Russia's Gazprom Neft CEO Says Could Slow Oil Output Growth
MOSCOW, Oct 18 (Reuters) - Gazprom Neft, the oil arm of Russian state gas firm Gazprom, could slow its oil output growth compared with the current plan if needed, its Chief Executive Alexander Dyukov told Rossiya 24 TV.
Gazprom Neft said earlier this month it was not ready to cut output and had not been asked to do so as the Organization of the Petroleum Exporting Countries (OPEC) tries to flesh out the details of a plan to cap global oil production.
"If we talk about Gazprom Neft, then there is of course a technical possibility to reduce or stabilise production," Dyukov said in an interview broadcast on Tuesday.
OPEC last month agreed on a modest production cap. Details of how it can be done by the group's members, and non-OPEC producers like Russia which may join the process, are expected to become clearer towards the end of November.
The Russian government has said that it was talking to domestic oil companies about the OPEC proposals.
According to Dyukov, "temporary output stabilisation" is being discussed now but it would be an uneasy step for Gazprom Neft as it planned to continue raising its production in 2017-2019.
"If one takes a look at the Russian industry, some companies are raising output, some of them are reducing it, and we hope that altogether everything can end up that we somewhat reduce pace of the production growth, but, however, manage to keep a small production growth."
(Reporting by Polina Devitt; editing by Adrian Croft)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally