Rosneft profits rise due to higher oil prices

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Russia's largest oil firm Rosneft announced Monday a net profit of 5.05 billion dollars in the first six months of 2010, rising 37 percent on the same period last year.

State-controlled Rosneft said its revenues grew 57 percent on the same period last year to 30.12 billion dollars.

"The increase was due to the growth of crude oil production by 8.6 percent, (and) higher crude oil and petroleum product prices," the company said in a statement.

The company's average crude oil output rose 8.8 percent year-on-year in the second quarter of 2010, with the main growth driven by its Siberian oil fields. Rosneft's president Sergei Bogdanchikov was quoted in the statement as praising "excellent operating results."

"We were able to achieve year-end target daily production level at the Vankor field as early as May and to outperform planned daily output at Yuganskneftegaz fields by 3 percent," Bogdanchikov said.

"This was made possible by higher than expected flow rates of new wells, more wells drilled within the planned budget and more efficient well interventions."

© 2010 AFP

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