21 Dec 2020 12:14

Rosneft's plans for 2021-22 stipulate 100% replenishment of reserve, resource base

MOSCOW. Dec 21 (Interfax) - The board of directors of Rosneft has reviewed the preliminary results of the company's activities for 2020 and has approved its plans for financial and economic activity for 2021-2022, the Russian state oil company said in a statement.

Rosneft said that it has ensured in 2020 the implementation of the key areas of its strategy, taking into account the current restrictions on the level of oil output, the effect of the consequences of the spread of the coronavirus, as well as the substantial change in the macroeconomic environment this year.

"Despite the unfavorable macroeconomic conditions, the company has continued to implement large investment projects, has optimized its asset portfolio, and has begun practical implementation of the Vostok Oil project. Based on actual data for 9M 2020 and the outlook for Q4 2020, Rosneft expects to fulfill the 2020 business plan for key production and financial indicators," the company said in the statement.

"The approved plan for financial and economic activity of Rosneft Oil Company for 2021-2022 stipulates implementing a set of tasks for 100% replenishment of the reserve and resource base; ensuring the fulfillment of the company's obligations for oil production while maintaining potential to boost output at mature assets; improving operational efficiency; maintaining leadership in terms of unit costs while decisively ensuring the financial stability of the company; as well as providing for industrial and environmental safety, labor protection, and social responsibility," Rosneft said.

Rosneft said that the company plans to allocate its investment program in 2021-2022 to implementing highly efficient projects that ensure the oil company's long-term development, including replacing and replenishing its reserve and resource base, creating development and infrastructure facilities for the Vostok Oil project, as well as completing the modernization and updating of oil refining facilities and capacity.