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.