Moscow, February 5- Neftegaz.RU. Despite a weaker Q4, Rosneft demonstrated solid 2018 growth, more than doubled net profit to RUB 549 billion, from RUB 222 billion in 2017.
Hydrocarbon production amounted to 285.5 mln toe (5.80 mmboed) in 2018, exceeded 2017 levels by 1.3%. Q4 2018 hydrocarbon production amounted to 73.7 mln toe (5.94 mmboed), which exceeded the Q3 2018 result by 1.8%.
Production during the Q4 rose 3.9% compared with the year-earlier period to 5.9 million barrels of oil equivalent a day, Rosneft said. Compared with the Q3 of 2018, production rose 1.9%.
Gas production in 2018 amounted to 67.26 bcm. Gas production in Q4 2018 amounted to 17.31 bcm increased by 4.2% QoQ
In 12M 2018 Rosneft considerably reduced its debt burden. At the year-end, the company generated high cash flow, which led to drop over $14 bln of total debt burden.
Igor Sechin, CEO of Rosneft, noted the importance of the 2019 for the company. «Capital investments are expected at RUB 1.2-1.3 trillion that is driven by the active implementation phase of strategic upstream oil and gas projects and also by projects of construction of modern facilities at the company’s refineries». he said.