RUSSNEFT SIGNIFICALLY REDUCES PRODUCTION DECLINE RATE FOR THE SECOND MONTH IN A ROW
Petroleum Information Agency estimations based on CDU TEK data show that the Company leads in production growth rate with the 2.3 percentage points increment in August 2016 of the current year against the previous month.
Decline of RussNeft oil production amounted to -13.2% in January 2016 against the similar period of the previous year. This rate was -5.2% in July and reached -2.9% in August. Thus, the oil production output index of August 2016 - August 2015 exceeds the previous index (July 2016-July 2015) twofold and exceeds the January index 4.5 fold.
As previously reported, RussNeft intends to perform an IPO by the end of the year and the market players attribute this significant oil production rate increase to the preparation for it.