Sunday , May 9 2021

Russia's "Gazprom Oil" sees production increase, making it a bigger global player Energy and Oil

Gazprom, Russia's gas giant Gazprom, said on Monday that the planned higher oil production in the coming years will strengthen its position among the world's largest international companies.

In an updated strategy covering the period until 2030, it said that the main contribution to the growth of production in 2020-2030 will be from new assets and those that will soon be put into operation.

"The focus of the company is to strengthen its position among the top 10 publicly traded global oil and gas companies by producing liquid hydrocarbons," the statement said without providing figures.

Gazprom Oil's total oil extraction increases by between 20,000 and 30,000 barrels per year and can add another 50,000 barrels next year – the highest growth rate among Russian counterparts. (Report by Vladimir Soldakin, Editor by Kirsten Donovan)

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