Speaking at a UBS conference, Fedun said: "Next year, we will increase oil production by 1.5% and natural gas by 3-4%."
He said the global financial crisis could force the company to cut investment in the modernization of oil refineries and drilling next year.
The vice president said these measures could lead to oil production and refining volumes falling in 2010-2011.
Natural Resource Minister Yury Trutnev said last week that the government would continue to demand that license holders comply with all of their commitments despite problems in attracting investment. He said strong companies have billons of dollars in their own resources, enough to meet their obligations.
Fedun also said the company would attract around $1 billion in a syndicated loan to purchase a refinery in Sicily. Fedun added that the size of the deal could be equivalent to the loan.
He also said the company was looking to invest $8 billion in the Junin-3 oil project in Venezuela, and had not changed its plans over launching the Korchagin field in the Caspian Sea next May.
