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Rosneft to Boost Output 43% to 3.7M bpd by 2020

© RIA Novosti . Alexey Nikolskiy / Go to the photo bankRosneft
Rosneft - Sputnik International
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Russian oil giant Rosneft plans to boost hydrocarbon output by 43 percent to 3.7 million barrels per day by 2020, Rosneft head Eduard Khudainatov said on Wednesday.

Russian oil giant Rosneft plans to boost hydrocarbon output by 43 percent to 3.7 million barrels per day by 2020, Rosneft head Eduard Khudainatov said on Wednesday.

The company's forecast is based on actual oil prices at $90 per barrel and a favorable tax regime.

"This production growth could be reached owing to proven reserves of 11 deposits ... with full infrastructure," Khudainatov said.

In 2011 Rosneft raised its hydrocarbon output 2.6 percent to 2.586 million barrels of oil equivalent per day year-on-year.

The company also expects to reach an oil refinery level of 75 million tons by 2016 from 57.9 million tons in 2011. Rosneft hopes oil refinery this year will grow to 64.6 million tons.

Under Rosneft's plans, the company's plants in Russia will refine 58 million tons of oil, plants in Germany will refine 11 million tons, while oil enterprises in China will refine 6.4 million tons in 2016.

As for gas production, Rosneft expects at increase of 251-291 percent to 45-50 billion cubic meters by 2020. The company's blue fuel output in 2011 amounted to 12.79 billion cu m.

 

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