Bloomberg: no one expected that Russia in 2015 will show growth in oil production

Bloomberg: no one expected that Russia in 2015 will show growth in oil production

Many small improvements throughout the industry allowed the Russian oil producers to record growth rates of production, and the fall of the ruble has been the Russian companies.

MOSCOW, 21 Dec –. Russia has shown the fastest growth in oil production since the collapse of the Soviet Union despite the fact that nobody considered it as a serious competitor in the market of production this year, writes Bloomberg.

The sudden growth caused by a number of small performance improvements across the industry. As a result, despite the decline in prices and sanctions imposed by the US And EU have restricted the access to external financing and technology, Russian companies managed to get more oil from old fields and to launch new projects and to offset the production decline in West Siberia, reports Bloomberg. The fall of the ruble was also the Russian producers and reduced the costs in dollar terms, as spending on 80-90% are made in rubles.

The greatest growth of production was demonstrated by Bashneft, due to the low cost gas fields in the Volga basin, which were developed in Soviet times and contain large oil reserves. In addition, the company jointly with Schlumberger has created a high-tech geological centre, which allows the detection of oil reserves and achieve them in the most effective way. Thus, Bashneft managed to increase the efficiency of production in new wells in 20 times. In addition, the equipment that uses the company designed in Russia and has not suffered from sanctions.

As for new projects, the greatest growth has shown “Irkutsk oil company” in Siberia and Exxon Mobile in the framework of the project “Sakhalin-1” in the sea of Okhotsk. In the Arctic in December, NOVATEK commissioned the Yarudeyskoye oil field, which the company estimates should soon reach the target of 70 thousand barrels per day. Thus, the end of the year, the industry can show new records, says the analyst of Gazprombank Alexander Nazarov.

However, according to some experts, the opinion which leads Bloomberg, to maintain such a high performance in the long term is necessary to launch new projects, which prevents a reduction in exploration drilling.