Russian oil producer Gazprom Neft said its net profit over the first nine months was up more than 25 percent, while output increased about 5 percent.

"The company is continuing to implement a growth strategy aimed at further strengthening its position as an industry leader in efficiency and return on investment," Board Chairman Alexander Dyukov said in a statement Wednesday.

Gazprom Neft is the oil division of Russian energy major Gazprom and the fourth largest oil producer in Russia.

Production during the first half of the year was 322.6 million barrels of oil equivalent, an improvement of 5.2 percent from the same period last year. For the first nine months of the year, total production was around 491.5 million barrels of oil equivalent, an increase of 5.6 percent over the same period last year.

The company attributed the gains to production from its oil fields in the Arctic north in Russia, as well as its share of output from OPEC-member Iraq.

Russia is the largest contributor to an effort led by the Organization of Petroleum Exporting Countries to balance an oversupplied market with production cuts that's not a member. Iraq, meanwhile, tends to be the least compliant with the agreement, though recent skirmishes in the Kurdish north have curtailed production there.

The multilateral effort, which may be extended deeper into 2018 when OPEC ministers meet later this month, helped support a rally in crude oil prices for 2017, after dropping last year below $30 per barrel. The price for Urals crude oil, the Russian benchmark, was near $60 per barrel in early Wednesday trading.

Gazprom Neft reported net income for the first half of the year was up 23.1 percent from the same period last year at $1.8 billion. For the first nine months of the year, net income was up 28.2 percent from last year, which the company attributed in part to improved market conditions.

Tweet

Don't buy the tight-market hype, IEA says
Washington (UPI) Nov 14, 2017
Unless OPEC agrees to cut more production, output from non-member states will leave the market in surplus and limit the rally in oil prices, the IEA said. Some ministers for the Organization of Petroleum Exporting Countries said an extension of an agreement that sidelines about 2 percent of the total global demand for oil in an effort to balance the market was necessary next year. ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only