Supply & Demand

Rosneft planning to increase output to 330 mtoe by 2022

Rosneft plans to increase its annual oil and gas output to 330 million tons of oil equivalent by 2022
By Staff reporter 22 June 2018 0 31424

Rosneft plans to increase its annual oil and gas output to 330 million tons of oil equivalent (mtoe) by 2022, with new projects expected to account for 87 mtoe, Chief Executive Igor Sechin said at the company’s AGM on Thursday.

Global oil output needs to grow by 15 million barrels per day (MMb/d) to avoid a market shortfall by 2025, Sechin added.

Oil output worldwide reached 92.65 MMb/d in 2017, according to BP’s 2018 Statistical Review of World Energy.