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Vladimir Putin and Rosneft CEO discussed the company’s performance in 2019

Vladimir Putin and Rosneft CEO discussed the company’s performance in 2019

Moscow, February 12 - Neftegaz.RU. During a meeting with Russian President, Rosneft´s CEO Igor Sechin said that 2019 was a positive year for the company. Despite the deteriorating international situation and a certain decrease in oil prices – by about 7 % – the results of our operation remain positive.

In 2019, hydrocarbon production remained at the level of the previous year, 285.5 million tonnes of oil equivalent. The average daily production amounted to 5.8 million barrels per day. Almost 3,000 linear km of 2D seismic surveying was carried out and 11,300 square km of 3D surveying, which is 12.3 % more than in the previous year.

The testing of 144 exploration wells will be completed on land with a success rate of almost 90 %. The volume of oil & gas condensate processing amounted in 2019 to 110 million tonnes, including over 10 million tonnes at the company’s international oil refineries, fully covering the demand on the domestic market and fulfilling the company’s responsibilities.

Rosneft increased its share in Bayernoil, a plant in Bavaria. The company supplied 83 million tonnes of oil to Germany since 2016, which accounts for 25 % of their total oil imports. In 2019, the retail sale of motor fuels was about 6 % higher than in 2018.

Investment totalled almost one trillion rubles in 2019. The company retains its leading position in terms of specific capital investment in oil and gas production. Despite the investment programme, Rosneft ensured the highest level of dividend payout for 2019, some 283 million rubles. According to preliminary estimates, for 2019 Rosneft will pay some 3.6 trillion rubles directly into the tax system, the country’s budget.

Rosneft and its partners are currently forming a new oil and gas province in the country’s north, on Taimyr Peninsula, which has great resource potential. The project is called Vostok Oil. At the moment the resource potential is over 5 billion tonnes of oil. The total amount of investment for the entire period will be over 10 trillion rubles ($155 billion); some 2 trillion rubles ($31 billion) will be allocated at the first stage of the project.

To read the full story in Russian.

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