Rosneft CEO Igor Sechin was received by the Russian President to brief him on the company’s 2018 performance and its development plans, presidential website reports.
According to Sechin, “Last year, the production of hydrocarbons reached a record-high level of 286 mio tons of oil equivalent with production costs at around $3.10 per barrel at the wellhead.”
As he pointed out, “Investment amounted to RUR 936 bln ($14.5 bln) in 2018, an increase of 1.5%, while net profits grew by 150% to almost RUR 550 bln ($8.5 bln). The tax payments to the budget amounted to RUR 4 tln, also a record. The company has joined the world’s top ten leading oil and gas industry operators.”
“Currently, we are considering the possibility to create an Arctic cluster that will fully focus on bringing the cargo traffic in the Northern Sea Route to 80 mio tons by 2024, and production is likely to rise to 100 mio tons by 2030,” he concluded.