Gazprom Neft to maintain 2016 EBITDA at 2015 level thanks to tax breaks for new fields - BCS
MOSCOW. Feb 18 (Interfax) - Gazprom Neft plans to maintain EBITDA in 2016 at last year's level thanks to the tax reductions offered on new fields, the BCS brokerage reported following a meeting of its clients with Gazprom Neft management.
Gazprom Neft's adjusted EBITDA was 342.61 billion rubles in 2014; the oil company's management said EBITDA had "double-digit" growth in 2015.
"Given maintenance of the current tax regime, Gazprom Neft does not expect EBITDA to decline in 2016 in ruble terms thanks to increased production at the Novoportovskoye and Prirazlomnoye fields, which make use of tax breaks," BCS said.
Oil lifting costs at Novoportovskoye are expected to total $3.8 per barrel at the peak level (including the cost of shipment to the Arctic terminal) compared with $3.55 per barrel at traditional fields. Operating costs at Prirazlomnoye are higher because drilling work continues there.
