- Business
- PJSC Rosneft Oil Company (Rosneft) ranks as Russia's leading integrated oil and gas company and one of the world's largest public producers of hydrocarbons by reserves, engaging in exploration, production, refining, transportation, and marketing of crude oil, natural gas, and petroleum products. Founded in 1993 and headquartered in Moscow, Russia, the company operates across all major Russian oil and gas provinces, including West and East Siberia, the Volga-Urals region, Timan-Pechora, the Far East, Southern Russia, and the Arctic shelf; it maintains international activities in regions such as Asia, Europe, Africa, and Latin America through projects and partnerships. Rosneft's upstream segment features extensive geological exploration with high success rates, achieving over 12 million meters of production drilling and commissioning more than 3,000 new wells annually, predominantly horizontal, alongside offshore developments like the Vostok Oil project; its midstream and downstream operations encompass 13 large refineries, three mini-refineries, three petrochemical plants, four gas processing plants, three catalyst production facilities producing domestic hydrotreatment, hydrocracking, and reforming catalysts, and a vast retail network of approximately 3,000 fuel stations across 62 Russian regions offering gasoline, diesel, compressed natural gas, and electric vehicle charging.
In refining, Rosneft processes around 82.6 million tons of oil yearly, leads the domestic market in catalyst production with full import substitution since 2020, and sells 43.6 million tons of petroleum products domestically, including 13.1 million tons of gasoline and 18.1 million tons of diesel, while actively trading on the St. Petersburg International Mercantile Exchange. The company stands as Russia's largest independent gas producer at 87.5 billion cubic meters annually and the top oil producer with 184 million tons of liquids, supported by 21.5 billion tons of oil equivalent in proven reserves per Russian standards and 11.4 billion toe under PRMS classification. Downstream services extend to petrochemicals, gas utilization infrastructure, and non-fuel retail amenities like cafes and pharmacies.
Recent developments include robust 2024 exploration successes with seven new fields and 97 deposits discovered, adding 0.2 billion toe in reserves, alongside commissioning nine associated petroleum gas facilities under the Gas Investment Program to exceed 95% utilization rates; the company advanced Vostok Oil with pilot production at Payakhskoye and Ichemminskoye fields, nearing completion of Sever Bay Port infrastructure, and expanded digital twins for production optimization in Bashkiria and Tyumen. In September 2025, Rosneft signed agreements with Chinese partners for additional 2.5 million tons of oil supply via Kazakhstan and pursued joint ventures with Zarubezhneft and PetroVietnam for Vietnamese shelf blocks and Kharyaga PSA stake transfers targeting 2026 startup. Earlier in 2024, ONGC Videsh acquired an 11% stake in JSC Vankorneft from Rosneft for $930 million, while ongoing talks emerged with Reliance Industries for Rosneft's 49.13% stake in Nayara Energy; US sanctions in October 2025 froze Rosneft's US assets, prompting adaptations in trading and tanker use, amid 9M 2025 results showing 2.2 thousand new wells and extensive seismic surveys.