Rosneft to raise production by 10.9 percent

0 Comments | AFP, December, 2007

MOSCOW (AFP) — Russia's state-owned Rosneft announced Friday that it would raise oil and gas condensate output by 10.9 percent next year to 111.9 million tonnes.

The increased production will be made possible by new wells and technical improvements, the group, which is Russia's largest oil producer, said in a statement.

In addition, a major oil field at Vankor in northeast Siberia is expected to come on stream late 2008, Rosneft said.

This year, Rosneft produced about 100.9 million tonnes of hydrocarbons, almost 25 percent up on 2006. The increase was in large part due to the purchase of shares formerly belonging to Yukos, the oil company dismantled after the controversial jailing of its founder Mikhail Khodorkovsky.

© 2007 AFP