Monday 18 June 2018

TNK-BP pulls Russia's oil output down

Moscow, February 3, 2013

Lower output from TNK-BP's mature fields led to an overall decrease in Russia's crude oil production, the world's largest, which edged down 0.1 per cent in January, Energy Ministry data showed yesterday.

Russia's oil output fell to 10.47 million barrels per day last month from 10.48 million bpd in December, marking a second monthly fall in a row after it reached a post-Soviet record high of 10.50 million bpd in November.

In tonnes, Russia's crude production was 44.278 million last month, the ministry said.

Still, it was higher than 9.1 million bpd, pumped last month by Saudi Arabia, which, unlike Russia, has a spare capacity of several million barrels per day.

Crude output at TNK-BP, Russia's third-largest oil producer, fell 0.5 per cent last month following a production decline at its much-depleted West Siberian fields, including Samotlor - once a pride of Soviet oil industry and one of the world's only six super-giant oil fields with peak production of more than 1m bpd in the 1970s and 1980s.

Last month Samotlor's production declined more than one per cent to 332,782 bpd.

TNK-BP is in the process of a $55 billion acquisition by state-owned Rosneft, Russia's top crude company.

Rosneft's production increased last month by 0.3 per cent thanks to its East Siberian Vankor greenfield, where output rose a healthy 2.2 per cent.

Most analysts expect Russian oil production to rise this year after it reached a post-Soviet peak of 10.37 million bpd in 2012 thanks to an output ramp-up at newly developed deposits.-Reuters

Tags: Oil | Russia | TNK-BP |


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