12 Dec 2018 12:42

Gazprom Neft still undecided on how to cut oil output due to OPEC+, waiting for meeting with Energy Ministry

MOSCOW. Dec 12 (Interfax) - Gazprom Neft has not yet determined how it will reduce oil production due to the recent OPEC+ agreement to curb output, and will do so after meeting with Russia's Energy Ministry, the oil company's CEO, Alexander Dyukov said.

"The company has not yet assessed options for reducing oil production in connection with the OPEC+ agreements. We will do this after a meeting with the Energy Ministry, the date of which has not been set yet," Dyukov told reporters on the sidelines of the Innovative Practice: Science plus Business conference organized by Innopraktika and Moscow State University.

Dyukov did not comment on whether the company will reduce production the same way as before, when it mainly cut output at mature fields.

"First we need to understand what understandings were reached under the OPEC+ agreement, what parameters are set there. After all, we're not just talking about the reduction of some sort of volume, we're also talking about timeframes. From what I know, a reduction in one go is not expected, this will be over several months," Dyukov said.