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18

Russian State Oil Firm Eye New Offshore Projects

Rosneft Oil president Sergei Bogdanchikov said Friday that the company wants at least half of its new oil production

Rosneft Oil president Sergei Bogdanchikov said Friday that the company wants at least half of its new oil production to come from offshore projects.

Speaking at a Moscow university to mark the launch of a Russian-Norwegian joint oil exploration program, Bogdanchikov said, ?In the coming decade we will grow at a faster rate than all the other Russian oil companies and the world industry average.?
?We have something to learn from companies such as Statoil and Hydro,? he added, referring to the two Norwegian firms that have made a short-list of contenders hoping to partner natural gas monopoly Gazprom in developing the giant Arctic Shtokman gas field.

Bogdanchikov?s remarks imply a new direction for Rosneft, which has a strong presence in projects around Sakhalin Island off Russia?s Pacific Coast but no other major offshore production projects.

As MosNes has reported, quoting Economy Minister German Gref, Rosneft is planning an initial public offering of its shares next year.