UPDATE: Gazprom Neft sees Prirazlomnoye 2020 oil output at 3.8 mln tns

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ST PETERSBURG, Apr 9 (PRIME) -- Russian oil company Gazprom Neft plans to raise oil production at the Prirazlomnoye field by 16–19% on the year to 3.7–3.8 million tonnes in 2020, Deputy CEO for Offshore Development Andrei Patrushev said on Tuesday during the International Arctic Forum.

“Speaking of Prirazlomnoye, we plan to produce about 3.2 million tonnes of oil there this year, and the figure for the next year should be about 3.7–3.8 (million tonnes),” he said.

Gazprom Neft also expects the cost of production of oil at the Prirazlomnoye field to be below U.S. $10 per barrel after the company has finished all capital expenditures in the project.

“The production cost at the Prirazlomnoye field will be below $10 after we have finished all capital expenditures. Thus you can feel the reserve of the field against the volatility of oil prices,” he said.

The Prirazlomnoye field is Russia’s first field in the Arctic shelf zone where oil production was launched. The field’s recoverable reserves of oil exceed 70 million tonnes.

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