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Russia's Gazprom Neft discusses new projects in Iraqi Kurdistan territory

Логотип TASS TASS 01.06.2017 TASS

ST. PETERSBURG, June 1. /TASS/. Gazprom Neft is discussing new projects in Iraqi Kurdistan, Chief Executive Officer of the Russian oil major Alexander Dyukov told reporters at the St. Petersburg International Economic Forum (SPIEF) on Thursday.

"A delegation of Kurdistan autonomous district of Iraq is participating in the forum. We will discuss current status of projects’ implementation. In particular, we are discussing potential new projects in the territory of Iraqi Kurdistan," Dyukov said.

Gazprom Neft plans to continue creating production capacities despite the agreement reached in Vienna by the OPEC countries and countries outside of the cartel on reducing oil production, he added. 

"In any case, we will continue to create capacities that, perhaps, will not be used now. We believe that the demand for oil will grow. When OPEC decides that demand has increased and we can offer the market more oil, we will have capacities that will be able to give us this," he said.

The forecast of Russia’s oil producer Gazprom Neft on crude production growth for this year to 89.2 mln tonnes takes into account the extension of the oil output cut agreement between OPEC and non-OPEC nations for nine months. 

"89.2 (mln tonnes) includes and takes into account the deal on the extension of the agreement," he said, adding that the outlook is in line with the agreement.

Gazprom Neft can restore the volume of oil production within a few weeks after the OPEC on oil cuts agreement expires, he said.  "I do not see any problems. We would be able to restore oil production within a few weeks," he said.

Cooperation with Saudi Aramco

Gazprom Neft is mulling technological cooperation with Saudi Aramco, he went on. 

"We’re considering this cooperation," he said. "Give us some time, we’ll probably make an agreement on this kind of cooperation," CEO added.

According to Dyukov, the issue is only about technological cooperation. "We saw certain technical and research potential (during the visit to Saudi Arabia - TASS)," he said.

Erginskoye oil field

Gazprom Neft is still interested in the development of Erginskoye oil field and will apply for participation in the auction, he said. 

"We still have time (to apply - TASS), we said that it is interesting, we will file our application," he said.


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