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Rosneft Chief Executive Officer Igor Sechin announced the company’s readiness to transfer oil wells with low profitability for the company to small and medium-sized enterprises for operation. “We will analyze the entire well stock in order to identify idle and low-production wells that are of low profitability for us as a large business. We are prepared to transfer such wells for lease and operation to small and medium-sized enterprises, which may seek ways to improve efficiency at each individual well,” he wrote in the article “Rosneft 2022: Strategy for the Future,” published in the newspaper Izvestia.

According to Mr. Sechin, Rosneft’s existing reserves make it possible, through improved efficiency over a 20-year period, to increase production by 500 million tons of oil beyond current plans. “However, this can only be achieved provided that extraction processes become more efficient,” he emphasized. Among the measures cited by Igor Sechin are increasing drilling speed, improving the efficiency of internal services, applying standardized solutions in construction processes, and revising standard approaches in favor of innovative solutions.

Mr. Sechin also stated that, in the long term, Rosneft plans to achieve hydrocarbon production costs comparable to those of Saudi Aramco. “The key objective is a substantial increase in efficiency and competitiveness. We have set a long-term goal for the company to achieve production costs at the level of Saudi Aramco. This will ensure leadership for Rosneft and the Russian oil and gas industry in the global energy sector,” he said.

Earlier, during a meeting of Rosneft shareholders, Igor Sechin stated that the Government of the Russian Federation would soon receive proposals to increase the company’s dividend payouts to 50% of net profit. In addition, despite the increase in payout ratios, the company will maintain investments of RUB 1 trillion for 2018 and will also develop a new development strategy through 2022.

Source: ptomsk.ru