Russia's Rosneft outlines $6b investment program


MENAFN - 29/10/2009

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(MENAFN) The Chief Executive Officer at Russia's state-controlled oil company Rosneft said that the company intends to invest about $6 billion in developing offshore fields in the next few years, Reuters reported.

The CEO said that Rosneft's investment in offshore deposit projects had already reached about $13 billion and "n the coming years, another $6 billion will be invested.

Rosneft, which became Russia's largest oil producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007, intends to carry out work on the shelf of the Sea of Okhotsk in the Arctic, and in the Caspian, Azov and Black seas.

The official also said that Rosneft planned to produce 11-13.5 million metric tons (80-100 million barrels) of oil at the giant Vankor oil and gas deposit in East Siberia in 2010.

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