Rosneft's pipedream
Not content with its oil eminence, the state-controlled oil giant has Gazprom in its sights
It has overtaken Novatek to become Russia's second-biggest natural gas producer. Now Rosneft has revealed its bigger ambition: beating Gazprom. Details are hazy, but the goal offers a measure of the state-controlled firm's new confidence. Igor Sechin, Rosneft's chief executive, boasted of the plan in a meeting at the Kremlin with President Vladimir Putin on 23 January. Rosneft claimed the second spot in gas output for the first time last year after recording a 7% jump in output to 67bn cubic meters. Novatek extracted 66.2bn cm last year, according to preliminary data. By 2020, Rosneft is forecasting gas production of 100bn cm per year, which implies a compound annual growth rate of 10.5%. Th
Also in this section
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment