Gazprom Neft to boost investments by 25% to $7.8 billion in 2013

12/24/2012

Gazprom Neft to boost investments by 25% to $7.8 billion in 2013

MOSCOW -- Gazprom Neft, the oil arm of state-controlled gas giant Gazprom, said in a statement Monday it plans to boost investments by 25% to $7.8 billion in 2013.

The planned increase in investments stems from the development of new Russian and foreign projects, as well as the development of existing deposits in Eastern Siberia, the firm said in the statement.

By the end of 2012, Gazprom Neft's consolidated production is expected at 59.7 mtoe, which is 4.1% more than in 2011.

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