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Gazprom Neft's new tech strategy to boost output by 110 mil mtoe up to 2025

Moscow — Russia's Gazprom Neft said Thursday it expected its new technology strategy to add an additional 110 million mt of oil equivalent in hydrocarbons production up to 2025.

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Gazprom Neft expects its hydrocarbons output this year to be around 96 million mtoe, or an average 1.93 million boe/d.

It estimates that implementing new technology projects during the period will add 600 million mtoe of reserves, and will cut costs by around Rb130 billion ($2.0 billion).

?The company's aim is to become the industry leader in terms of technology and actively provide successful technology to the market,? Gazprom Neft said.

Company officials said the new strategy takes into account changes to the company?s production portfolio, including the increasing role of hard to extract reserves, oil and gas condensates, and field rims.

New technology will help the company deal with depleting reserves, a shift in new discoveries from large to smaller fields, and development in new oil provinces, including East Siberia, the Arctic and offshore.

Gazprom Neft first deputy CEO Vadim Yakovlev said new technology was one of the most profitable areas of the company?s operations.

?At the same time, we need to take into account not only the direct economic effect, but also the opportunities to develop our own capabilities, access partners' experience, and the opportunity to enter new markets,? Yakovlev said.

Since launching stage one of its technology strategy in 2014, Gazprom Neft has implemented 27 projects, giving a net present value of Rb 2.5 billion, the company said. Its full portfolio of new technology projects focused on exploration and production currently includes 100 projects.

-- Rosemary Griffin, rosemary.griffin@spglobal.com

-- Edited by Dan Lalor, daniel.lalor@spglobal.com