OPEC + deal will continue after 2022 - Gazprom Neft CFO

OPEC + deal will continue after 2022 - CFO "Gazprom Neft" OPEC + deal to restrict oil production will continue to operate in any form after 2022, CFO believes "Gazprom Neft" Alexey Yankevich.

He recalled during the dialogue with investors organized by "VTB (MCX: VTBR) My investments", that while the deal is valid until May 2022, but the understanding of the company that in one form or another it will exist for quite a long time - "in any case, the possibilities for the production and export of oil will be limited".

Yankevich also noted that the company will look at petrochemicals, "although no decisions have been made yet".

He previously said that "Gazprom Neft (MCX: SIBN)" intends to develop types of business that will not be affected by the OPEC + restriction, in particular gas condensate projects.

"We intend to improve our efficiency. So, we are bound by OPEC + restrictions, at least in 2021. But we have other areas, for example, processing, which will generate income when the market situation recovers. In addition, we are going to develop gas condensate projects, this is a new line of business for us, this will also possibly give development outside the limits of OPEC +. We are also now building infrastructure for transporting gas from the Novoportovskoye field, in 2022 the program will have a serious effect "Yamal gas" - it is also outside the limits of OPEC +. We will optimize the investment program, but so that profitable, profitable and payback projects continue to develop. We will be more actively looking for partners and sharing risks, so maybe next year we should expect more partnerships", - the top manager spoke.