• NOV Downhole

 

Rosneft sees record profits

Russia’s leading oil company Rosneft has reported a 20% rise in net income to US$ 12.45 billion. Like many other oil companies reporting increased profits, Rosneft attributes the increase to a combination of high oil prices and increased output.

Eduard Khuainatov, president of Rosneft said that the company had broken production records and hit an “an absolute historical high” in profits. He suggested that these positive results were due to the company’s focus on the development of new regions, such as the Arctic and the Black Sea.

During 2011, Rosneft’s crude production was approximately 2.38 million bpd, approximately a 2.5% increase on previous years linked to increased production levels at the Vankor and Verkhnechonsk fields, and the Sakhalin-1 project.

Rosneft has stated that it has plants to invest US$ 4.5 billion on upgrades in 2012.

Published on 03/02/2012


Hydrocarbon Engineering

Would you like a FREE trial of Hydrocarbon Engineering magazine?

With 12 issues per year containing unparalleled coverage of the global refining, gas processing and petrochemical industry including regional reports, case studies and detailed technical articles.

Get your FREE magazine now »

No credit card required

 
 

Write your own comments

*
*
*

Recommend magazines

  Oilfield Technology