RussNeft to rise oil production by 2% to 6.5 million tons in 2021

The business plan of RussNeft for 2021 envisages the development of capital investments at the level of RUB 20 billio that would allow the construction of about 110 wells, the majority of which will fall on the Variogansky block and the Verkhne-Shapshinskoye field.

RussNeft also expects to start construction of infrastructure at the Vostochno-Kamennoye subsoil area, the reserves thereof are estimated at 60 million tons. 

 The investment program was reduced by 30% this year, the company says. The funds were primarily channelled to the drilling program.  In 2020, 83 new oil wells were put into operation at the company's fields.

 According to preliminary estimates, EBITDA by the end of 2020 will be around RUB 26 billion, which will exceed the company's expectations at the beginning of this year after the steep decline in oil prices.