The Russian energy firm reported a record profit of 503.0B rubles ($6.7B) last year, up over fourfold from 2020 as it capitalized on record production and a sharp rise in the price of oil and refined products. Gazprom Neft's upstream oil and gas output rose by 6% from 2020 to a record 2.05MM boe/d. The firm attributes last year's strong output growth to higher crude production at oil-rim projects and the launch of gas infrastructure at the Tazovskoye and Novoportovskoye oilfields. Its crude and condensate output increased by around 2% to 1.26MM b/d, buoyed by Russia's rising OPEC+ quota late in the year. Gazprom Neft is targeting a 10% increase in oil and gas production this year, followed by 5%/y growth in 2023 and 2024.
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