Russia's Gazprom Neft, the oil arm of state-controlled energy giant Gazprom, will cut its 2011 investment by 6.12% on the previous year to $4.6 billion, Gazprom said on Monday.
Gazprom Neft's capital investment will grow 5.15% to $3.8 billion, while investment into new projects will double to $1.6 billion, Gazprom said in a statement.
The company plans to produce 49.6 million metric tons of oil in 2011, which is 0.2% less than the 49.7 million tons it produced in 2010. In 2012 the company's output is expected to fall to 48.9 million tons, while 2013 output is expected to fall to 47.5 million tons.
MOSCOW, February 14 (RIA Novosti)
