Gazprom Neft targets Russia’s second place spot

The oil producer is threatening to displace Lukoil as next in line after Rosneft

Russia’s state-controlled Gazprom Neft has achieved a strategic goal set ten years ago, more than doubling its oil output and reaching annual production of more than 100mn t oe (2mn bl/d oe), according to the firm’s CEO, Alexander Dyukov. That leaves it rapidly closing in on peer Lukoil as the country’s second-largest crude producer by volume. And Gazprom Neft is not stopping there. The company plans to increase production by c.10pc in 2022 and aims for further growth over the next few years through developing new greenfield sites and working on improving existing fields, Dyukov promises. “It is important that this growth has been achieved organically,” he says. “There were no new acquisitio