Russian oil giant Rosneft recorded a net income of 323 billion rubles (roughly $4 billion) in the first quarter of 2023, representing a quarter-on-quarter increase of 46%, the company said in its financial results statement released Wednesday.
The company was able to achieve production growth of both liquid hydrocarbons and gas despite the deteriorating external environment during the first three months of the year, Rosneft鈥檚 Chairman and Chief Executive Officer Igor Sechin was quoted as saying in the statement.
"The Sakhalin-1 project was the main growth driver, increasing daily production by 1.8 times quarter-on-quarter," Sechin added, noting that ExxonMobil鈥檚 exit as the former project operator had a negative impact on the technical conditions of field development.
On March 1, the US energy company ExxonMobil exited Russia鈥檚 Sakhalin-1 oil and gas project in the country鈥檚 far east.
ExxonMobil, with partners including Russia鈥檚 Rosneft and companies from India and Japan, held a 30% share in the project, which had a daily production capacity of 250,000 barrels.
Later on, the Russian government "unilaterally terminated" its involvement in the project and transferred its ownership to a Russian operator.
The company's net income attributable to Rosneft shareholders in 2022 amounted to $10.5 billion.
Rosneft鈥檚 revenue for the January鈥揗arch period of this year totaled $22.3 billion.
1 Russian ruble equals US$0.012 at 1242 GMT as of June 1.
By Sibel Morrow and Duygu Alhan
Anadolu Agency