Russia's Rosneft Plans to Increase Oil Output

Reuters

MOSCOW, Aug 14 (Reuters) – Russia's Rosneft, the world's top listed oil producer by output, plans to increase production, Chief Executive Igor Sechin told Prime Minister Dmitry Medvedev on Friday, according to the government's website.

Rosneft oil production was slightly down last year to 4.1 million barrels per day from 4.2 million bpd in 2013, due to lower output at mature fields.

Sechin, who did not give a production forecast or a timing for the increase, said that Yuganskneftegaz, Rosneft's largest oil producing unit, could be one of the sources of growth.

Sechin said that Yugansk, a former Yukos asset, was expected to produce around 66 million tonnes of oil this year. He said new wells would be added in the field which pumped 64.5 million tonnes of oil last year.

According to the Russian Energy Ministry, Rosneft's oil production was down 1.2 percent in July, year-on-year.

(Reporting by Katya Golubkova; Editing by Maria Kiselyova and Keith Weir)

 

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