Rosneft profits fall by 29%
Russian state oil giant Rosneft has reported a 29% fall in annual net profit to $9.3 billion in 2014 on revenues down 0.1% to $146.7 billion.
The Moscow-headquartered operator raised production by 4.8% during the year to 5.1 million barrels of oil equivalent per day.
Crude oil and product sales rose by 7.5% to 207.4 million tonnes while gas sales climbed by 4.7% to 56.53 billion cubic metres.
Rosneft’s ebitda shrank by 1.7% to $29 billion with operating cost per boe falling by 9.3% to $3.90.
The Russian oil giant said its rouble-denominated net profit fell by 9.8% in 2014 to 350 billion roubles on sales revenues up 17.2% to 5.5 trillion roubles.
Rosneft president Igor Sechin said that “in spite of an ongoing crisis on the oil markets, the company has maintained its dollar-denominated revenue at over $146 billion”.
He also highlighted exploration drilling in the Kara Sea as a historic achievement by the operator this year.
Rosneft said that drilling the Universitetskaya 1 helped uncover Pobeda, the world’s northernmost oil and gas field with 130 million tonnes of recoverable light oil reserves and 396 billion cubic metres of gas.
“Our key objectives for 2015 include to maintain brownfield production, complete the work to build a full-fledged in-house drilling service capability, continue our drilling and development projects on the shelf, fully in line with selected business model and contributing to improved company performance,” Sechin said.
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