September 08, 2008

Crude producer Rosneft set to boost oil output 10.9% in 2008

RIA Novosti reported that Russia's state controlled crude producer Rosneft intends to boost oil output 10.9% YoY in 2008 to 111.9 million tonnes.

The Rosneft board of directors on Friday reviewed the company's performance in 2007 and approved its business plan for 2008, saying the crude producer had achieved the best operational results in its history this year.

In 2007, Rosneft boosted oil output 25% YoY to 100.9 million tonnes or 0.3% above target.

Rosneft has become Russia's largest crude producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions earlier this year