NEFTEYUGANSK (Interfax) -- Rosneft plans to produce 103 million tons of oil in 2007 and increase production to 140 million tons by 2011-2012, Rosneft President Sergei Bogdanchikov said in Nefteyugansk on Saturday.

“This year, we are company the number one in the world in terms of resources that we possess, and this means that, with existing technology, we are fully provided with oil resources for the next 30 or 40 years,” Bogdanchikov said.
Rosneft expects to increase the Yuganskneftegaz production by 25% in the next five years, he said. “Yuganskneftegaz produces 60 million tons of oil a year today, and it will produce 75 million tons by 2012,” he said.
Yuganskneftegaz will increase production by 9% in 2007, he said.
One of Rosneft’s key projects is the development of the Vankorskoye oilfield in the Krasnoyarsk territory, where the company plans to produce about 25 million tons of oil a year, for which it will have to drill 200-300 wells, Bogdanchikov said.
The development of the Vankorskoye field has been estimated at $6 billion, Bogdanchikov said. “Another $2.5 billion are needed to start producing oil at this field. This project is designed for 40-50 years,” he said