Overview / Oil & Gas Exploration and Production
Oil & gas exploration and production
In line with the Company’s 2020 Development Strategy covering exploration and production, Gazprom Neft intends to increase hydrocarbon production to 100 million tonnes per year. The reserves-to-production ratio should remain at this level for at least 20 years. Projects in the initial stages of development should represent at least 50% of all production by 2020.

This target will be achieved by utilizing existing assets, projects in which Gazprom Neft has a share, and oil fields transferred to Gazprom Neft by Gazprom. The Company also plans to expand its asset portfolio by acquiring as yet unallocated rights

to sub-soil areas, purchasing assets in the Russian market, and developing projects outside Russia. The implementation of the Company’s long-term plan is based, inter alia, on achieving medium-term goals and focusing on current priorities.

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Reserves Geological
Licenses Hydrocarbon

The in-house production of crude oil and liquid hydrocarbons can be converted to barrels by using factors which characterize the density of hydrocarbons, depending on the field where they were produced, as well as the actual density of products developed by the Group’s gas processing plants.

The volumes of purchased crude oil, as well as other indicators expressed in tonnes, can be converted to barrels using an average rate of 7.33 barrels per tonne.

The conversion of cubic feet to cubic meters is calculated using a ratio of 35.31 cubic feet per cubic meter.

One barrel of crude oil is equivalent to 1 BOE, and the conversion of a BOE to cubic feet is calculated using a ratio of 6,000 cubic feet per BOE.


Compared to 2011
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