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OverviewSince our organization was first established in 1999, the production of many different forms of energy has undoubtedly been the cornerstone on which our corporation has been constructed, supporting all our additional activities and business. It has ultimately been the strength of this program that has ensured that our company has been able to expand exponentially over the past two decades, and therefore mitigate the effects of the ever-changing economic, social and political discourse during this time, that may have stymied such growth. Whereas in the times immediately after our formation Rusneftegaz had a broad range of interests extending far beyond oil and gas, after a major reorganization in 2005 our then-leadership opted to focus predominately on producing useful fuels. From that day onwards, we have procured a considerable number of licenses throughout the north-west of the Russian Federation, which remains the epicenter of the domestic petroleum industry and thus also our operations. At present, our entity controls the right to drill thirteen fields spanning the Komi Republic, in addition to a further thirteen in the Khanty-Mansi Autonomous Okrug. Both of these areas are considered amongst the most lucrative in the West Siberian basin, which in itself is the most extensive hydrocarbon reservoir in the world. From our perspective, our holdings of such deposits currently extend to 128 million barrels of oil equivalent (boe) across this region, with aspirations to grow this sum in the near and distant future.
Such ambition is the bedrock on which we were founded, and extends to all aspects of our current enterprise. It is this vigor that saw our oil recovery rates increase for twelve consecutive years until 2014, when our extraction equated to 8,35 million barrels. Whilst such volumes have since reduced from this peak, Rusneftegaz continues to be one of the preeminent entities in our sector, with a total output of 5,81 million barrels last year through our various subsidiaries, affiliates and partners. This yield can later be transformed into a plethora of refined products, not limited to but including gasoline, diesel and jet fuel, in conjunction with other chemicals and lubricants. Although our corporation does not actively participate in the refining process, we maintain comprehensive upstream and downstream operations that encompass all parts of the production cycle. Recently, the latter has developed at a monumental speed following the commencement of trading at a hub in New York, which now serves as our primary base for the marketing of our commodities. Such commerce is expected to have a transformative effect on our business, with our company emerging as a truly global player as a direct result. This particular element of our success has unfolded gradually after the beginning of the last decade, with our entity incrementally advancing our remit and consolidating the gains we have made over the course of this timeframe.
Our worldwide expansion began in earnest when we first acquired a fleet of crude tankers to export our goods to every corner of the globe. This saw our organization take ownership of some of the largest ships ever constructed, and ultimately possessing a substantial midstream operation. In spite of the notion that all such vessels were subsequently sold, we have since conducted a number of undertakings throughout the Middle East and North Africa at the behest of the governments in this region. Such actions, which were coordinated in unison with the Russian Ministry of Energy, resulted in Rusneftegaz rendering assistance to companies operating in these nations and reviewing the possibility of extracting hydrocarbons in these countries ourselves. Despite the fact such works are yet to be fruitful for us, we remain committed to expanding our business internationally in both the immediate and long-term. Notwithstanding that most of this is anticipated to be focused upon our international trading department, it should be noted that the fastest-growing segment of our corporation is in fact our power engineering subsidiary. This principally entails generating large quantities of electricity for industrial customers in the vicinity of our three 600MW units in Vologda Oblast. These plants, which are all fueled with bituminous coal, form a major constituent of our development strategy as we seek to make further advances in this area. To extend this progress, it also involves investing in sustainable technologies to guarantee the viability of this program long into the future, with our company acting as a leading agent for transformation in the industry.
To achieve this ideal, we have expended sizable sums on new components and assets in recent times to ensure that all such infrastructure complies with all relevant contemporary codes and regulations, with subsequent plans to maintain this level of expenditure in forthcoming periods. The main consequence of this outlay is that our generation rates have continually ascended in correspondence with the value added as a direct result of our capital spending. Hence, by 2019 our production had peaked at a total of 10,46 TWh per year, before being disrupted by the coronavirus pandemic a few months thereafter. Whilst this figure has since recovered to be nominally below such a level, the outbreak did not hinder us from doing our utmost to safeguard the prospects of this part of our entity. Although the time delayed the overhaul of our power architecture, it instead allowed us to concentrate on making intangible gains. At Rusneftegaz, we are always keen to apply contemporaneous best practices to our operations, and this interruption gave us an opportunity to review and implement new policies when appropriate. This, in conjunction with our utilization of advanced and state-of-the-art equipment and solutions, has also guaranteed that not only are our plants highly efficient and reliable, but also conform to the highest safety and ecological standards achievable. Our commitment to protecting the environment is enduring and everlasting, with such principles remaining a fundamental tenet of our corporate culture.
Through the duration of our history, we have proactively initiated various steps to preserve nature and our surroundings, and expect all our staff to do the same. Foremost, we take a responsible attitude to both ecosystems and our own mineral deposits, and identify any prevailing risks and take measures to mitigate such hazards in due course. For instance, we rigorously monitor all our locations to not merely improve performance, but to prevent damage or harm from occurring. On the contrary, we similarly engage in an assortment of other efforts to not only sustain the landscapes we work in, but enact improvements accordingly. Such actions have previously included planting saplings and restoring contaminated land, but it has also culminated in Rusneftegaz making invaluable contributions to geological research projects arranged by local academics and institutions. This is because as the largest privately-owned oil corporation in Russia, we believe that we have ample resources to make a positive impact on the places we work in, and intend to do all we can to shield the landscape from harm. We ultimately think that it is this pledge, namely upholding the greatest standards and ideals in all aspects of our operations, which has seen our current production stratagem emanate as one of the strongest and most innovative in our field. This, conjointly with our ability to undertake our affairs prudently and tactically, should see our business thrive for many years and decades to come.
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