Page 121 - RusRPTOct20

9.0​ Industry & Sectors 9.1 ​Sector news
9.1.1a​ Oil & gas sector results
The output of oil and gas condensate in Russia was up by 5% month on month in August 2020​, in line with OPEC+ output cut quotas, VTB Capital(VTBC) wrote to clients on September 2 citing the data from CDU TEK.
As reported by ​bne IntelliNews,​ Russia's largest oil majors such as Rosneft and Gazprom Neft ​have started to increase their output at the beginning of August​. The state majors have sharply cut the output from their smaller subsidiaries (such as Bashneft) so that the parent companies could produce more.
In August oil output stood at 1.345mn tonnes daily (9.82mn barrels per day), which makes a growth of 0.49mn bpd, but still broadly in line with the OPEC+ quota, VTBC estimates.
"All vertically integrated companies increased daily liquids production m/m: Rosneft (excluding Bashneft) by 7.6%, Lukoil by 4.4%, Tatneft by 6.4%, Surgutneftegas by 6.0%, Gazprom Neft by 6.9% and Bashneft by 0.6%," VTBC writes.
In the meantime, gas production was down 4% year on year in August at 53.21bn cubic metres. Novatek’s standalone production was up 3.6% y/y, while its consolidated production was up 5.9% y/y. According to Interfax, Gazprom produced 34.4 bcm of gas in August, or down by 5.7% y/y.
121 ​RUSSIA Country Report​ October 2020 ​ ​www.intellinews.com