PJSC “RUSSNEFT” INTENDS TO INCREASE PRODUCTION IN 1.4 TIMES UP TO 10 MLN TONS IN 2017-2019
Moscow. PJSC “RussNeft” intends to increase oil production from 7 to 10 mln tons in 2017-2019, acc.to development strategy of the Company.
PJSC “RussNeft” will allocate to capital investment around 17.1 bn Rub. in 2016 against 12.5 bn Rub. in 2015. The main amount of the funds will be invested into exploration and production.
The capital investment is expected to increase in 1.5 times in 2017 and will make up around 26 bn Rub.
The middle-term strategy also involves the program of expenses cuts starting from the next year. The targeted level of cuts makes up 3 bn Rub. per annum until 2020.
The Central Dispatch Service in oil and gas industry says the Company’s production acc.to results of late 2015 makes up 7.387 mln tons. Along with that, PJSC “RussNeft” site informs that the annual production of the group with 45 producing companies amounts to 17 mln tons, with 20 mln tons by 2019.
Earlier the Company said that it plans active development of non-conventional resources at PJSC “RussNeft” fields in 2017. The development will be concentrated at Bazhenov formation.
PJSC “RussNeft” will focus on development of Tagrinskoye and Verkhne-Shapshinskoye fields. “We start developing Vostochno-Kamennoye site (the facility which has been recently obtained by Khanty-Mansi Oil Company), which has good perspectives for production. We also start drilling at Bazhenov formartions at Sredne-Shapshinskoye site”, said Evgeny Tolochek, Senior Vice-president for Geology and Production, recently appointed as the President of the Company.
PJSC “RussNeft” plans the start-up of 30 wells at Verkhne-Shapshinskoye field in KhMAO by late 2016. The additional production from 30 new wells is expected at 234.8 thousand tons of oil.