Gazprom Group sets sights on 2020 targets

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MOSCOW, April 26 (UPI) -- Russian energy company Gazprom said it aimed to increase oil production by more than 48 percent of 2011 levels by 2020.

Gazprom Group said that, from 2006-11, oil production increased by 18 percent to 53.9 million tons, or roughly 395 million barrels of oil. Gazprom Neft, the oil subsidiary of Gazprom, increased its refining volumes in 2011 by 7 percent to 40.5 million tons compared with 2010 levels.

Gazprom Group, in a statement, said it planned to increase yearly oil production to 80 million tons by 2020, which is 48.4 percent higher than 2011 levels.

"The increase will be secured through development of the available reserves and implementation of new projects," the company said.

Gazprom Neft operates in the Khanty-Mansiysk and Yamal-Nenets Autonomous Okrugs, the Tomsk, Omsk and Orenburg oblasts, which the company says are the largest oil and natural gas regions in the country.

The company didn't offer specifics in terms of finances or drilling and production schedules to achieve its 2020 goals.