3 Feb 2013

Record profit posted by Rosneft

9:02 am on 3 February 2013

Rosneft posted a record profit of $US11.4 billion in 2012. Output by the Russian oil company is expected to double in 2013 due to the acquisition of a domestic joint venture with BP.

The company, Russia's biggest producer of crude oil, also struck a joint venture with Itera, a gas exploration firm, that is aimed at drawing from untapped reserves in the Arctic.

Chief executive Igor Sechin said on Friday Rosneft was fast becoming the world's largest energy firm.

He particularly pointed to progress Rosneft had made in moving beyond its traditional production base in Siberia by striking offshore deals with ExxonMobil and Statoil of Norway.

The government earlier awarded Rosneft the right to explore 12 new fields in the Arctic.

Mr Sechin said on Thursday the TNK-BP deal would nearly double the company's oil production to 4.3 million barrels per day from 2.5 million barrels per day in 2012.

AAP reports the deal with Itera has already led to Rosneft's natural gas production climbing 25.1% on the year.