OAO Gazprom Neft (SIBN.RS), the oil-producing arm of Russian gas monopoly OAO Gazprom (GAZP.RS), plans to invest $70 billion to 2020, by which time annual output should total 80 million to 90 million tons, Chief Executive Alexander Dyukov said in an interview with the Kommersant daily published Monday.
The company's strategy to 2020 also envisages reserves totaling 2.2 billion tons and two thirds of output being refined. It uses an average oil price of $65 a barrel.
Separately, Dyukov told the paper that Gazprom Neft would be interested in purchasing the other 50% of Tomskneft, should OAO Rosneft (ROSN.RS) be willing to sell. Likewise, he said his company could be interested in buying a stake in Russo-British joint venture OAO TNK-BP (TNBP.RS), although there are no talks at present.
Dyukov said Gazprom Neft would continue to pay out 40% of net profit in dividends.