Page 107 - RusRPTJul21

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
CDU TEK has published Russian oil and gas production statistics for May 2021.
Russian oil production was up 3.3% m/m to 44.2mnt, but relatively flat (- 0.1% m/m) in daily terms, at 10.41mmbbl/d. Among integrated oil companies, Tatneft showed the highest growth in crude output at 6.3% m/m. Rosneft, Surgutneftegas and Lukoil increased production by 1.0%, 0.5% and 0.3% m/m, respectively. At the same time, Gazprom Neft’s liquids output fell 0.8% m/m, while Bashneft reduced production by 24.1% m/m. Non-Integrated oil companies also lowered crude production by 0.4% m/m.
Russian gas production was up 19.3% y/y. Gazprom grew its production 27% y/y. Novatek’s standalone production also increased 12.5% y/y. Yamal LNG’s gas production grew 13.5% y/y, and Terneftegaz’s 5.8% y/y, while Nortgas’ and Arcticgas’ production declined 15.1% and 1.1% y/y, respectively. Novatek’s consolidated production was thus up 8.5% y/y.
Data on the production of gas condensate in May are not yet available. However, if we assume its production was 107kt/d (April’s level), then the production of oil without gas condensate in May could have been 9.6kbbl/d. This is broadly in line with the May OPEC+ quota for Russia, which is 9.4mmbbl/d.
107 RUSSIA Country Report July 2021 www.intellinews.com