Open Joint Stock Company Rosneft Oil Company (OJSCY)

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President of Russia Vladimir Putin had a working meeting with Rosneft Chief Executive Officer Igor Sechin, who reported on the Company’s 2016 operational results. According to Igor Sechin, “2016 saw particular volatility on the hydrocarbon markets”, the Company “had to work under pressure, but the year set a record in terms of production for Rosneft”. Total production in liquid equivalent amounted to 265 mmt and increased by 4% compared with the last year. The Company produced 210 mmt of oil and 67 bcm of gas.
The volume of production drilling increased by 35% (to 9.3 mln m) in 2016, 2,700 new wells were brought into operation, which is 43% up on the 2015 result. As noted by Igor Sechin these results we possible due to creation of the company’s own oil drilling service, (total number of well rigs was increased by 20% in 2016 only).

Igor Sechin reported to the President of the Russia that over the course of the year Rosneft has discovered 13 new fields, 103 new deposits with total reserves of up to 159 mln toe. The reserves increment, according to him, will reach 290 mln toe.

The Russian refineries affiliated to the company processed 87.5 mmt, more than 12 mmt were processed at the Company’s refineries abroad. Total processing thus amounted to c. 100 mmt. According to Igor Sechin, Rosneft intends to bring this rate up to 120 mmt in 2017.