Surgutneftegaz, et al., Production Down
Surgutneftegaz may produce 60 million tons of oil this year, that is, 7 percent less than last year. This it joins the club of Russian oil companies whose production is falling for the third year in a row. In 2006, it produced 65.6 million tons of oil, and in 2007 it produced 64.5 million tons. The company's deputy chief geologist, Ivan Kos, told Interfax information agency that the Surgutneftegaz will be able to maintain this year's level of production with insignificant reduction “or maybe a little growth” for several years. Company sources doubted the possibility of any growth.
Gazprom Neft production is declining gently, falling from 32.72 million tons in 2006 to 32.67 million tons in 2007. TNK-BP also acknowledges declining production, promising to reverse that trend next year. LUKOIL planned 4-5 percent growth in production last year, but achieved a 2.5-percent rise due to a delay in the launch of production at the Khylchuyuskoe deposit in Khanty-Mansi, which it is developing with ConocoPhillips. That deposit is now expected to go online in June of this year and produce 7.5 million tons next year.
Rosneft continues to show production growth (even without counting YUKOS assets), but total Russian figures are falling. Central Supervisory Control of the Fuel and Energy Complex, oil production fell 1.39 percent in the first two month of the year, compared to the same period of last year. Production growth was shown by Rosneft (30%, including YUKOS assets), TNK-BP (4.5%), Tatneft (1.2%) and Russneft (0.98%). Production decreases were seen at Slavneft (6.92%), Surgutneftegaz (5.06%), Gazprom Neft (4.09%), LUKOIL (3.86%) and Bashneft (1.34%).
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All the Article in Russian as of Mar. 17, 2008
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