Gazprom's oil division to boost output 15% to 356mln bbls in 2008

MOSCOW, June 17 (RIA Novosti) - Gazprom Neft, the oil producing arm of energy giant Gazprom [RTS: GAZP], said on Tuesday it plans to boost output 15% to 48-48.5 million metric tons (352-356 million barrels) in 2008.

"Output is expected to rise to 48-48.5 million metric tons in 2008 from 42 million metric tons [308 million barrels] in 2007," Gazprom Neft's vice president for finances, Vadim Yakovlev, said.

Yakovlev said a 50% stake acquired in Tomskneft crude producer based in west Siberia would help the company boost oil output. Production volumes have been sustained in Noyabrsk and the Khanty-Mansi Autonomous Area, also in West Siberia, which are the company's traditional regions of operation, he said.