MOSCOW Dec 27 Russian oil producer Gazprom Neft
said on Tuesday it planned to increase oil production
by 4.5-5 percent next year, less than it had intended before
Russia joined a deal to cut global production with OPEC.
"Certainly we planned (before the OPEC deal) to grow
(output) more aggressively," the company's CEO Alexander Dyukov
Dyukov said Gazprom Neft expected to produce 85.8 million
tonnes of hydrocarbons in 2016 and that net profit would rise
significantly this year.
He also said the company would reach production levels of
150,000 barrels per day at its Iraqi Badra field in 2018, not
2017, and that Gazprom Neft's budget for next year was based on
an average oil price of $48 per barrel.
(Reporting by Olesya Astakhova; Writing by Peter Hobson;