Rosneft Plans To Increase Oil Production By 12% A Year

The Rosneft company plans to increase the oil production by 12% a year, and the production of natural gas will grow by 8-10% a year, Rosneft Vice President Alexei Kuznetsov said at a news briefing today. He pointed out that in 2000 the company began to develop 4 oil deposits in cooperation with Gazprom. Rosneft also resumed oil production in Chechnya last year and doubled its volume. In the future, the company plans to maintain the same annual rate of increase in its oil production.