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Gazprom Neft expect rise in oil & gas output

Gazprom Neft plans to increase production by 12 percent in the next two years on two new development regions.

Output may reach 1.115 million to 1.15 million barrels of oil equivalent a day in 2012, compared with 1.03 million this year, Gazprom Neft said today in a presentation in Moscow.

The state-run oil and gas company bought oil producers in Russia and sought to expand abroad in Venezuela, Equatorial Guinea and Iraq to almost double output to 2 million barrels a day in 2020.

The output increase in the medium term will come from a gas development project at the Muravlenko and Novogodneye fields where Gazprom Neft plans to begin output of 64,000 barrels of oil equivalent a day next year, according to the presentation. Production from the East Orenburg field will peak at 62,000 barrels a day in 2015.

Refining throughput may rise to 771,000 barrels of oil a day in 2012 from 751,000 barrels a day this year, the company said.

Source : Bloomberg