Rosneft Posts 186.2% Gas Production Increase for First Half of 2013

Russia's Rosneft posted strong results in the first half of 2013, including record-high daily hydrocarbon production of 4.8 mln boe and a 186.2% increase in gas production with respect to the first half of 2012.

“The results of the second quarter demonstrate the effectiveness of integration of new acquired assets into the operating and financial activities of Rosneft. Despite the complexities of the process we have managed to create a company with uniform business processes and a single center for the planning of all production activities within just several months,” commented Rosneft President Igor Sechin in a note released on Monday. 

According to the note, gas division has been significantly enhanced and the company 'has expanded its scope of interests in the area of its gas strategy implementation.' 

With respect to the first quarter of the year, the daily crude oil production remained almost flat in Q2 2013, ‘while daily gas production slid by 5.2% due to the seasonal reduction of demand.’

The company is working on the construction of the Far East Petrochemical Company and an LNG facility, as well as a large scale modernization of the Komsomolsk refinery and participation in the Sakhalin-1 project. It has recently started exploring the license areas of East Prinovozemelsky 1 and 2 (the Kara Sea) and began field seismic survey at the license areas of Fedynsky and Central Barentsevsky (the Barents Sea).