Rosneft to delay launches of several projects due to OPEC+ deal

MOSCOW, Feb 5 (PRIME) -- Russian oil major Rosneft will have to delay launches of several projects for several months due to the oil output reduction deal of OPEC and non-OPEC states, but the schedule for 2019 remains, Rosneft’s First Vice President Pavel Fyodorov said in a conference call on Tuesday.

“I think we will at least see a delay of several months for some of our new projects to reach the 2019 targets…But the targets we’ve set for ourselves for the launches of new projects is unchanged, and we will launch Rospan this year,” he said, without specifying the projects that will suffer the delay.

The full impact of the OPEC+ deal cannot be forecasted, as it may be changed in April, and prolonged or even terminated after the second half of 2019. The company is not discussing new dates of launches for new projects with the Energy Ministry, Fyodorov said.

Vice President Eric Liron said that Rosneft has no plans to reduce oil production at the Russkoye oil and gas condensate field in the Yamalo-Nenets Autonomous District.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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