MOSCOW, July 25 (RIA Novosti) - Gazprom Neft, the oil producing arm of Russian energy giant Gazprom [RTS: GAZP], said Wednesday it expected to boost annual crude output by 6% to more than 35 million metric tons (257 million bbls) by 2010.
"In view of this year's investment, Gazprom Neft plans to produce 33 million metric tons (242 million bbls) of oil in 2007, and the company's own crude output will exceed 35 million metric tons by 2010. Therefore, Gazprom Neft will reverse in 2007 the trend of oil output decline and will ensure steady crude production growth," Gazprom Neft said in a statement.
The company's investment program for 2007 sets aside 64.4 billion rubles (about $2.5 billion) for long-term projects to build the company's own electric power capacity, hold geological and seismic surveys at deposits, increase its resource base and modernize refineries.
