23:32 GMT27 January 2021
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    MOSCOW (Sputnik) - Gazprom Neft will reduce hydrocarbons production by no more than 5 percent in 2020 as part of the OPEC+ deal, the company's Deputy CEO for Upstream Vadim Yakovlev told reporters.

    "Of course, there is the effect of oil production in the framework of the OPEC+ deal, but in general, if we talk about the company's production, due to high share of gas in our portfolio, a high share of condensate, this effect is not so large. It will decline year-on-year, but not more than 5 percent," Yakovlev said during the company's conference call.

    The top manager refrained from forecasting production of liquid hydrocarbons in 2020, as the market situation remains volatile.

    "We will produce as much as is demanded by the market, as much as we can do within the framework of the quota," he said.

    Gazprom Neft will also cut oil refining within the range of 5 percent in 2020, the company's CEO Alexander Dyukov told reporters.

    "Refining will certainly be slightly lower than last year, but the decrease will not be any significant, it will be within 5 percent," he said.

    Gazprom Neft plans to revise the timeframe of offshore projects at an early stage of development in connection with the current market situation, Dyukov also said.

    Tags:
    hydrocarbons, deal, OPEC, Gazprom Neft, Russia
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