Surgutneftegas (RTS: SNGS) expects oil production growth to begin once the Eastern Siberia-Pacific Ocean (ESPO) pipeline is brought on stream, deputy general director Vyacheslav Nikiforov told journalists according to Interfax.
"Growth in Surgutneftegas production will begin when ESPO begins operating, because production in Western Siberia is declining and we expect production to rise on account of Eastern Siberia," he said.
Surgutneftegas expects oil production to decline 7% this year to 60 million tonnes.
The Talakanskoye field will account for the bulk of oil production in Eastern Siberia. The company may produce up to 4 million tonnes of oil there, he said.
Surgutneftegas will also continue exploring the Talakan district, where new finds will also contribute to production increases.