OAO Gazprom Neft (SIBN.RS), the oil arm of Russian gas monopoly OAO Gazprom (GAZP.RS), is aiming to raise its market capitalization to $100 billion from current $29.1 billion by 2020, the RBC Daily reported Tuesday, citing Chief Executive, Alexander Dyukov.
By that time, Gazprom Neft plans to raise its oil reserves to 2.2 billion tons, while production should reach between 90 and 100 billion tons of crude oil a year, Dyukov said.
Gazprom Neft, Russia's fifth-largest oil producer, said earlier this month it would raise capital expenditure by 36% to 89 billion rubles ($3.8 billion) this year to increase stagnating production.