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Press Releases > Rosneft Oil Company  all about the company

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Rosneft Oil Company

December 29, 2009

Rosneft Board of Directors reviewed the Company’s preliminary results for 2009 and approved business plan for 2010

On December 28, 2009, Rosneft Board of Directors held a meeting in Vladivostok at which the Company’s preliminary results for 2009 under the Russian standards were reviewed and its business plan for 2010 was approved.

Operating highlights and business plan (under the Russian standards):

 

 

2010
business plan

2009 E

2008

Oil and gas condensate production

mln tons

117.6

112.6

110.1

Marketable gas production

bcm

10.9

11.7

11.3

Crude throughput

mln tons

50.3

49.9

49.3

Petroleum product output

mln tons

48.4

47.9

47.2

Geological exploration works carried out by the Company allowed to achieve full reserve replacement in 2009. According to the preliminary results, in 2009, Rosneft carried out 61.2 th. meters of prospecting and exploration drilling, 6.7 th. linear kilometers of 2D and 3.3 th. square kilometers of 3D seismic works. This enabled an increase in ABC1 reserves (Russian classification) of 177 mln tons of crude oil and of 43 bcm of gas.

Rosneft’s crude oil and gas condensate production for 2009 is estimated at 112.6 mln tons, which is a 2.3% increase compared with 2008 (108.7 mln tons under the international standards, which is 2.4% more than in 2008). Production increase was mainly driven by increased drilling and other geological and technical works at producing fields as well as by the commercial production start at the Vankor field in Eastern Siberia. The Company launched 800 new wells in 2009 and carried out 2.3 mln meters of production drilling. Rosneft’s marketable gas production for 2009 is estimated at 11.7 bcm, up 3.5% compared to 2008.

According to the preliminary results, the Company’s crude oil exports in 2009 were 59.2 mln tons, of which 26.5 mln tons were exported through the port of Primorsk and 8.9 mln tons were delivered to China by rail road.

Rosneft’s refinery throughput (including mini-refineries) for 2009 is estimated at 49.9 mln tons, up 0.6 mln tons compared to 2008, and petroleum product output – at 47.9 mln tons. According to the preliminary results the Company exported 28.0 mln tons of petroleum products, remaining volumes were sold at domestic wholesale market and through the owned retail network (4.9 mln tons). As of the end of 2009, Rosneft’s service station fleet was 1,695 stations.

At its meeting, the Board of Directors also approved Rosneft’s business plan for 2010, which provides for further growth of all key operating indicators of the Company.

Rosneft plans substantial increase in geological exploration in 2010 aiming at further development of its reserve base. 3D seismic exploration in 2010 is planned to increase by 2.5 times, to 8.3 th. square kilometers, 2D seismic exploration will amount to 7.4 th. linear kilometers and exploration drilling will reach 99 th. meters, which is an increase of more than 60% compared to 2009. Blocks in Eastern Siberia and off shore Black sea will be the Company’s main priority in 2010.

Rosneft plans to increase crude oil and gas condensate production in 2010 to 117.6 mln tons, or by 4.4% (113.8 mln tons under the international standards, up 4.7%), mainly due to increased production drilling (to 2.7 mln meters) and further infrastructure development at the Vankor field. In accordance with the Company’s plans production at this field in 2010 will reach 12.5 mln tons compared with 3.6 mln tons in 2009. Marketable gas production in 2010 is planned at the level of 10.9 bcm.

In 2010, the Company plans to process 50.3 mln tons of crude oil, up 0.4 mln tons compared to 2009; petroleum product output will increase to 48.4 mln tons. 2010 business plan provides for a substantial increase in the volume of refinery upgrade works to comply with the new Technical Regulations. In 2010, the Company plans to complete construction of an isomerization complex at the Angarsk refinery, of a delayed coking unit at the Komsomolsk refinery, to upgrade reforming unit at the Syzran refinery, isomerization unit at the Novokuibyshevsk refinery, visbreaking unit at the Kuibyshev refinery, as well as to begin works at other units. Rosneft also plans to proceed with the Tuapse refinery and Tuapse marine terminal expansion projects. Besides that, the plan provides for the development and efficiency increase of lubricants and petrochemicals businesses.

2010 business plan provides for further expansion of the Company’s retail network, mainly in strategic regions, as well as of airship fuelling and bunkering. 88 service stations are planned to be upgraded and 45 are planned to be built. As part of the program for preparation to the Olympic Games in Sochi, the Company plans to begin construction of service stations at the federal highways from western borders of Russia to Sochi.

One of the key provisions of the business plan is further decrease of Rosneft’s net debt with full financing of the strategic projects, which include infrastructure development at the Vankor field, expansion of the Tuapse refinery, modernization of other refineries to comply with the Technical Regulations, development of marketing business.

At its meeting the Board of Directors also reviewed implementation of the Company’s key projects and approved as amended Regulations on annual bonus for the top-managers and heads of divisions of OJSC Rosneft to bring it into compliance with the new version of the Company’s Charter.

 

 

 

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