Gazprom Neft plans to increase production in 2021 to surpass pre-pandemic levels seen in 2019, the company said in a conference call on Thursday. The company produced 1.95 million boepd of hydrocarbons in 2019, but output fell in 2020 as Russia participated in OPEC+ coordinated supply curbs. Data from Russia’s energy ministry showed Gazprom Neft slashed crude oil output from 1.33 million bpd in April 2020 to 1.06 million bpd in 2020.
Gazprom Neft’s crude output recovered to 1.13 million bpd in July 2021 as OPEC+ gradually returned barrels to the market. In the second quarter of 2021, the company pumped 1.98 million boepd of hydrocarbons, up 1.87% from a year earlier. Now the company plans to increase production further in the second half of the year, utilizing Russia’s increased production quota under the OPEC+ supply deal. Russia will increase output by 100,000 bpd each month starting August.
