Arctic gas boosts Gazprom Neft

The Russian producer looks on track to achieve its production growth targets

Gazprom Neft posted a 5.5pc year-on-year increase in its oil and gas production in the first half of 2019, leaving it well placed to meet its stated growth ambitions. Surging output from its Arctic gas fields was a major driver. Hydrocarbon production in the quarter grew to 1.94mn bl/d oe, which the firm attributes to higher yields at its Novoport and Messoyakha projects beyond the Arctic Circle. Output gains at Gazprom Neft's Arcticgas joint venture and the recently-launched Tazovskoye field in western Siberia also played a role, says Maxim Khudalov, director at Moscow-based ratings agency Acra. Liquids output grew by only 1.8pc year-on-year in the first half, as Moscow's commitments under