Mission statement and development strategy

Our goal is to become one of the world’s leading industrial companies, driving industry transformation, making the impossible a reality, and inspiring our peers in Russia and beyond.

Development strategy to 2030

In late-2018 the Gazprom Neft Board of Directors adopted a new long-term development strategy, to 2030, under which the company is set to become a global industry benchmark in efficiency, technological advancement and safety.

Evolving, to change the world. Creating, to be proud of our creations.
We are producing resources for the future, enriching the world with the energy, knowledge, and technology to advance.

Gazprom Neft has achieved some significant outcomes over the course of its 10+ years’ development, becoming a major global player in the oil and gas industry. The company is well on its way to achieving the goals outlined in its «Strategy 2025», which envisages achieving production at 100 million tonnes of oil equivalent (mtoe) per year while, concurrently, maintaining the proved reserves-to-production ratio of at least 15 years, and ensuring 100-percent reserves replacement every year. It also assumes increasing conversion rate to 95%, and the light product yield to 80%, through the continued modernisation of refining assets.

Concurrently with this, the high volatility in the energy markets, the increasing — and changing — nature of competition therein, and the transformation of the energy sector are creating new challenges for the oil and gas industry. These challenges, together with Gazprom Neft’s increasing and changing role within the industry, have meant company strategy has had to be updated.

A new-generation company

This new strategy is a continuation of company strategy to 2025, but with a greater focus on the company’s market positioning, on increasing its flexibility in response to external changes, and on transforming all key business processes.

Gazprom Neft’s objective to 2030 is to build a «new-generation» company, and to become a benchmark for other companies in the industry in terms of efficiency, safety and technological advancement.

Gazprom Neft is committed to consolidating its position among the world’s top-10 public oil and gas companies in terms of liquid-hydrocarbon production, ramping up production growth ahead of market trends, and maximising added value with every barrel produced.

The company will continue improving efficiency in value-chain management, increasing refining depth and light product yield, developing its petrochemicals sector, and maintaining its market-leading position in existing — and expanding market share in new — retail product markets.

Gazprom Neft expects to become a global market leader in terms of Returns on Average Capital Employed (ROACE) by 2030, driving this to a level of 15% through effective management of the company’s asset and project portfolio.

Transformation

Gazprom Neft’s development strategy to 2030 is predicated on the complete transformation of the company — digitally, culturally, operationally and organisationally.

Operational transformation envisages the development of the «Etalon (Touchstone)» operations management system (OMS) to ensure the ongoing safety and efficiency of day-to-day operations. Digital transformation will improve speed and quality in decision making through the deployment of digital technologies. Cultural and organisational transformation will facilitate the transition to becoming a flexible organisation, with a fast and lean working environment, and developing an ecosystem beyond the company.