TOP Russian oil producer Rosneft has posted a 20 per cent rise in net income to $12.45 billion in 2011 on the back of record-high crude prices and higher output.
Quarterly net income of US$2.992 billion was up 7.7 per cent on Q3 despite a 2.7 per cent drop in revenues to US$23.951 billion. Revenues increased 46 per cent to US$91.98 billion for the whole year.
Production rose by 2.6 per cent to 2,586 boe. In Q4, hydrocarbon production hit a record of 2,622 boepd. Average crude oil output increased to 2,380 bpd in 2011, which represents a 2.5 per cent growth year-on-year.
The increase reflects higher production at the Vankor and Verkhnechonsk fields in East Siberia and as part of the Sakhalin-1 project. Crude oil production amounted to 2,396 th. bpd in Q4 2011.
Marketable gas production in 2011 increased by 3.6 percent year-on-year to 12.79 bcm thanks to higher gas production at Yuganskneftegaz, Samaraneftegaz and Vankorneft fields.
In Q4 2011, marketable gas output grew by 17.7 per cent quarter-on-quarter to 3.53 bcm mainly due to the launch of a booster station at the Priobskoye field of Yuganskneftegaz in November 2011.
“In 2011 Rosneft progressed to a new stage in its development and produced record volumes of oil,” Rosneft president Eduard Khudainatov said. “The company's profit figures also reached an absolute historical high.”
"The steady increase in production confirms that Rosneft has chosen the right strategy as it focuses on developing new production regions,” he added.
He added the results supported the producer’s strategy of focusing on new production regions like the Russian Artic and the Black Sea shelves.
“In 2011 we concluded an unprecedented strategic agreement with ExxonMobil and have already begun practical implementation of agreements to explore the rich resource base of the Russian Arctic and Black Sea shelves.”
Oil News | International
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