Russia's Rosneft reports record production level

Oct. 30, 2013 at 7:43 AM
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MOSCOW, Oct. 30 (UPI) -- Russian oil company Rosneft said its daily production of hydrocarbons in the third quarter reached a record 4.9 million barrels of oil equivalent.

The company said Tuesday its hydrocarbon production, including that from its subsidiaries, was up 2 percent when compared to the previous quarter.

Rosneft President Igor Sechin said in a statement laws passed recently by the Russian government "have made investment in the Russian oil and gas sector extremely more attractive and will serve as a good ground for Rosneft to successfully develop new resources."

The company said its production gains came mainly from the implementation of drilling programs at the Uvat and Vankor fields in Siberia.

Sechin said recently his company can lay claim to 1.5 percent of the world's explored oil and natural gas reserves and holds licenses worth 42 billion tons of oil equivalent.

He told delegates at this year's World Energy Congress, held in South Korea, U.S. steps to restrict oil exports in the wake of a 1970s oil embargo by Arab producers, along with security and infrastructure challenges in the Middle East and North Africa, leaves Russia with an advantage in the export market.

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