Russia Increases Oil Production

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Russia, supplier of about 12 percent of the world’s oil, increased crude production in March to a post-Soviet record as TNK-BP tapped deposits and OAO Bashneft’s new owners squeezed more crude from older fields.

Crude output reached 10.12 million barrels a day, a gain of 3.3 percent from the same month last year and 0.4 percent from February, according to preliminary data released today by the Energy Ministry’s CDU-TEK unit. Exports rose 3 percent on the month to 5.38 million barrels a day.

“I think we’re going to see this continuing this year,” Artem Konchin, an oil and gas analyst at Unicredit SpA in Moscow, said by phone.

TNK-BP, BP Plc’s joint venture with four billionaires, increased output an annual 3.4 percent to 1.43 million barrels a day after starting production at the Verkhnechonsk, Kamennoye and Uvat deposits in Siberia. Bashneft, based in the Bashkortostan region near Kazakhstan, has increased output 21 percent to 280,000 barrels a day in the year since billionaire Vladimir Yevtushenkov’s AFK Sistema agreed to buy the company.

Further growth will probably be led by state-run OAO Rosneft and its smaller rival OAO Lukoil, Konchin said. Rosneft’s Vankor project, the largest new development in Russia, is about halfway to capacity, while Lukoil plans to start production in Russia’s section of the Caspian Sea this year.

Rosneft’s output in March fell an annual 1.5 percent to 2.24 million barrels a day after CDU-TEK stopped attributing to it the production at Tomskneft, a venture Rosneft jointly owns with OAO Gazprom Neft. Lukoil’s production fell an annual 1.8 percent to 1.83 million barrels a day.

Vankor started production in 2009 and is expected to reach 510,000 barrels of oil per day in 2011

The Vankor field has oil reserves 3,800 million barrels, of which 1,500 million barrels are proved reserves, and 95 billion cubic meters of natural gas. Rosneft produced 60 thousand barrels per day at Vankor in 2009 and expects 220 thousand barrels per day in 2010.

EIA profile of Russian oil

From 2008 – With production of 9.8 million bbl/d of liquids (not including oil products), and consumption of roughly 2.8 million bbl/d, Russia exported (in net) around 7 million bbl/d. According to the Oil and Gas Journal’s 2008 survey, Russia has proven oil reserves of 60 billion barrels, most of which are located in Western Siberia, between the Ural Mountains and the Central Siberian Plateau

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