20 Jul 2017 16:35

Russneft not lowering 2017 oil production forecast, capex despite OPEC deal extension

MOSCOW. July 20 (Interfax) - The board of directors of Russneft has decided not to reduce capital investment in 2017, despite the extension of the OPEC/non-OPEC oil production cut agreement, the company said in a press release.

"The business plan for the current year in regard to the investment program fully accords with the growth strategy approved by the board of directors," it said.

In addition, the board kept the EBITDA target for 2017 unchanged at 23 billion rubles.

The oil production target was also left unchanged, at about 7 million tonnes. Russneft produced 3.5 million tonnes of oil in the first half of the year. Production drilling totaled 225,000 meters and 60 wells were completed.