Russia’s largest oil producer Rosneft ROSN.MM said on Monday its key production asset, Yuganskneftegaz, had boosted oil well drilling in the January-September period by 17% due to an increase in oil rigs and the use of modern technologies.

Yuganskneftegaz, with production assets in Western Siberia, accounts for around a third of Rosneft’s oil production.

Rosneft said the company had drilled more than 5.1 million metres during the period.

Analysts say Russian companies have increased their drilling volumes, implementing long-term plans for supporting production capacity, despite measures agreed by the OPEC+ grouping to restrict oil output in order to stabilise the global oil market.
Source: Reuters (Reporting by Vladimir Soldatkin, Editing by Gareth Jones)