Page 108 - RusRPTDec21

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
Russia became the world’s largest oil producer in terms of volumes, outpacing the US in September 2021, the state statistics service Rosstat reported on November 24.
In particular, Moscow produced 10.45mn barrels of oil per day in July compared to 11.31mn barrels per day produced by the US in the same period. In August Russia’s production decreased to 10.4mn barrels per day compared to 11.14mn barrels per day produced in the US. In September Russia’s output rose to 10.73mn barrels per day, whereas the US’ production fell to 10.72mn barrels per day.
Russia produced in total 387.8mn tonnes of oil in January-September 2021, up by 0.1% in annual terms. Meanwhile September output was up by 8.1% year-on-year to 44.1mn tonnes.
Russian oil exports lost 5.8% to 171.4mn tonnes in January-September, with the export share in the country’s production standing at 44.2%.
Russia’s liquids output in October averaged 10.8mn bpd, up 1.2% m/m and 8.7% y/y. Gas production was up 4.8% y/y to 65.8bcm, with Gazprom’s production up 4.2% y/y in October to 44.5bcm, the company reported yesterday, 1 November. Russia has been allowed to increase its oil production by 100mbpd per month since August as part of the OPEC+ agreement. In October, liquids production, which includes condensate and is not part of OPEC+ quotas, was up 126mbpd m/m. The producer group is scheduled to meet on Thursday, 4 November, to discuss future production increases, which we think should remain at 400mn bpd for now.
CDU TEK has published Russia’s oil and gas production statistics for October 2021. Russian liquids production was up 4.6% m/m to 45.86mnt in absolute terms. In daily terms, it increased 1.2% m/m to 10.8mmbbl/d. Among integrated oil companies, Bashneft showed the highest m/m growth in crude daily output of 5.4%, followed by Lukoil with 1.7%. Surgutneftegas, Gazprom Neft and Rosneft (without Bashneft) also increased daily production (1.4% m/m, 0.6% m/m and 0.4% m/m, respectively).
Tatneft’s daily output was flat m/m. Non-integrated companies increased liquids production 1.8% m/m in daily terms to 2.76mmbbl/d.
Russia’s gas output was up 4.8% y/y to 65.8bcm. Gazprom increased production 4.4% y/y to 44.6bcm. Novatek’s standalone production rose 3.4% y/y. Yamal LNG’s gas production grew 18% y/y, and Terneftegaz’s 5% y/y, while Nortgas and Arcticgas showed declines of 14.2% y/y and 4.9% y/y,
108 RUSSIA Country Report December 2021 www.intellinews.com