Page 11 - FSUOGM Week 05 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Gazprom Neft says it will trailblaze in

output growth in coming years

RUSSIA GAZPROM Neft aims to be producing 3mn bar- outcompeted other Russian majors in its organic
rels of oil equivalent per day (boepd) by 2025, the growth rate in recent years.
Gazprom Neft is on company’s CEO Alexander Dyukov announced In contrast, Lukoil has shied away from addi-
track to replace Lukoil last week, which would put it on a faster growth tional acquisitions in Russia, instead favouring
as Russia's second- trajectory than any of its peers. expansion overseas. Meanwhile, its domestic
biggest hydrocarbon The oil arm of state-owned Gazprom said in portfolio has grown mature and is mostly in
producer. mid-December that it would reach its long-held decline, save for a few growth projects in the
goal of producing 2mn boepd of oil and gas by Caspian Sea, Northern Siberia and the Baltic Sea.
the end of last year. This was after the company Lukoil surpassed Gazprom Neft in its overall
commissioned a number of key projects during output last year by only 5mn tonnes of oil equiv-
the year, including the Tazovskoye oilfield in alent, producing 105mn toe. But by 2023 its pro-
Western Siberia. duction rate is projected to grow to only 113mn
Gazprom Neft has now raised its ambition toe, while Gazprom Neft’s is projected to reach
once more, Dyukov was quoted as saying by 117mn toe, according to Dyukov.
the Moscow-based Kommersant newspaper, In addition to Tazovskoye, other drivers
aftering ramping up its flow by 10% year on behind Gazprom Neft’s growth last year included
year in 2021. It is anticipating a further growth the commissioning of a new gas treatment
of 5% annually in 2022 and 2023, meaning it plant at the East-Messoyakhskoye field, and an
could overtake Lukoil as Russia’s second-biggest increase in extraction at oil rim developments.
hydrocarbon producer. The oil rims that Gazprom Neft is targeting at
Gazprom Neft was formed from the Sovi- parent Gazprom’s large gas deposits are expected
et-era Sibneft company, but was acquired by to continue driving growth into the future. The
Gazprom in 2005 in what was then Russia’s larg- company is also stepping up development of
est corporate takeover and was subsequently other challenging plays, including the deep
renamed. It has acquired a number of other Achimov formation found across Siberia, and
large oil and gas assets since then, but it has also the similarly large Bazhenov shale formation. ™

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