Rosneft is Russia's largest oil company and one of the world's biggest listed producers by output and reserves - a state-controlled, vertically integrated giant spanning a vast upstream base across West and East Siberia, the Volga-Urals, Sakhalin and the flagship Vostok Oil Arctic greenfield on the Taymyr Peninsula, plus a large refining and retail network inside Russia. Control rests with the Russian state through Rosneftegaz (~40%), alongside Qatar's QIA (~18.9%) and BP's residual, impaired and effectively frozen stake; the shares trade only on the Moscow Exchange in rubles and the company is not a US SEC filer. CEO Igor Sechin, in post since 2012, is a close Kremlin ally, and strategy is closely aligned with Russian state interests. Following the 2022 invasion of Ukraine, Rosneft and its executives are subject to US and EU sanctions that make the equity uninvestable for Western strategic or financial acquirers; the company has also curtailed IFRS and English-language disclosure, so all figures here are estimates with LOW reliability.
Sanctioned/state-controlled; figures estimated. Total hydrocarbon production is estimated around 4.8 mmboe/d (roughly 3.7-3.9 mmbbl/d liquids plus gas), held down by OPEC+ curtailments, on an enormous 1P reserve base near 40 bnboe. Estimated FY revenue is on the order of ~$100bn with EBITDA near ~$30bn and net income roughly ~$11-14bn (converted from rubles at ~0.011 USD/RUB and highly sensitive to the exchange rate and to Urals/ESPO discounts versus Brent). The upstream is very low-cost - a Brent breakeven around ~$25 - but realizations are depressed by sanctions-driven discounts and cargoes are routed mainly to China and India. Net debt is estimated around ~$40bn (net debt/EBITDA ~1x). The central growth story is Vostok Oil, a multi-hundred-billion-dollar Arctic megaproject targeting up to ~2 mmbbl/d over the 2030s, though its financing, technology access and export logistics all face sanctions and partner-flight headwinds. For Western M&A purposes the company is off-limits; the analytical value here is as a benchmark of Russian upstream scale and cost, not an actionable target.
Its EV/EBITDA of 3.3x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 16.7% is higher than the 6.5% median, and at $2.50/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Rosneft scores 56/100, strongest on valuation (91/100). Sub-scores: value 91, quality 68, growth 23, risk 93 (higher = riskier). Note: sanctioned / uninvestable for Western acquirers — shown for completeness only.
Rosneft holds approximately 40 billion boe of proved (1P) reserves with FY2025 production of about 4,800 thousand boe/d (85% liquids), a reserve life of roughly 22.8 years. Break-even: ~$25 (Brent breakeven) — low-cost but sanctioned/discounted
For Rosneft, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Russia | 92% | 92 | Sanctions, expropriation, export bans, war; effectively uninvestable. |
| Other | 8% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Vostok Oil | Russia | Oil | Flagship Arctic greenfield on Taymyr Peninsula (Vankor cluster + Payakha + West Irkinsk); target ramp toward ~2 mmbbl/d in the 2030s via Northern Sea Route; sanctions/financing risk |
| Priobskoye | Russia | Oil | Giant mature West Siberian oil field; one of the largest producing assets in the portfolio |
| Yuganskneftegaz | Russia | Oil | Core West Siberian production unit (ex-Yukos); backbone of legacy upstream output |
| Vankor cluster | Russia | Oil | East Siberian field feeding Vostok Oil infrastructure; ESPO-linked exports to Asia |
| Samotlor | Russia | Oil | Legacy super-giant West Siberian field; mature, high-water-cut, tax-incentivized redevelopment |
| Rospan / Kharampur (gas) | Russia | Gas | Major gas condensate developments; core of the gas growth strategy |
| Ryazan / Tuapse / Novokuibyshevsk refineries | Russia | Refining | Large domestic refining base supplying fuels and petrochemicals; targeted by drone strikes/sanctions |
| Sakhalin-1 | Russia | Oil | Far East offshore oil/gas project; operatorship transferred to a Russian entity after Western partner exits |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 5000 | 4900 | 5000 | 4900 | 4800 |
| Proved reserves (bnboe) | 42.00 | 42.00 | 42.00 | 41.00 | 40.00 |
| Revenue ($bn) | 117.0 | 130.0 | 107.0 | 105.0 | 100.0 |
| EBITDA ($bn) | 30.0 | 35.0 | 35.0 | 32.0 | 30.0 |
| Net income ($bn) | 12.0 | 11.0 | 14.0 | 12.0 | 11.0 |
| Free cash flow ($bn) | 12.0 | 15.0 | 14.0 | 11.0 | 10.0 |
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Primary: Rosneft FY2025 annual report / results release and investor disclosures; market data via public providers (~mid-2026). Figures are best-estimates pending source verification.
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