Just in line with analysts' expectations, Rosneft would be earning RUB439 million or USD13.8 billion in net income this year. Russia's top crude producer also expected to produce 207 million metric tons or 4.16 million barrels of crude oil per day. The volume is just around 40% of the total oil production in Russia.
The oil company would would be aiming for an increased output from 9% to 19-20% by 2020. It would also hoped to produce more than 60 billion cubic microns by 2016 and 100 billion cubic microns in 2020. More than half of the 2020 output would be produced by Rosneft's acquisitions.
In March this year, Rosneft acquired Moscow-based TNK-BP for USD55 billion. TNK-BP was is a major vertically integrated Russian oil company. The acquisition made Rosneft the largest in Russia based on output. However, some analysts and private companies complained about Rosneft's acquisition, speculating that the increasing role of the state would be hindering competition. Rosneft's chief executive Igor Sechin is an ally of Russian President Vladimir Putin.
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