Russia’s Tatneft still plans to produce 26 mln tns of oil in 2020

MOSCOW, Nov 27 (PRIME) -- Russian oil company Tatneft still plans to produce around 26 million tonnes of oil in 2021 and 26.25 million tonnes in 2021, VTB Capital said in a statement on Friday following a meeting of Tatneft’s management with analysts and investors.

“The company has confirmed its 2020 forecast of 26 million tonnes. Under the baseline forecast for 2021, production will rise by by 0.25 million tonnes next year taking into account OPEC+ parameters that are in force as of now,” the statement read.

If the OPEC+ restrictions are lifted, Tatneft will be capable of resuming to produce as much as before the deal in up to two months, but if the restrictions remain, the company will not allocate capital expenditures to increase production, VTB Capital said.

In 2019, Tatneft produced 29.468 million tonnes of oil, of which super-viscous oil accounted for 2.735 million tonnes.

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