Rosneft Plans To Significantly Up Oil Output In '10-11

Russian oil major Rosneft plans to significantly increase its oil output and geological exploration in 2010-11, the company’s President Sergei Bogdanchikov told reporters Friday, Prime-Tass news agency reports.

Bogdanchikov said earlier in the day that the company expected its oil output to increase 2% on the year to 112.3 million metric tons in 2009.

The company plans to start exploration drilling on the Black Sea shelf in 2010 and may invite foreign companies to take part in the project, Bogdanchikov also said.
WSJ