Market Review

New opportunities for development

Given the changed macroeconomic conditions, Gazprom Neft management is focusing on improving the efficiency of all the Company’s business processes.

A high level of economic efficiency, a balanced asset portfolio and an integrated business model are some of the competitive advantages of Gazprom Neft that ensure the sustainability of the Company’s strategy under different macroeconomic conditions. The current situation on the oil and petroleum product markets does not jeopardise the relevance of the Company’s strategic objectives and the prospects for their implementation. Despite the deterioration in macroeconomic conditions in 2014, which resulted in a decrease in certain financial indicators for Gazprom Neft, the Company maintained strong growth in its operating results. In 2015, Gazprom Neft will retain the growth rates in production and the high level of operating efficiency of oil refineries while meeting the objectives contained in the Company’s strategy until 2025.

Main macroeconomic factors affecting performance results

The main factors affecting the results of the Company's operations are as follows:
  • change in market prices for oil and petroleum products
  • change in the RUB/USD exchange rate and inflation;
  • taxation;
  • change in the tariffs for the transportation of oil and petroleum products.
Results in 2014:

10.62 mn barrels/day
daily oil production level in Russia in December 2014

1.05 mn barrels/day
daily oil production level by the Gazprom Neft Group