Oil production in RF grew in January-August by 2.4% to 318 million tons – Minister of Economic Development
Production of oil in RF including gas condensate amounted in January-August to 318 million tons or 102.4% (in August –103%) against year-on-year result. According to PRIME-TASS. this information has been reported by the Minister of Economic Development provided based on monitoring of social-and-economic development. The reported period is characterized by unstable tendency to change of daily oil production rates. It is explained by decrease of drilling rates and oil production under conditions of abnormally cold winter (in January 2006 average daily production of oil amounted to 97.9%, in February – 100.3% against previous month), and by consequent increase of oil production in order to reach planned results (in March -100.7%, in April– 100.8% against previous month) as well as by further stabilization of average daily production rates (in May – 100.3%, in June – 100.3% against previous month, in July – June level, in August– 101.3%).
Major factors limiting the possibility of increasing oil production rates was deterioration of the structure of discovered oil reserves caused by advance working-out of the most profitable parts of the fields, concentration of prepared reserves mainly at medium and minor fields, containing mainly scavenger oil, as well as not very high efficiency of realization of financial resources aimed at oil production.
According to preliminary information average daily production of oil in September is that of August level (as per 15 days of this September).
In January-August 2006 considerable decrease of oil production against year-on-year result 2005 was demonstrated by Yukos Oil Company (17.1%). Besides, the following companies also decreased their oil production: Gaspromneft OJSC (by 1.9%), Bashneft OJSC (by 1.8%), Slavneft OJSC (by 1.1%). Maximum growth of oil production against January-August of 2005 was reached by Rosneft Oil Company – by 7.9%, Surgutneft ОАО – by 3.4% and LUKOIL OJSC - by 3.2%.