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on subsidiary level production data, Rosneft continued to reduce output of Yuganskneftegaz, where production declined 19.6% m/m in May and Vankorneft (9.2% m/m), while large declines were also recorded at Uvatneftegaz, Nyaganneftegaz and at brownfields in Central Russia.
Gazprom Neft has significantly scaled back production at Noyabskneftegaz, after a marked increase in April. Lukoil cut production in Western Siberia and Komi (25% m/m).
Gas production is also in further decline. In May, the production of natural gas declined 16.9% y/y. The overall reduction of gas production in Russia was in line with the trend of the preceding months.
Gazprom’s output was down 21.4% y/y, while Novatek’s consolidated production declined 3.1% y/y.
Gas output at Lukoil, Surgutneftegas and Rosneft contracted 1.1%, 12.0% and 3.4%, respectively.
Based on Novatek’s operating data, analysts note that while Novatek’s own production declined 5.4% y/y, its JV Arcticgas was able to grow output 8.8% y/y, which came after quite high output in March and April, while Nortgas and Terneftegas cut production 16.5% and 0.5% y/y, respectively.
Gas production at Yamal LNG declined 6.9% y/y on the back of falling LNG demand.
94 RUSSIA Country Report July 2020 www.intellinews.com
