Published on: 2026-06-19
Source: Rosneft – An important disclaimer is at the bottom of this article.
The annual general meeting of PJSC “NK Rosneft” was held in person for the first time in seven years. The location chosen was the city of Bolshoy Kamen in the Far East, where the strategic project for the Company—the “Zvezda” shipbuilding complex—is located.
The CEO of Rosneft, Igor Sechin, addressed the shareholders with a report dedicated to the results of activities in 2025.
FLAGMAN OF TECHNOLOGICAL INDEPENDENCE
Igor Sechin noted that the choice of Bolshoy Kamen as the venue for the Annual General Meeting is not accidental: “Rosneft” is the operator of the shipbuilding complex “Zvezda” located here — a pioneer in the construction of technologically complex civilian vessels.
He emphasized that the enterprise is the first in Russia for large-tonnage shipbuilding production, which not only strengthens the industrial capacity of the industry but also serves as a key link in achieving import substitution goals.
The development of the “Star” directly ensures the technological autonomy of the country in creating critically important infrastructure for Arctic projects.
The Head of the Company reminded that in 2025 the shipyard delivered to the customer the lead tanker-gas carrier of the ARC 7 ice class LNG “Aleksey Kosygin”, capable of independently overcoming ice over two meters thick. This vessel, with a capacity of over 170 thousand cubic meters of liquefied natural gas, is equipped with unique screw-rudder columns, manufactured at the “Sapphire” plant.
Last year, the double-fuel tanker “Ivan Aivazovsky” with a carrying capacity of 50 thousand tons was also delivered, becoming the lead ship in a new series of vessels for transporting petroleum products in ice conditions.
At the end of 2024, the first Arctic shuttle tanker “Valentin Pikul” with a cargo capacity of 69 thousand tons was delivered to the customer. Thanks to the high ice class ARC6, the shuttle is capable of independent navigation without icebreaker escort in ice thickness up to 1.7 m.
Igor Sechin emphasized that since 2020, Zvezda has delivered nine vessels to customers in total, including five Aframax type oil product tankers, and the company’s current order portfolio exceeds 50 units.
DEVELOPMENT OF NORTH SEA ROUTE AND METALLURGICAL CLUSTER
Special attention in the report was given to logistical risks in the Middle East. As Igor Sechin noted, these events clearly demonstrated the necessity of developing alternative routes, among which the Northern Sea Route plays a key role.
“Against this background, the strategic role of the ‘Star,’ capable of building modern icebreakers, tankers, and gas carriers of the ice class, sharply increases,” Sechin said.
The head of Rosneft also reported that construction is underway next to the shipyard for the Primorsky metallurgical plant, which will be fully integrated into the shipbuilding cluster structure. The plant’s capacity is 1.5 million tons per year. The enterprise will produce large-format steel sheets and large-diameter pipes. The project will create more than 3,800 jobs and will give a strong impulse to the economic development of the Primorsky Krai.
“ROSNEFT”: STABILITY IN TURBULENT TIMES
Presenting the Annual Report to shareholders, approved by the Board of Directors, Igor Sechin characterized 2025 as a time of serious challenges for the industry.
A global market surplus, harsh macroeconomic conditions, ahead-of-inflation tariff growth, a natural monopoly, and unprecedented sanction pressure, according to him, have created complex operating conditions for the Company.
Additional pressure on the industry, already in 2026, is exerted by military conflicts and their consequences, in particular – restrictions on shipping in the Strait of Hormuz.
Under these conditions, the Company’s efforts were aimed at increasing operational efficiency and cost optimization, continuous monitoring, and prioritizing the project portfolio.
Rosneft not only confirmed its stability once again, reaffirming the reliability of its business model, but also continued the systematic implementation of strategic initiatives.
“According to the results of 2025, Rosneft remained in second place in the world in hydrocarbon production among public companies,” said Igor Sechin. Production in liquid equivalent in 2025 amounted to 247 million tons of oil equivalent. “We remain the largest oil company in Russia and produce almost 40% of Russian oil. Rosneft’s share in Russian refining is about 30%, and the gas station network is the largest in the country,” added the head of the Company.
The volume of gas production in the reporting year amounted to 79.6 billion cubic meters, which is lower than the 2024 figure due to planned repairs on key assets, as well as in the context of participation in the OPEC+ agreement. However, after completion in Q4 2025, gas production increased by 4% year-on-year and continued to grow in Q1 2026.
Commenting on the current market situation, the Head of the Company noted that the crisis in the Hormuz Strait has shown the impossibility of making forecasts even in the near future, due to the fact that political factors are beginning to be fundamental.
“At the beginning of the hot phase of the conflict, we called for not overestimating the effect of rising food prices, while continuing to use conservative macroeconomic assumptions in planning. From our point of view, this assumption has justified itself,” Igor Sechin noted.
The head of the Company also spoke about Rosneft’s leading position in the development of the resource base. In 2025, 6 new fields and 112 deposits with hydrocarbon reserves of more than 250 million tons of oil equivalent were discovered. The replenishment of production with reserve growth amounted to 122%. “At the same time, the Company, unlike many international competitors, is secured with reserves almost half a century ahead,” he added.
Separately, Igor Sechin noted the creation in the Company of a highly efficient drilling business with an operating fleet of 340 drilling rigs of various lifting capacities in mobile and echelon configurations. “This is almost one-third more than the number of rigs in the entire Permian Basin in the USA,” he remarked.
One of the key tools for intensifying production on horizontal wells, as explained by Sechin, remains the hydraulic fracturing technology (HF). According to him, in the reporting year, the share of horizontal wells with multistage HF reached almost half of all wells put into operation.
In 2025, one of the largest production assets of Rosneft, Samotlorneftegaz, set an industry record by completing a 40-stage hydraulic fracturing in 24 hours for the first time. At Yuganskneftegaz, a 30-stage hydraulic fracturing was completed with 116 fractures and the injection of 9 thousand tons of fracturing fluid, which made it possible to achieve one of the highest well flow rates in deposits of hard-to-recover oil over the past 10 years. Meanwhile, the enterprise Orenburgneft in 2025 implemented a pilot project of large-volume hydraulic fracturing at the Tarashchanskoye field with a record volume for the region of injection – 100 tons of proppant in one operation.
“Thanks to the application of innovative technologies in Rosneft, the average production of new wells in 2025 was 17% higher than the average Russian indicator, and by the end of Q1 2026 it grew to 53 tons per day, which became the highest indicator for the Company in the last 10 years and is 31% above the average Russian level,” said Igor Sechin.
EFFECTIVENESS OF “SAKHALIN-1”
The head of Rosneft noted the work on the Sakhalin-1 project, where after the departure of the former operator ExxonMobil and foreign contractors, Rosneft, in accordance with the Decree of the President of Russia, took over management in an almost emergency situation. The company promptly restored production and export of the project, resumed gas supplies to the Khabarovsk Territory.
In 2023, the world’s second most complex well by difficulty index was drilled at the Odoptu-mor field by the Company. In 2025, a new facility on the continental shelf was commissioned — the Southern dome of the Odoptu field with record start-up well flow rates up to 2.6 thousand tons/day. In 2026, active drilling began simultaneously at all three project fields.
Thanks to the effective actions of the Company’s specialists, it was possible not only to preserve over three thousand jobs, but also to exceed the planned production targets approved by the previous operator by 20%.
KEY PROJECT “VOSTOK OIL”
Igor Sechin noted that active construction is currently ongoing for the main facilities of the “Vostok Oil” project – the “Port Bunta” and “Sever” oil terminal, oil pumping stations, and a receiving-giving point with a tank park.
Construction of the 790 km long oil pipeline is being completed. The commissioning of the first stage of the port in Bukhte Sever is planned.
CERTIFICATION AND TECHNOLOGICAL SUPPORT
In its production activities, Rosneft pays special attention to digital and technological transformation. Igor Sechin noted that Rosneft considers digital technologies not as an auxiliary service, but as one of the main drivers of efficiency growth.
“With the help of our technologies, we have already ensured the collection and control of more than 85% of all technological parameters of the Company, including: 100% of drilling rigs data, 96% of the operation of the well stock, 98% of NPP installations, and 62% of electricity meters. This corresponds to the best global practices of our Western partners,” said the head of Rosneft.
The implementation of unified platform solutions and artificial intelligence in business processes is already delivering measurable results: in the first four months of 2026, the economic effect reached 44 billion rubles, and by the end of the year it is planned to exceed 100 billion rubles.
Moreover, the Company is the only one in Russia that fully provides itself with a complete range of catalysts for the production of high-octane gasoline, reducing dependence on imports from 90% to zero in five years.
INTERSECTION OF ACTIONS – MAIN PRIORITY
At the conclusion of the report, the head of Rosneft emphasized that, despite all external pressure, the interests of the shareholders remain an unchanged priority for the Company.
The growth in the number of private investors by more than eight times over the past five years, reaching almost 1.7 million people, is a record indicator among the largest companies of the Russian stock market and the best confirmation of the correctness of the chosen course.
Department of Information and Advertising
PJSC “NK “Rosneft”
June 19, 2026
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