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Igor Sechin Held a Working Meeting in Nefteyugansk
10 July 2015
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.
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Note for editors: In 1Q 2015, Rosneft upped its hydrocarbons production by 1.3 mln TOE, to 63.2 mln TOE, y-o-y. The daily hydrocarbons production averaged 5.2 mln BOE, which is 2.1% more y-o-y. 1Q 2015 natural gas production totaled 15.8 BCM, or 19.7% more y-o-y. Higher output is mainly due to the upward production trend at the fields of Vankorneft, Purneftegaz and Sibneftegaz. |
Rosneft Information Division
Tel.: + 7 (499) 517-8897
July 10, 2015
These materials contain statements about future events and expectations that are forward-looking. Any statement in these materials which is not information for prior accounting periods is an expectation and related to known and unknown risks, uncertainties or other factors, which can make the actual results, performance or achievements differ substantially from those anticipated and implied in these forward-looking statements directly or indirectly. We assume no obligation to update the data contained herein, to reflect actual results, changes in assumptions or factors affecting these statements.