July 9, Rosneft Chairman of the Management Board Igor Sechin held a working meeting at RN-Yuganskneftegaz to address issues pertaining to the production of crude and liquid hydrocarbons by the Company’s subsidiaries. The meeting was attended by Rosneft top executives and General Directors from ten subsidiaries: RN-Yuganskneftegaz, Samotlorneftegaz, Vankorneft, RN-Purneftegaz, Vostsibneftegaz, Taas-Yuriakh Neftegazodobycha, Rospan International, NGK Itera, RN-Bureniye and RN-Servis.
The attendees discussed the adjustment of Rosneft’s business strategy amid the macroeconomic environment and optimization of CAPEX in favor of production projects capable of boosting output across the Company’s assets including RN-Yuganskneftegaz, VSNK, the Vankor cluster and Uvatsky group of deposits. Further development of Rospan International’s, Sibneftegaz’ and RN-Purneftegaz’ fields, which accounted for over a third of the Company’s 2014 gas production, target the same.
Rosneft pursues a goal of boosting the development of its core production sites and improving the quality of drilling in order to increase hydrocarbon output to 300 mln tons of liquid equivalent by 2020.
The emphasis on key production facilities matches the ongoing macroeconomic situation, while also considering current risks and the new taxation framework. The Company is set to resort to project financing when carrying out its other initiatives.
Industrial production and efficient sales of hydrocarbons, including exports to new and promising markets, are expected to secure the Company’s main cash flow.