RussNeft Expects a Reduction in Oil Production by Five Percent
RussNeft expects oil production to decline in 2023 due to OPEC+ decisions by 5%, to 6.4 million tons, company president Evgeny Tolochek told reporters on the sidelines of the Tyumen Industrial and Energy Forum.
Answering the question by how much the company’s oil production could decrease in 2023, he said: “By 5.3% due to the OPEC+ decision, to 6.4 (million tons – ed.).”
According to him, the company’s investment program this year will be reduced by almost a third – to 16 billion rubles.
“We have already begun to recover and will continue this next year. We are actively working on this. Next year we expect a recovery to the volume of investment that is considered normal for us, if again there are no “black swans” – a huge discount between Brent and Urals” , he commented on the reduction in investment in 2023.
In early September, Tolochek, in an interview with the RussNeft corporate magazine, said that the company at the beginning of 2023 had significantly reduced its investment program and suspended promising projects against the backdrop of a growing discount between Brent and Urals oil brands and a decline in production as part of the OPEC+ deal, but continued to conduct highly efficient drilling, and after the situation normalizes in June, it is ready to make up for losses.
