Rosneft's pipedream
Not content with its oil eminence, the state-controlled oil giant has Gazprom in its sights
It has overtaken Novatek to become Russia's second-biggest natural gas producer. Now Rosneft has revealed its bigger ambition: beating Gazprom. Details are hazy, but the goal offers a measure of the state-controlled firm's new confidence. Igor Sechin, Rosneft's chief executive, boasted of the plan in a meeting at the Kremlin with President Vladimir Putin on 23 January. Rosneft claimed the second spot in gas output for the first time last year after recording a 7% jump in output to 67bn cubic meters. Novatek extracted 66.2bn cm last year, according to preliminary data. By 2020, Rosneft is forecasting gas production of 100bn cm per year, which implies a compound annual growth rate of 10.5%. Th
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields