Russia increases oil production

Apr 03, 2010 02:00 AM

Crude output reached 10.12 mm bpd, a gain of 3.3 % from the same month last year and 0.4 % from February, according to preliminary data released by the Energy Ministry's CDU-TEK unit. Exports rose 3 % on the month to 5.38 mm bpd.
"I think we're going to see this continuing this year," Artem Konchin, an oil and gas analyst at Unicredit in Moscow, said.

TNK-BP, BP's joint venture with four billionaires, increased output an annual 3.4 % to 1.43 mm bpd after starting production at the Verkhnechonsk, Kamennoye and Uvat deposits in Siberia. Bashneft, based in the Bashkortostan region near Kazakhstan, has increased output 21 % to 280,000 bpd in the year since billionaire Vladimir Yevtushenkov's AFK Sistema agreed to buy the company.
Further growth will probably be led by state-run Rosneft and its smaller rival LUKoil, Konchin said.

Rosneft's Vankor project, the largest new development in Russia, is about halfway to capacity, while LUKoil plans to start production in Russia's section of the Caspian Sea this year. Rosneft's output in March fell an annual 1.5 % to 2.24 mm bpd after CDU-TEK stopped attributing to it the production at Tomskneft, a venture Rosneft jointly owns with Gazprom Neft. LUKoil's production fell an annual 1.8 % to 1.83 mm bpd.
Vankor started production in 2009 and is expected to reach 510,000 barrels of oil per day in 2011. The Vankor field has oil reserves 3,800 mm barrels, of which 1,500 mm barrels are proved reserves, and 95 bn cm of natural gas. Rosneft produced 60,000 bpd at Vankor in 2009 and expects 220,000 bpd in 2010.

EIA profile of Russian oil
From 2008 -- With production of 9.8 mm bpd of liquids (not including oil products), and consumption of roughly 2.8 mm bpd, Russia exported (in net) around 7 mm bpd.
According to the Oil and Gas Journal's 2008 survey, Russia has proven oil reserves of 60 bn barrels, most of which are located in Western Siberia, between the Ural Mountains and the Central Siberian Plateau.

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