RBC, 13.06.2006, St. Petersburg 19:22:49.Rosneft plans to expand its share in Russia’s total oil production from 17 to 23-25 percent within 4-5 years, the company’s President told the 10th International Economic Forum in St. Petersburg today. He noted that Rosneft’s oil output rose 7 percent in the first five months of the current year. This growth is higher than the industry average.
According to Bogdanchikov, the company also ranks third in Russia in terms of production efficiency (approximately 3m tonnes of oil per well). At the moment, all the conditions are in place to increase production efficiency and improve the recovery factor, he noted.
Bogdanchikov also reiterated that the company was developing a number of projects with a view to boosting oil production, including the construction of a pipeline connecting Eastern Siberia and the Pacific Ocean coast. The Rosneft President also pointed out the successful current progress in implementing the Sakhalin-1 and Sakhalin-2 projects.
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