Rosneft says raises Jan–Mar output by 11% to 5.79 mln bpd

MOSCOW, May 3 (PRIME) -- Russian oil major Rosneft increased its hydrocarbon output by 11.1% on the year to 5.79 million barrels per day (bpd) of oil equivalent in January–March thanks to new assets and development of projects, the company said in a statement on Wednesday.

In total, the company produced 70.3 million tonnes of oil equivalent in the period.

The average daily output of hydrocarbons fell by more than 70,000 barrels in January–March compared with October 2016 due to a production reduction deal struck by OPEC and non-OPEC states and unfavorable weather conditions, Rosneft said.

The company also raised production of oil and condensate by 11.7% on the year to 56.12 million tonnes in the period, while output of natural gas increased 2.9% to 17.21 billion cubic meters.

Gas production grew thanks to two new wells that were launched in the northern part of the Chaivo field, as well as on the back of Rospan’s Novy Urengoi gas and gas condensate treatment facility reaching its production capacity. Launches of three new wells at the Yem-Yegovskoye field also helped, the company said.

Oil refining grew 25.2% to 28.3 million tonnes, including a 30.8% rise to 25.5 million tonnes in Russia rising. Refining outside of Russia fell 9.7% to 2.8 million tonnes.

Rosneft said it increased exploitation drilling by 9.3% to 2.278 million meters, with own drilling services accounting for about 60% of the total figure.

The company also said it signed a contract with Cuba’s Cubametales in March to export about 250,000 tonnes of oil and diesel fuel to the country. The company’s exports in the eastern direction rose to 11.3 million tonnes in January–March from 10.9 million tonnes in the same period of 2015.

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