Oil production from Gazprom on the rise

April 13, 2012 at 7:22 AM

MOSCOW, April 13 (UPI) -- Gazprom said its oil subsidiary in Russia increased production 18 percent during the four-year period beginning in 2006 to 53.9 million tons.

Russian energy company Gazprom said its oil business centers on operations at subsidiary Gazprom Neft. Refining volumes from rose 7 percent to 40.5 million tons from 2010 to 2011, the company said.

Oil production for the four-year period beginning in 2006 increased from 45.6 million tons to 53.9 million tons.

"Such growth in volumes has been achieved through development of the existing oil assets and acquisition of stakes in the new ones," said Gazprom in a statement.

Russian President-elect Vladimir Putin said in late March that markets in the east would become a focal point for Gazprom operations.

In particular, the operations will be conducted in Western Siberia, Volga-Urals region and Eastern Siberia," said Gazprom. "Beyond Russia the geological exploration and oil production operations are to be carried out in Eastern Europe, the Middle East, Africa and Latin America."

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