29 December 2017, 17:58

“PJSC “RussNeft” is forecasted to have extracted more than 7 million tonnes of crude oil and around 2.5 billion cubic metres of gas in 2017, which is fully consistent with Company`s obligations under OPEC+ agreement and the previous year level”, says the press release of the company.

According to the statement, 129 new wells were put into operation, which would give about 1 million tonnes additionally. Following the outcomes of exploration activities, reserves growth of the company will amount to 12.3 million tonnes, thus providing for reserve replacement of 1.76-fold. Assimilation of investments in 2017 is fully in conformity with the parameters of business plan.

“This year, the expected extra oil output from implementation of programme of geological and engineering works (well interventions) on current declining well stock would amount to 600 thousand tonnes, an 11% increase on 2016 figures”, the press release highlights.

An annual production plan for 2018 has remained at the same level of 7 million tonnes.

OPEC and a number of non-OPEC producers (OPEC+) agreed in the end of 2016 in Vienna to cut cumulative daily oil production by 1.8 million barrels per day, compared to the level of October 2016, of which 300,000 b/d cut is contributed by Russia. The agreement was intended to cover the first half of 2017. In May it was prolonged for a period of 9 month - till the end of May 2018. In November the OPEC+ countries agreed to extend the Vienna deal again, till the end of 2018.