Gazprom Neft shows annual boost in net profits

PJSC Gazprom Neft earned 200.1 billion rubles in net profits in 2016—a 82.5% increase over 2015. Oil-equivalent production increased 8.2% to 86.2 million tonnes. Factors attributing to this boost in earnings include production increases at Novoportovskoye and Prirazlomnoye fields and the commissioning of the East Messoyakhskoye field in September 2016.

PJSC Gazprom Neft earned 200.1 billion rubles in net profits in 2016—a 82.5% increase over 2015. Oil-equivalent production increased 8.2% to 86.2 million tonnes. Factors attributing to this boost in earnings include production increases at Novoportovskoye and Prirazlomnoye fields and the commissioning of the East Messoyakhskoye field in September 2016.

Gazprom Neft said proved and probable reserves at yearend totaled 2.72 billion tonnes of oil equivalent, an increase of 0.8%. Its reserves replacement ratio was 122%.

Processing volumes at refineries totaled 41.89 million tonnes, down from 2015 volumes of 43.07 million. Sales of petroleum products through its retail network totaled 10.45 million tonnes, up from 10.16 million in 2015.

The company also has signed a contract with a subsidiary of Japan Drilling Co. Ltd. for a semisubmersible drilling rig for use this year at the Ayashky license block in the Okhotsk Sea.

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