By 2014 RussNeft plans to get back to 2007 oil production output, around 15 mln tons
Moscow. According to 2013 results oil production at NK RussNeft (RTS: RUSN) may achieve 14.8 mln tons, the 2007 output, as reported by Mikhail Gutseriev to Business FM.
Mikhail Gutseriev said: “We are targeting now to decrease the debt, stabilize the company and increase production up to 14.8 mln tons. I suppose we will produce around 15 mln tons by 2014. We will return to 2007 output”.
He informed that the highest production level was achieved in 2007 but after RussNeft was sold the production output started to decrease, the oil production dropped to 11.8 mln tons.
Mr. Gutseriev added also that targeting at more efficient stabilization of the company it was decided to reduce the volumes of capital investments and now RussNeft figure is the lowest in the industry – 3 USD per bbl.
Mikhail Gutseriev answered the question about the possibility of merging with major oil companies and said that he is not considering this issue at the moment. “If merging with the majors is beneficial, I will merge with them, if not – I will not do that”, said the President of RussNeft, adding that this issue is going to be solved only when the company redeems all the debts.