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Gazprom Neft to raise oil output to 670,000 bb/d in 2008

MOSCOW, October 29 (RIA Novosti) - Gazprom Neft plans to increase oil output 1.5% year-on-year in 2008 to 33.5 million metric tons (670,000 barrels per day), the company's president said on Monday.

Alexander Dyukov said the company, controlled by gas giant Gazprom, would export around 3 million tons (60,300 bbl/d) of crude to Ukraine in 2008.

He also said Gazprom Neft had proposed setting up a joint exploration and production venture with oil majors Chevron and Shell, and Norway's StatoilHydro.

"We made a proposal on joint work to Statoil, Chevron and Shell. If we reach an agreement, then a joint venture could be set up, but we have not yet received any answers," Dyukov said.

Gazprom Neft, known as Sibneft before it was taken over by Gazprom in September 2005, is one of Russia's largest oil producers.

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