Processing volumes in the reporting period will stand at 39.7 million tons.

By the end of 2017, Gazprom Neft plans to increase the production of hydrocarbons some 4.2 percent relative to the previous year. Volumes are expected to go up to 89.8 million tons of oil equivalent, the company said on December 25, 2017.

“In 2017, the volume of hydrocarbon production of Gazprom Neft will be 89.8 million tons of oil equivalent, which is 4.2 percent higher than the volume of production registered in 2016. The annual volume of processing according to preliminary estimates is expected to reach 39.7 million tons,” the company’s statement said.

The development of new large-scale projects in the Arctic region, such as the Novoportovskoye, the East Messoyakhskoye, and the Prirazlomnoye fields have made the largest contribution to increasing hydrocarbon production in 2017.

“In 2017, the company discovered a new large deposit in Ayashsky license area in the Sea of Okhotsk that was given a name Neptune. The company won the right to develop the Taz and the North Samburg fields on the Yamal Peninsula. This year, Gazprom Neft has acquired from the Spanish company Repsol 25.02 percent shares in the Eurotek-Yugra company, which owns seven licenses in the Khanty-Mansiysk Autonomous district,” the company stated.

The volume of sales through a network of filling stations Gazprom Neft in 2017 is anticipated to increase 5.2 percent over the result of 2016. The sale of aviation fuel and bitumen products is also forecast to increase. The company plans to begin sales of lubricants in new markets, including foreign countries.

The company’s investments in 2017 will be approximately 385 billion rubles. Gazprom Neft plans to keep the volume of investment unchanged in 2018.

The company notes that the bulk of the investment program is comprised of capital expenditures for the continued development of new upstream and midstream projects.