Rosneft to clarify timeline for launching gas projects in Sept
MOSCOW. July 30 (Interfax) - Rosneft will clarify its gas strategy by September, the deputy director of the state oil major's department for gas business development, Oleg Ivanov said in a conference call following the release of the company's the financial statement.
He said there will not be any conceptual changes to the plans announced earlier. The "only clarifications will be on the timetable for launching individual projects," Ivanov said.
He said the company is now wrapping up work on putting together a business plan, including for gas projects, which will be reviewed by the board of directors in September. "I think that in the fall we'll be able to report on the results in more detail," he added.
He also said that in the gas sector, unlike the oil sector, capital expenditure planning depends more on an understanding of where and in what amount gas will be sold and how it will be delivered.
"Compared to Gazprom , Rosneft doesn't have a need to invest considerably money in the gas transport system. We have the ability to focus on investing in more profitable production assets," Ivanov said, remarking that Rosneft uses a project method for investing.
Prior to Rosneft's complete consolidation of Itera , Rosneft vice president for gas Vlada Rusakova gave a presentation to investors on the development of the oil company's gas business.
The company planned to produce 100 billion cubic meters of gas by 2020. The largest gas field that Rosneft is supposed to launch in the near-term is Kharampurskoye in the Yamalo-Nenets Autonomous District. The company also plans to launch the Kynsko-Chaselskoye field and expand gas production at Rospan, which was previously part of TNK-BP. Itera's assets were not expected to increase production significantly in the next few years. The company also has plans to launch LNG projects using Sakhalin resources.
