16 Jan 2020 11:54

Gazprom Neft to produce over 100 mln toe in 2020 if OPEC+ deal not extended

MOSCOW. Jan 16 (Interfax) - Gazprom Neft will produce more than 100 million tonnes of oil equivalent in 2020 if the OPEC+ deal to curb oil production is not extended, the Russian oil company's CEO, Alexander Dyukov told reporters.

"We will increase production of hydrocarbons, but by how much will be clear [when it is known] whether the OPEC+ deal will be extended and on what terms. If there is no extension, we'll produce more than 100 million toe," Dyukov said.

He said it is still too early to decide whether to extend the deal beyond March or withdraw from the agreement.

"Right now it's early to make any conclusions, let's wait until March. We're in January, it's premature to make a decision now about the need to extend or, on the contrary, withdraw from the agreement. The decision needs to be made based on the situation on the market in March," Dyukov said.

In its previous strategy, Gazprom Neft said it planned to increase hydrocarbon production to 100 million toe by 2020. The company's new strategy calls for increasing production faster than the market in the period to 2030.