Gazpromneft can increase oil production by 50 thousand barrels per day by the end of 2019 due to easing of terms of the agreement between Russia and OPEC to reduce the level of oil production (OPEC+ deal), said deputy chairman of the Gazpromneft’s Board Vadim Yakovlev.

He explained that the terms of the OPEC+ agreement allow Gazpromneft to increase the production in the context of reducing the oil production in Venezuela and Iran. Currently, the company's production reached the level of the production in October 2016, which preceded the OPEC+’s measures to stabilize the market.

"Now Gazpromneft sees the reserves so that when it is possible to increase the production by another 20-30 thousand barrels per day in the short term and by 50 thousand barrels per day in the long term (by the end of 2019)," the company’s press centre quotes Yakovlev.

Yakovlev also noted that the total investment of Gazpromneft in the next two to three years was expected to be at the level of 360-400 billion rubles per year.

KeyFacts Energy Industry Directory: Rusmininfo