Gazprom Neft and its subsidiaries (excluding joint ventures) hold subsoil usage rights to more than 100 licence blocks throughout Russia, while, internationally, the company is involved in geological prospecting and production in Angola, Bosnia and Herzegovina, Hungary, Romania, Serbia and Venezuela.
A balanced asset portfolio
Gazprom Neft’s asset portfolio includes traditional and offshore oil and gas fields in various stages of development (from geological prospecting to mature fields) in Russia and abroad, allowing the company to expand production in order to maximise profit in line with market conditions.
A resource base of 2,781 mtoe total proved and probable (2P) hydrocarbon reserves (including the company’s equity-participation interests in reserves owned by affiliated companies, excluding Serbian subsidiary NIS) places Gazprom Neft among the world’s largest oil companies.
Gazprom Neft increased hydrocarbon production by 4.1 percent in 2017, to 89.75 mtoe — the greatest contribution to this production growth coming from the development of major new projects in the Russian Arctic (the Novoportovskoye, Vostochno-Messoyakhskoye and Prirazlomnoye fields), and in Iraq.
The company’s 2017 year-end results place Gazprom Neft among Russia’s top three leading oil producers.
Gazprom Neft’s development strategy to 2020 is to increase hydrocarbon production volumes to 100 mtoe per year, and to continue expanding production to 2025. The company’s Reserves Replacement Ratio is expected to be maintained for at least 15 years.
- Effective development of a mature resource base
- Ensuring maximum return on investment (ROI) in implementing new projects
Gazprom Neft sees non-traditional reserves as an opportunity for growth, and is committed to developing this asset class as a major element in the company’s portfolio.