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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Gazprom PAO    GAZP   RU0007661625

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Gazprom Neft' PAO : Neft aims for output boost

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06/24/2016 | 03:07pm CEST

Russian oil producer Gazprom Neft is aiming for production growth this year of close to a tenth even if crude prices slip alarmingly for the rest of the year.

Chief executive Alexander Dyukov said the company is targeting output growth of between 7% and 8% for the year.

Gazprom Neft remains resilient to oil price volatility and even at $25/barrel would remain focused on production growth, Dyukov said in a brief company update.

The chief executive also claimed that its Prirazlomnaya platform on the Prirazlomnoye field in the Pechora Sea in Russias Arctic would make economic sense even at $12 per barrel due to the low production costs of $11 per barrel.

At the recent St Petersburg International Economic Forum, Gazprom Neft signed, amongst other deals, a deal with IBM covering the use of the latters information technologies in exploration and production activities.

Gazprom Neft recently saw the offices of two of its companies in Bulgaria Petrol and Nis Petrol raided by the countrys Commission for Protection of Competition (CPC) as part of an investigation into alleged cartel activity.

(c) 2016 Mehr News Agency Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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