27 Nov 2017 09:37

Russneft planning to keep output at 7 mln tonnes in 2018

MOSCOW. Nov 27 (Interfax) - Russneft is planning to maintain oil production at 7 million tonnes and cut capex, the company said a statement.

The company's board of directors decided at a meeting on November 23 to instruct Russneft president Yevgeny Tolochek to present proposals to reduce 2018 capex by up to 1 billion ruble, the company said. Operations should be based on the assumption that production will total 7 million tonnes of oil, the board decided.

A company spokesman told Interfax that this refers to a reduction of capex by up to 1 billion rubles from the previously approved amount for 2018. The company did not provide absolute figures.