Russian Oil and Condensate Production Hits Post-Soviet Record

Russian oil and condensate production reached a new post-soviet record of 10.7 million barrels a day in 2015, according to the latest analysis from Wood Mackenzie.

The research firm claims that condensate production will increase by 50 percent by 2018, compared to 2014 levels, although Wood Mackenzie warns that Russia could face a sizeable production gap after 2020, when the impact of Western sanctions kick in.

Mr Christian Boermel, Russia upstream analyst for Wood Mackenzie, commented:

"We see Russia defying expectations in terms of 2015 liquid production levels achieving a new post-soviet record of 10.7 million barrels per day. The steady increase seen in the first half of this year is contrary to many pessimistic predictions, due to the turbulent geopolitical situation for the country as a result of the Ukraine crisis and subsequent Western sanctions. We see actual growth in liquids being driven by condensate, but given the unfavourable macro-economic situation with a volatile Rouble and depressed oil price, there is significant uncertainty for Russian production in the longer-term, post 2020."

Mr Michael Moynihan, senior Russia upstream analyst for Wood Mackenzie stated:

"Despite West Siberia's production peaking in the 1980s, the region remains core and is expected to contribute 60 percent of Russia's liquids production this year. Russian operators are looking at deeper and more complex reservoirs such as the Tyumen and Achimov, these areas are widely regarded as 'hard-to-recover' but are still far easier to develop than unconventional shale plays such as the gargantuan Bazhenov expanse. Currently the Tyumen and Achimov areas each contribute between 6-7 percent of West Siberian (4 percent of Russia's overall) production and we expect this could more than double by 2020."

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