RUSSIA

RUSSIA -- 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. 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 (PIW Apr.16'21). Gazprom Neft's production is expected to rise by about 2% this year to 99.5 million tons of oil equivalent. That would be just shy of the company's long-standing target of 100 million toe per year (2 million boe/d). Gazprom Neft has sufficient proved reserves and projects to increase its output to 150 million toe/yr (3 million boe/d) in the next five to six years, it said.