Gazprom Neft Aims to Become Russia

Gazprom Neft, the oil production subsidiary of Gazprom, has stated in its 2007 Annual Report that it expects to more than double oil output to 2.0 million barrels per day by 2020 from a production average of 864,000 bpd in 2007.

The study indicated 27.6 billion barrels of recoverable oil at Priobskoye — it is ambiguous, however, if the study refers to all of Priobskoye or the Northern portion of the field. In the case that the number refers to the total field, the number of 27.6 billion recoverable barrels would place Priobskoye as one of the 10 largest oil fields in the world.


Further, Gazprom Neft has signed a 51%/49% joint venture with Lukoil in early 2008 to develop and produce undeveloped oil fields. Lastly, it is possible that Gazprom Neft will continue to consolidate large to medium sized producers of oil — Gazprom Neft acquired 50% of mid-sized Slavneft (420,000 bpd) and 50% of Tomskneft (260,000 bpd production) within the last 12 months.

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