19 Jun 2009 19:01

Rosneft could boost oil production in 2010

MOSCOW. June 19 (Interfax) - Rosneft plans a significant increase in oil production in 2010 compared with 2009, company president Sergei Bogdanchikov told a press conference following Friday's AGM.

"We are starting to work on a business plan now. Starting from 2010-2011, we are switching to two-year business planning plus an appraisal of work for the period until 2014. We will announce what production levels there will be from 2010-2014 by the fall," he said.

"At any event, we are planning significant growth in output next year compared to 2009," he said.

He also said that Rosneft is planning to carry out enough geological exploration in 2010-2011 to enable the company to grow more reserves than are being extracted. "There will be respectable growth in exploration drilling volumes, particularly at the Vankor and Verkhnechonsk [fields]," he said.

Bogdanchikov said at the AGM earlier that the company aimed to produce 112.3 million tonnes of oil in 2009, 2% more than the 110 million tonnes it lifted in 2008. He also said 700 wells should go on stream this year, up 7% from 650 in 2008, and that refining should increase 0.6%.

"This year will be a year of growth for Rosneft, despite the crisis," he said.