In connection with Russia's obligations under the OPEC+ agreement, Rosneft expects a decrease in its oil production by 24 million tonnes relative to its business plan for this year, and by 33 million tonnes next year, the company's first vice president Pavel Fedorov said on Friday during a conference call
MOSCOW (Pakistan Point News / Sputnik - 15th May, 2020) In connection with Russia's obligations under the OPEC+ agreement, Rosneft expects a decrease in its oil production by 24 million tonnes relative to its business plan for this year, and by 33 million tonnes next year, the company's first vice president Pavel Fedorov said on Friday during a conference call.
"The production decline for 2020 will be about 24 million tonnes, for 2021 about 33 million tonnes relative to the approved business plan, we also expect a decrease in 2022, provided that the [OPEC+] agreement is extended through 2022," Fedorov said.
Under the OPEC+ agreement, Rosneft will not reduce production at Samotlor field, Fedorov said.
"The only field that will not be affected by production restrictions and a respective decrease in capital investments is the Samotlor project, the development of which the company continues on the basis of an agreement concluded with the Russian Finance Ministry, where we have fixed both the volume of investments and the volume of mineral extraction tax on the field in absolute figures," he said.
Samotlor is probably one of the most successful precedents for fruitful cooperation and dialogue regarding institutional agreements between Russian oil companies and the finance ministry, he added.
