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
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
