Rosneft has most competitive production costs

Vladimir Putin had a working meeting with Rosneft CEO Igor Sechin to discuss the company’s performance in 2019, presidential web page reports.

As Sechin noted, “In 2019, hydrocarbon production remained at the level of 285.5 mio tons of oil equivalent. The average daily production amounted to 5.8 mio barrels. Last year, the volume of oil and gas condensate processing amounted to110 mio tons, including over 10 mio tons at the company’s international oil refineries, fully covering the demand on the domestic market and fulfilling the company’s obligations. Rosneft supplied 83 mio tons of oil to Germany since 2016, which accounts for 25% of their total oil imports.”

“In 2019, the retail sale of motor fuels was about 6% higher than in 2018, which means the recommendations on how to preserve stability on the domestic market were fully met, even a bit more than that,” he said. “At the end of 2019, production costs amounted to $3.2 per barrel of oil equivalent, which is the most competitive figure in the world.”

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