Page 97 - RusRPTDec20

9.0​ Industry & Sectors 9.1 ​Sector news
9.1.1a​ Oil & gas sector results
CDU TEK has published its oil and gas production data for October. ​Oil and condensate production in Russia grew 0.4% m/m to 1,361kt/d (9.9mmbbl/d).
All Russian integrated companies increased their liquids output in October, with Gazprom Neft showing the highest production growth (+0.9% m/m). Tatneft and Bashneft increased production 0.5% m/m, while crude output at Surgutneftegas, Rosneft and Lukoil was up 0.2% m/m, 0.1% m/m and 0.1% m/m, respectively. Crude production at non-integrated oil companies also grew 1.0% MoM.
Gas production in Russia was also up 1.3% y/y. According to Interfax, Gazprom’s production was 42.7bcm in October, growing 1.9% y/y. Novatek’s consolidated gas output (including its share in JVs) also increased 7.9% y/y.
Data on gas condensate production in October is not available yet, but was 100.6kt/d in September. If condensate production stayed flat or grew in October, then oil production for the month was 9.2mmbbl/d. This is marginally above the current OPEC+ quota for Russia, which is 9mmbbl/d. We note it is likely that the m/m increase in natural gas production was accompanied by the higher output of gas condensate.
97 ​RUSSIA Country Report​ December 2020 www.intellinews.com