Gazprom Neft leads the Russian oil industry in terms of hydrocarbon production growth, based on its results for 2013. The Company’s consolidated production for 2013 increased by 4.3% to 62.26 million toe from the previous year.
Gazprom Neft’s subsidiaries and affiliates hold 70 resource licenses in the oil-producing regions of Russia. Internationally, the Company is involved in exploration and production projects in Iraq, Venezuela, Serbia, Angola, Bosnia and Herzegovina, Romania and Hungary.
Gazprom Neft’s international projects are expected to account for at least 10% of the Company’s total production of hydrocarbons by 2020.
Proven hydrocarbon reserves to SPE (PRMS) standards amount to 1.34 billion toe, making Gazprom Neft one of the 20 largest oil companies in the world.
Gazprom Neft’s subsidiaries holding resource licenses include: Gazpromneft-Noyabrskneftegaz ,Gazpromneft-Khantos, Gazpromneft-Vostok, Gazpromneft-Angara, Gazpromneft Orenburg and Gazpromneft-Sakhalin. Gazprom Neft holds a 50% stakes in several affiliates: Slavneft, Tomskneft, Salym Petroleum Development (SPD), Messoyakhaneftegaz and SeverEnergia.
Gazprom Neft aims to increase its oil production to 100 million toe per year by 2020, as set out in the Company’s development strategy. The ratio of reserves to production will be kept at the current level for at least 20 years, and early-stage projects will account for at least 50% of production by that date.
The target production level will be achieved both through existing assets and through Gazprom Neft’s joint projects. The Company’s asset portfolio may also expand through the acquisition of unallocated license blocks, purchase of assets in the Russian market and development of international projects.