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Russian oil giant has big gas plans too

Wednesday, February 05, 2014 - 01:11

Feb 05 - The world's biggest oil producer Russia's Rosneft says it has plans to double its gas production. As Hayley Platt reports it follows a massive rise in earnings for 2013.

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Rosneft is already the world's largest listed oil firm by output. And the Russian energy giant has big ambitions for gas too. It's just revealed plans to double its gas output to 100 billion cubic metres by the end of the decade. That's enough to supply the whole of the UK - its biggest European gas market. (SOUNDBITE) (English) ROSNEFT VICE-PRESIDENT SVYATOSLAV SLAVINSKIY, SAYING: "Our gas production grew to 42 billion cubic metres over the year which makes us number three in terms of Russian gas production, so quite an important aspect of that and we maintain focus on our gas programme throughout the year." Rosneft wants to compete with state-controlled Gazprom which until recent had an export monopoly. It hopes to replace Novatek as Russia's second largest gas producer while still remaining dominant in oil. It's certainly looking like an energy success story. Rosneft's just posted a 51% rise in earnings for 2013 with a full-year net income of 15.6 billion dollars. It's also building a plant with ExxonMobile to liquefy natural gas in Russia's Far East. And it's looking at new opportunities in Mexico.

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Russian oil giant has big gas plans too

Wednesday, February 05, 2014 - 01:11