OREANDA-NEWS. Gazprom Neft's RUR64.4bln (approx. USD2.54bln) investment program has been allotted for long-term oil output growth, while a considerable part of funds intended for the production sector will go towards acquiring new licenses.

Given this year's investment volume, Gazprom is planning to boost production at its own fields to 33m tonnes of oil in 2007, and to more than $35m tonnes by 2010.

In addition, the investment program will provide for other plans, including the construction of Gazprom Neft's own power generation facilities, carrying out geological and seismic exploration work at fields, redevelopment of the company's oil refineries, and modernizing its filling station chain.