Russia's Rosneft sees 2023 profits soar to $14 billion

Russia’s Rosneft sees 2023 profits soar to $14 billion

MOSCOW, February 20, 2024 – Rosneft recorded net profits of around USD 14 billion in 2023, a 47% increase over 2022, the Russian state-controlled player announced on Monday.


The company said it intends to expand its gas production – which stood at 92.7 bcm (3.27 tcf) in 2023 – in the face of restrictions on oil, according to a report by Reuters on Tuesday. It was not clear if the company believed it would be able to supplant previous oil exports with gas exports in the future.

Rosneft also reported a drop in its unit cost of hydrocarbons production, with CEO Igor Sechin citing “strict cost control and work to improve efficiency.”

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