Russian state-controlled oil major OAO Rosneft (ROSN.RS) will increase oil output 50% by 2020 thanks to aquisition and organic growth, Chief Executive Sergei Bogdanchikov said Friday at an economic forum in the Siberian city of Kransoyarsk, Prime-Tass reported.
Russian state-controlled oil major OAO Rosneft (ROSN.RS) will increase oil output 50% by 2020 thanks to aquisition and organic growth, Chief Executive Sergei Bogdanchikov said Friday at an economic forum in the Siberian city of Kransoyarsk, Prime-Tass reported.
The company plans to increase crude output to about 130 million tons, or 2.6 million barrels a day, by 2010 from the planned 112 million this year.
Output could reach 160 million tons by 2015 and exceed 170 million tons, or 3.4 million barrels a day, by 2020, Bogdanchikov said.
Rosneft produced 91.4 million tons of oil in 2007.
Bogdanchikov also noted that by 2020, the company planned to produce a quarter of its output in Eastern Siberia, mainly in the Krasnoyarsk Region.
Bogdanchikov confirmed that the company's biggest field, Vankor in Eastern Siberia, should be launched between September and November. The field, in which Rosneft will invest around $4.1 billion, should produce 500,000 barrels a day sometime next decade.
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