Gazprom Neft to increase investment by 10 percent in 2022

Gazprom Neft, the oil arm of the Russian gas giant Gazprom, said that its total investment is expected to increase by more than 10 percent to exceed US $6.8 billion (₽500 billion) in 2022.

The company said in a statement on Thursday that for the first time in its history hydrocarbon production is expected to exceed 100 million tonnes of oil equivalent (mtoe) by the end of 2021.

“Provisional estimates indicate that refining volumes will increase to 43.3 mtoe, with sales of premium petroleum products growing to 25.6 mtoe,” the company said in a statement.

Gazprom Neft said that the higher production volumes in 2021 are supported by the commissioning of the Tazovskoye field, increased production at oil-rim deposits, and the commissioning of a new integrated gas treatment plant at the Vostochno-Messoyakhskoye field. 

“The Company has continued to implement its major projects while maintaining its focus on the sustainable development goals including more sustainable production and lower environmental impact. As at the end of 2021 Gazprom Neft remains an industry leader in terms of improvements in financial performance and return on capital invested, and continues to demonstrate comprehensive growth, while remaining committed to developing new business areas and technologies.” Alexei Miller, Chairman of the Board of Directors, Gazprom Neft.

During the year, Gazprom Neft has continued implementing its full scale refinery development programme. It has completed the modernisation of the heavy-ends conversion unit at the Moscow Refinery.

Nonetheless, it has continued expanding its operational and technological partnerships and signed a number of upstream joint-venture agreements aimed at the development of major oil and gas clusters.