14 Oct 2022 16:00

Zarubezhneft sees development opportunities mainly in CIS, Middle East

MOSCOW. Oct 14 (Interfax) - Zarubezhneft sees potential for the company to develop in the Commonwealth of Independent States (CIS) and the Middle East, company CEO Sergei Kudryashov said during a session at Russian Energy Week 2022.

"Where will we develop in the future? Of course, this is in the CIS today, and the second area is in the Middle East," Kudryashov said at the session.

"We expect growth of 17% in 2022 compared to 2021, and it is clear that this is not in Russia," Kudryashov added when speaking about the results of Zarubezhneft's operations.

Kudryashov later clarified to reporters that the company also hopes to increase hydrocarbon production in 2023. Asked whether growth would be in Russia or abroad, he said: "We'll have to wait and see."

Kudryashov said earlier that the head of Zarubezhneft was considering various options to reduce production in Russia after the price cap comes into effect, up to a 100% shutdown of production.