December 27, 2016 / 12:05 PM / a year ago

Russia's Gazprom Neft trims planned 2017 oil output to 4.5-5 pct

MOSCOW, Dec 27 (Reuters) - Russian oil producer Gazprom Neft said on Tuesday it planned to increase oil production by 4.5-5 percent next year, less than it had intended before Russia joined a deal to cut global production with OPEC.

“Certainly we planned (before the OPEC deal) to grow (output) more aggressively,” the company’s CEO Alexander Dyukov told reporters.

Dyukov said Gazprom Neft expected to produce 85.8 million tonnes of hydrocarbons in 2016 and that net profit would rise significantly this year.

He also said the company would reach production levels of 150,000 barrels per day at its Iraqi Badra field in 2018, not 2017, and that Gazprom Neft’s budget for next year was based on an average oil price of $48 per barrel. (Reporting by Olesya Astakhova; Writing by Peter Hobson; Editing by)

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