Gazprom Neft and its subsidiaries hold 70 resource licences in the oil-producing regions of Russia. Internationally, the Company is involved in geological exploration and oil production projects in Iraq, Venezuela, Serbia, Angola, Bosnia and Herzegovina, Romania and Hungary.
Gazprom Neft reported strong growth in hydrocarbon production in 2014, up more than 6% on 2013. Gazprom Neft is Russia’s leading oil and gas company in terms of in hydrocarbon production volume growth (+4 million tonnes on 2013). Over the last five years, Gazprom Neft has increased output by more than 25%.
Proven hydrocarbon reserves under SPE (PRMS) standards exceed 1.44 billion toe, making Gazprom Neft one of the 20 largest oil companies in the world.
In 2014, Gazprom Neft’s reserve replacement ratio was almost five (497%).
Gazprom Neft targets production of 100 million toe per year by 2020 under the Company’s development strategy. The reserves to production ratio will be maintained at this level over a period of 20 years. Early-stage projects should account for at least 50% of production by 2020.
In 2013, the Company’s Board of Directors approved the strategy to 2025. In order to develop growth prospects beyond 2020 in production the Company will focus on creating new areas for growth, managing the mature resource portfolio effectively and ensuring maximum return on investment in new projects.
The licences on the Arctic shelf are held by Gazprom Neft Shelf (the operator of the Prirazlomnoye field on the Russian Arctic shelf, where oil production has already started) and Gazpromneft-Sakhalin (which owns four exploration licences on the Arctic shelf).