatorial Guinea and Angola.

Gazprom Neft also plans to refine 70 million tons of oil a year by 2020, with around 40 million tons refined in Russia.

The company also plans to sell up to 40 million tons of oil products a year by 2020. No comparison was provided.

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