Rosneft on Track to Develop Fields in Challenging Geological Conditions

Rosneft President and Chaiman of the Management Board Igor Sechin talked about the prospects of his company, saying that the acquisition of TNK-BP will make “Rosneft the largest public oil company in the world by production and reserves.”

The Russian company intends to increase hydrocarbon output, developing fields in “challenging natural and geological conditions.” 

In an interview to Rosneft corporate newspaper, Sechin underlined that “huge merger at the end of the 90s” are due to an increasing scale of projects. The company’s President recalled the creation of ExxonMobil, Chevron Texaco, Total and BP.

“Once the acquisition of TNK-BP is complete, Rosneft will be producing some 200 million tonnes of oil a year in Russia (for comparison, ExxonMobil, that will become the world’s second largest producer after us, has an output of just 115 million tonnes a year),” said Sechin.

While Rosneft is getting ready to work in “challenging geological conditions”, several newspapers report that Russian President Vladimir Putin signed the law on a differentiated tax regime for unconventional hydrocarbon production.