Gazprom Neft and its subsidiaries (excluding joint ventures) hold more than 90 subsoil licenses throughout Russia. Internationally, the company is involved in exploration and production projects in Iraq, Venezuela, Serbia, Angola, Bosnia and Herzegovina, Romania, and Hungary.
Hydrocarbon production at Gazprom Neft was up 8.2 percent in 2016, reaching 86.2 million tonnes of oil equivalent (mtoe) — the best performance of all Russia’s vertically integrated oil companies. Production volumes at Gazprom Neft have increased by 44 percent over the last five years.
Proven hydrocarbon reserves (SPE PRMS standards) stand at more than 1.52 billion tonnes of oil equivalent (btoe), making Gazprom Neft one of the largest oil companies in the world.
Gazprom Neft aims to increase its oil production to 100 million tonnes per year by 2020, as set out in the company’s Development Strategy. The reserve replacement ratio will be maintained at current levels until 2025.
Subsoil licences are held by various Gazprom Neft subsidiaries, including: Gazpromneft-Noyabrskneftegaz, Gazpromneft-Khantos, Gazpromneft-Vostok, Gazpromneft-Angara, Gazpromneft-Orenburg and Gazpromneft-Yamal.
The company’s Development Strategy to 2025 was adopted by the Board of Directors in 2013. Directed at ensuring an environment for growth after 2020, the focus in production will be concentrated on establishing new sources of business growth, on appropriate development of a mature resource base, and on ensuring optimum return on investment in new projects.
Licences for offshore development on the Russian Arctic Shelf are owned by Gazprom Neft Shelf (operator of the first Arctic-Shelf project at which production has already begun) and Gazpromneft-Sakhalin (owner of four licenses for geological prospecting on the Russian Arctic Shelf).