MOSCOW, Jan 16 (PRIME) -- Russian oil company Gazprom Neft will raise production of hydrocarbons to more than 100 million tonnes in 2020 if OPEC and non-OPEC states decide against prolongation of their oil output reduction deal, CEO Alexander Dyukov told reporters on Thursday.
“I can definitely say that we will raise out production. But how high we will raise it would depend on the decision they make…The level of our production increase will be clear when we see whether they prolong the OPEC+ deal and at what conditions they will prolong it…If there is no prolongation, we will produce more than 100 million (tonnes of hydrocarbons),” he said.
In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on an additional reduction in December 2018. In July, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.
Dyukov also said that the company expected stable taxation despite Wednesday’s resignation of the Russian government.
“The president talked about…stability of the taxation system, right? Did he say that yesterday? Yes, he did. So we see no risks,” he said.
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