The macroeconomic environment of 2020 can be characterized by significant decrease of global oil demand and, consequently, decrease of average annual global oil prices by 35% from 63.9 $/barrel in 2019 to 41.7$/barrel.
Despite the challenging macroeconomic environment Zarubezhneft managed to finish the year with net profit over RUB 10 billion.
Owing to that the company continued increasing its dividends contributions to the Russian budget 4th year in a row and has paid record-setting RUB 6.7 billion of dividends.
Another company’s focus area of 2020 was its fight with coronavirus.
The main task in this area was to prevent infection cases at production sites and in the offices of the company as well as to ensure continuity of all production processes.
General Director of Zarubezhneft Sergey Kudryashov said:
- 2020 became a year of new challenges both for the world in general and oil and gas industry in particular
- Zarubezhneft was ready for them to high degree – we managed responding to the declining oil prices expediently and efficiently ensuring positive financial performance
- We succeeded in preventing new coronavirus infection both at production sites and in the offices of the company
- Apart from that, the company managed to comply with the target production plans and enter new assets