July 6 Russian state oil producer Rosneft
will shift its focus to new projects from
acquisitions, at a time when the Russian economy is grappling
with U.S. and European sanctions, the country's biggest oil
firm's chief financial officer told the Financial Times in an
"We are number one by size, number one by growth, number one
by reserve base, number one by efficiency: we don't have to buy
more", the daily reported on Sunday, citing CFO Svyatoslav
The company was looking at developing new oil resources,
from east Siberia to the Arctic Sea, and intended to start
drilling along with U.S. major Exxon Mobil Corp this
summer as it looked to shore up its plans of posting a 30
percent jump in production by 2020, the paper quoted the CFO as
The drilling by the two companies in the Arctic Kara Sea had
been scheduled to begin in mid-August, but it could be moved
forward depending on the weather, Rosneft Chief Executive
Officer Igor Sechin, a long-standing ally of President Vladimir
Putin, told Reuters last month.
Slavinsky told the FT that Rosneft was aiming to double its
total oil and gas output to 10 million barrels of oil equivalent
per day in the next 20 years.
Slavinsky's optimistic comments come at a time when Russia
has been hit by sanctions from the United States and European
Union imposed over Ukraine, that have prompted investors to pull
out of a country where leaders have used the punitive measures
to call for a more self-sufficient course for the economy.
Rosneft had seen "no impact whatsoever" from western
sanctions, the CFO told the FT, adding that a safety net of cash
on its balance sheet, which stood at $20 billion as of March 31,
would allow it to overcome any volatility in the financial
markets due to the sanctions.
The company could not be reached for a comment outside of
regular business hours.
(Reporting by Esha Vaish in Bangalore; Editing by Marguerita