Alexander Ryazanov, the oil company's head and also a deputy board chairman at energy giant Gazprom, said Russia's third largest state-controlled oil company would expand its oil prospecting operations rather than buy assets ready for production.
"It will be an addition to our [oil] reserves," Ryazanov said.
At the beginning of May, the company announced its net profits had increased by 50% in the first quarter of 2006 year-on-year, to 11.6 bln rubles ($425 mln).
Russian energy giant Gazprom controls over 75% of the shares in Gazpromneft, one of the world's 20 largest oil companies with proven reserves of over 4.5 billion barrels. Gazprom acquired a 72.7% share in the oil company in September 2005 for $13.1 billion.
Sibneft shareholders voted on May 13 in favor of a proposal to change the company's name to Gazpromneft and re-register it in St. Petersburg.
