Rosneft reviews the preliminary results for 2009 and approves business plan for 2010, Rosneft
Release Date: 2009-12-29
According to the preliminary results, Rosneft carried out 61.2 th. meters of prospecting and exploration drilling, 6.7 th. linear kilometers of 2D and 3.3 th. square kilometers of 3D seismic works over 2009. This enabled an increase in ABC1 reserves (Russian classification) of 177 mln tons of crude oil and of 43 bcm of gas.Rosneft’s crude oil and gas condensate production for 2009 is estimated at 112.6 mln tons, which is a 2.3% increase y-o-y (108.7 mln tons under the international standards, which is 2.4% more than in 2008). Production increase was mainly driven by increased drilling and other geological and technical works at producing fields and by the commercial production started at the Vankor field in Eastern Siberia. Rosneft launched 800 new wells in 2009 and carried out 2.3 mln meters of production drilling. Rosneft’s marketable gas production for 2009 is estimated at 11.7 bcm, up 3.5% y-o-y.
According to the preliminary results, the Company’s crude oil exports in 2009 were 59.2 mln tons, of which 26.5 mln tons were exported through the port of Primorsk and 8.9 mln tons were delivered to China by railway
In 2010, the Company plans to process 50.3 mln tons of crude oil, up 0.4 mln tons compared to 2009; petroleum product output will increase to 48.4 mln tons. 2010 business plan provides for a substantial increase in the volume of refinery upgrade works to comply with the new Technical Regulations. In 2010, the Company plans to complete construction of an isomerization complex at the Angarsk refinery, of a delayed coking unit at the Komsomolsk refinery, to upgrade reforming unit at the Syzran refinery, isomerization unit at the Novokuibyshevsk refinery, visbreaking unit at the Kuibyshev refinery, as well as to begin works at other units. Rosneft also plans to proceed with the Tuapse refinery and Tuapse marine terminal expansion projects. Besides that, the plan provides for the development and efficiency increase of lubricants and petrochemicals businesses.
2010 business plan provides for further expansion of the Company’s retail network, mainly in strategic regions, as well as of airship fuelling and bunkering. 88 service stations are planned to be upgraded and 45 are planned to be built. As part of the program for preparation to the Olympic Games in Sochi, the Company plans to begin construction of service stations at the federal highways from western borders of Russia to Sochi.
One of the key provisions of the business plan is further decrease of Rosneft’s net debt with full financing of the strategic projects, which include infrastructure development at the Vankor field, expansion of the Tuapse refinery, modernization of other refineries to comply with the Technical Regulations, development of marketing business.
| Type: | NORMAL |
| Company: | Rosneft |
| Country: | Russian Federation |