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The Gazprom Neft Board of Directors reviews preliminary results for 2019 and plans for 2020

The Gazprom Neft Board of Directors reviews preliminary results for 2019 and plans for 2020

St.Petersburg, December 20 - Neftegaz.RU. Hydrocarbon production at Gazprom Neft is expected to reach 96 million tonnes of oil equivalent (mtoe) in 2019, a 3.3 %increase on 2018. Annual refining volumes are provisionally expected to reach 41.5 million tonnes. Sales of premium oil products are expected to be in the order of 26.4 million tonnes.

The development of the company’s Arctic projects - the Prirazlomnoye, Novoportovskoye, and Vostochno-Messoyakhskoye fields - delivered the greatest contribution to production growth in 2019. The company continued the proactive development of its resource base, specifically in acquiring subsoil usage rights to 27 new license blocks in the Yamalo-Nenets, Khanty-Mansi and Orenburg Oblasts, and other regions.

Gazprom Neft also acquired licenses to the Blizhenovopportovskoye field, and exploration rights to blocks in the west of the Taymyr peninsula. In addition to this, long-term operatorship agreements have been entered into, allowing the company to start the process of bringing oil-rim deposits into development at a range of Gazprom fields.

The company continued the 2nd phase of its full-scale technological and environmental programmes on modernising its refining facilities throughout 2019. Construction of a hydrocracking facility and delayed coking unit is ongoing at the Omsk Refinery, together with construction of an advanced crude distillation unit. Installation of key equipment for a catalytic reforming unit is now complete, with this facility expected to deliver a 1.5-fold increase in production of high-performance gasoline components.

The Moscow Refinery is continuing preparations prior to commissioning a combined oil refining unit (CORU), while the NIS Pančevo refinery continues pre-commissioning activities on an advanced conversion complex based on delayed coking technology.

Gazprom Neft, together with SIBUR, consolidated 100 % of the charter capital in the Poliom polypropylene plant in Omsk, part of the company’s development its petrochemicals business. Also in Omsk, 2019 saw Gazprom Neft begin construction of Russia’s 1st ever modern oil-refining catalyst production facility. The company also continued developing its retail network, as well as expanding its range of oil products.

Total investment financing in 2019 is expected to be in the order of RUB 400 billion, increasing to RUB 421 billion in 2020 - the greater proportion of this being directed at developing new upstream projects and implementing modernisation initiatives throughout the company’s refining facilities.

«Gazprom Neft continued developing its business in line with the strategic objectives adopted by the Board of Directors throughout 2019. The company is successfully implementing major new projects upstream, and continues to develop its refining assets, introducing cutting-edge innovative technologies, expanding its environmentally friendly product range, and further consolidating its position in the aviation fuels, lubricants and bitumens markets. In the face of an every-changing market environment Gazprom Neft continues to demonstrate a sustainable business, maintaining its market leadership of Russia’s oil industry in terms of business efficiency», said Alexei Miller, Chairman of the Board of Directors.

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