Profit at Russian oil firm Rosneft rose 47.2 percent last year

Net profit at Russia’s largest oil company, Rosneft, rose 47.2 percent last year to 1.3 trillion rubles (335.2 billion CZK). In a statement today, the company also said it was working to increase gas production capacity due to restrictions on oil production.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.8 percent to three trillion rubles. Revenue increased 1.3 percent to 9.2 trillion rubles. The company’s capital expenditure rose 19.6 percent last year to 1.3 trillion rubles.

Oil and gas condensate production totaled 193.6 million tonnes last year. Rosneft did not provide a comparable figure for 2022. Total hydrocarbon production amounted to 269.8 million tonnes.

The West imposed extensive sanctions on Russian energy exports after Moscow’s invasion of Ukraine in late February 2022. The measures are intended to deprive Russia of important revenue from oil and gas sales. Almost all Russian oil exports now go to China and India.

Russia is also deliberately cutting oil exports in coordination with the Organization of the Petroleum Exporting Countries (OPEC) in an effort to stabilize the market. Russian oil exports fell 3.3 percent last year to 234.3 million tonnes, equivalent to 4.69 million barrels per day, Russian Deputy Prime Minister Alexander Novak said earlier this month.

Russian oil and gas condensate production fell by just under one percent last year to 530 million tonnes. This is equivalent to 10.6 million barrels per day.

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