Gazprom Neft's Q4 crude output down 1.4% on year on OPEC+ changes

Moscow — Russian oil group Gazprom Neft said Tuesday its fourth-quarter crude and condensate output, including from its share of joint ventures, fell 1.4% year on year to 1.27 million b/d, due to the impact of changes to crude production quotas agreed by OPEC+ countries.

However, for the full year 2019 Gazprom Neft's crude and condensate output was up 0.6% to 1.29 mil b/d. Gazprom said the growth was due to commissioning new wells, rising output at its Novoportovskoye and East Messoyakha projects and projects in the Orenburg region.

Oil production also rose at its oil rim projects and as a result of the group increasing its share in Arcticgas.

Crude output contributed to hydrocarbons output of 1.95 mil boe/d in the fourth quarter, up 1% year on year.

Gazprom Neft's total 2019 hydrocarbons production rose 3.2% on the year to average 1.95 million boe/d. The company attributed this growth to rising output at Novoportovskoye and East Messoyakha.

Gazprom Neft's gas output rose 6.4% year on year to 10.67 Bcm in the fourth quarter. The company's overall gas output was 40.85 Bcm in 2019.

"Group gas production increased by 9.8% year on year due to commissioning of the second gas processing line at the Novoportovskoye field in Q3 2018, commissioning of a gas compressor station in Orenburg Region, higher natural gas production at Arcticgas and an increase of the group's share in Arcticgas," Gazprom Neft said.

Gazprom Neft's refining throughput fell 6.4% on year to 10.39 million mt in the fourth quarter. Overall refining throughput was 41.5 million mt in 2019.

"Total refining throughput decreased by 3.4% due to scheduled repairs at group refineries during 2019," the company said.