Russia’s Rosneft sees oil output up 50 pct by 2020

Russian state oil champion Rosneft will increase output by a half by 2020 due to new assets and fields, its head said on Friday as the firm aims to become the world’s top listed oil producer.
Russian news agencies quoted Sergei Bogdanchikov as saying Rosneft will produce 130 million tonnes of crude (2.6 million barrels per day) by 2010 and 170 million tonnes (3.4 million bpd) by 2020, up from the current 110 million tonnes.

“One quarter of our oil output will come from fields in East Siberia, mainly from the Krasnoyarsk region,” Interfax news agency quoted Bogdanchikov as saying on the sidelines of an Economic Forum in Kransoyarsk.
By comparison, oil major BP produces 2.3 million bpd and U.S. Exxon Mobil some 2.5 million bpd of liquids such as oil and gas condensate.

Rosneft has become Russia’s largest oil producer and refiner following last year’s state-forced auction of assets of bankrupt oil firm YUKOS. The company has promised to outline a long-term development strategy, but has repeatedly postponed its publication.

“We have already obtained permissions from the energy ministry, economy ministry, the academy of sciences. I don’t think it will take very long (strategy approval),” he added. Rosneft’s biggest field in East Siberia is Vankor, in which it will invest a total of 100 billion roubles ($4.06 billion) to produce 500,000 barrels per day sometime next decade.

Guardian