Gazprom Neft (RTS: SIBN) will see production decline in the period until 2012, excluding any possible acquisitions, Boris Zilbermints, the company's deputy general director for exploration and production, said during a conference call for investors.
"The main growth in production from the assets of Gazprom (RTS: GAZP) and our assets in Eastern Siberia is planned to take place after 2011-2012. There will be a slight decline in the organic plan of development until that time. But in the current situation, we are looking at many opportunities for non-organic growth that would keep us from lowering production," he said.
"The strategy that envisions growth in production to 80 million-100 million tonnes per year remains in force," he said.
Commenting on plans to transfer Gazprom's oil assets to an oil subsidiary, he said the company has come up with a plan for their transfer. The first stage of this plan, which includes some of Russia's largest fields, is to be carried out before the end of the year.
Gazprom Neft officials did not provide specific details on the mechanism for transferring these assets, however they said the structure of the Gazprom Neft's shareholder capital will be taken into account at the moment such transactions are made.
Gazprom's purchase of Gazprom Neft shares from Eni "is not a starting or an end point for this process," he said.
In total, Gazprom could transfer Gazprom Neft oil fields with C1 reserves of 400 million tonnes of oil, Zilbermints said.