Gazprom Neft Unapologetic About Oil Growth Plans

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Russia's Gazprom Neft believes the world will still need plenty of oil in the years to come and says it has the resources to ramp up production to meet increased demand. CEO Alexander Dyukov told a recent press briefing in St. Petersburg that the transition away from fossil fuels is real, but that it will take time to play out and that demand for oil will likely keep growing, at least until 2027-30. He also warned that if the world stopped investing in the exploration and development of new oil resources, it could lead to the "collapse" of the global economy. Gazprom Neft -- Russia's third-biggest oil producer (including output from joint ventures) -- has announced plans to reduce the carbon intensity of its own operations by one-third by 2030 (IOD Jun.8'21). But Dyukov's views about continuing to invest in oil and increase production are closely aligned with those of other Russian oil industry executives and senior government figures.

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