Rosneft, Foreign-Led Firms Boost Russian Oil Output to Post-Soviet Record

Reuters

MOSCOW, Dec 2 (Reuters) – Increased production at Rosneft and foreign-led projects sent overall Russian oil output, the world's largest, to a new post-Soviet record-high of 10.61 million barrels per day in November, Energy Ministry data showed on Monday.

In tonnes, crude production was 43.44 million.

Russian companies have been increasing their oil production to exploit high global crude prices and thanks to government measures, including tax breaks for crude oil extraction at remote and challenging provinces.

In October, Russia's oil production stood at 10.59 million bpd.

November's production was more than the 9.7 million bpd pumped by the world's top oil exporter, Saudi Arabia, when combined crude output at the Organization of the Petroleum Exporting Countries dropped to its lowest since May 2011.

The data showed that the world's top listed oil producer Rosneft increased oil production by 0.5 percent to 3.89 million bpd.

Oil output under production sharing agreements (PSA), designed in the 1990s to encourage investment by foreign oil companies, jumped by 11 percent in November to almost 1.3 million tonnes (317,000 bpd).

PSA projects include Sakhalin-1, which involves Rosneft, ExxonMobil, ONGC and Sodeco; Sakhalin-2 involving Gazprom, Shell, Mitsui, and Mitsubishi; and Kharyaga with Total, Statoil and Zarubezhneft.

The ministry did not provide a breakdown by project.

Sales from Russian oil and gas account for over a half of the state budget revenues and the state considers the sectors as "strategic" for its economy.

Natural gas production declined by 4 percent to 1.93 billion cubic metres a day in November, the data showed.

Gazprom's output fell by 8 percent to 1.37 bcm per day, while gas production at Novatek, Russia's top non-state gas company, stayed broadly flat, at almost 0.15 bcm per day.

The data shows only Novatek's core production units' output.

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Exxon Fined for Russia Sanctions Violations Under Tillerson (Jul 20)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
 Company: OAO Gazprommore info
 - EU Court Rejects Polish Bid To Halt Opal Pipeline Deal, Verdict In 2019 (Jul 21)
 - New UK Listing Rules Set to Attract State Companies Beyond Aramco (Jul 17)
 - Hungary Commits to Russia Gas Route as Poland Looks to US (Jul 7)
 Company: Shellmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Top Oil Market Summons Poseidon to US-Mideast Crude Fight (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Statoilmore info


 - Greenpeace Activists Protest Near Oil Rig In Norway's Arctic Sea Area (Jul 21)
 - Canada's LNG Failure Is Its Own Fault, Seven Gen Founder Says (Jul 17)
 - Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil (Jul 14)
 Company: Total S.A.more info
 - Total, BP Unit, YPF Boost Investment in Argentina's Vaca Muerta (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - S.Korea's Hanwha Total Says Naphtha Cracker Shut After Lightning Strike (Jul 17)
 Company: Rosneftmore info
 - New UK Listing Rules Set to Attract State Companies Beyond Aramco (Jul 17)
 - Diplomat: Russia's Rosneft Plans To Open Mozambique Office (Jul 13)
 - Cyber Attack Hits Oil Giant And Banks In Russia And Ukraine (Jun 27)
 Company: ONGCmore info


 - India Refiner HPCL Sees More Scope For Foreign Buys After ONGC Deal (Jul 20)
 - India Approves Creation of State Oil Giant in $4.6 Billion Deal (Jul 19)
 - India Wants $300 Billion in Oil Spending to Meet Growing Demand (Jul 12)
 Company: Mitsuimore info
 - Gas Glut Upends Global Trade Flows As Buyers Find New Leverage (Aug 16)
 - OneSubsea Bags $300M Contract for Greater Enfield Project Off Australia (Jul 15)
 - Woodside-Mitsui JV Approves $1.9B Greater Enfield Project Off WA (Jun 27)
 Company: Mitsubishimore info
 - Mitsubishi Heavy Bets on New US Turbomachinery Demand (Feb 17)
 - Shell-Led Group Delays Decision On Canada Gas Export Plan (Jul 12)
 - Japanese Banks Expand To Ranks of World's Biggest Energy Lenders (Jun 9)
 Company: Zarubezhneftmore info
 - Total to Transfer 20% Interest and Operatorship of Kharyaga PSA (Jan 21)
 - Russia Oil Output at Post-Soviet High on Foreign Projects, Rosneft (Oct 2)
 - Russia's Rosneft, Zarubezhneft To Agree On Cuban Offshore Block This Week (Jul 10)
 Company: SODECOmore info
 - Rosneft, Foreign-Led Firms Boost Russian Oil Output to Post-Soviet Record (Dec 2)
 - Sakhalin-1's Odoptu Field to Produce in Late 2010 (Jan 20)
 - Russian Sakhalin-1 Project Earns Excellence in Project Integration Award (Dec 3)
 Company: Novatekmore info
 - Contest Launched Among Street Art Painters for Yamal LNG Tank Design (Apr 20)
 - Russia's Novatek Says 1Q Gas Output Down 8.8% YOY (Apr 10)
 - Russia's Yamal LNG Gets 750M Euros In Credit Line From Intesa (Dec 12)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
Technical Services Manager - Production Chemicals
Expertise: Chemist|Production Engineering|Stimulation
Location: Midland, TX
 
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours