Impact of the changing
external environment

Impact of market on activities of Gazprom Neft:
  • excess oil supply globally
  • lower global hydrocarbon prices
  • unstable global economy
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Actions of Gazprom Neft in the changing environment:
  • Focus on mitigating risks and extracting the most cost-efficient resources
  • Improving the effectiveness of the international projects portfolio
  • Optimising the schedule for implementing refining projects
  • Increasing the profitability of marketing
  • Cost monitoring
  • Optimising the exploration and production development model

Development of a Strategy
and strategic benchmarks

  • 2010
    Approval of Strategy until 2020
  • 2012
    Update to Strategy
  • 2013
    Approval of Strategy until 2025
  • 2014
    Update to targets for 2025
    • 80% — output of light products in Russia
    • 100% — Volume of products manufactured by the Company’s Russian oil refineries and sold via internal high-sales channels
  • 2015
    • The Company has made consistent progress in achieving its strategic goals.
    • There were significant external changes and increased uncertainty in 2014-2015.
    • The Company maintains a flexible investment portfolio given the highly uncertain external environment.
    • The forecast for achieving the Company’s strategic goals remains positive.
    • The Strategy has shown resistance to external changes.
  • 2016
    Priorities for 2016
    • Investment in current production projects with a short payback period to maximise cash flows in coming years
    • Establishing strategic and technological partnerships for the joint development of fields
    • Modernising primary oil refinery complexes
    • Balanced investment activities for foreign development projects while maintaining the ability to step up operations in the medium term taking into account international risks.
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Amidst a changing market,
Gazprom Neft is developing a strategy while maintaining its investment appeal

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