Russian state-controlled oil firm Rosneft plans to focus on maximising its brownfield crude and condensate output, in a sign that a lack of cash, lower oil prices and sanctions are undermining new upstream projects. Chief executive Igor Sechin says the firm will “correct” its business plan “in the direction of increasing production at existing fields”. But he did not mention any plans to delay forthcoming projects or change long-term output targets. Rosneft sees “considerable production growth potential” at its key upstream unit Yuganskneftegaz. Yuganskneftegaz is Rosneft’s main brownfield production unit.
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