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Insight 15 February 2013

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Report summary

2012 in Russia saw the arrival and departure of many players. Vladimir Putin was elected President for a third term, Statoil and Eni formed joint ventures with Rosneft to explore the Russian Arctic. ConocoPhillips exited Naryanmarneftegaz, whilst Hess put its subsidiary - Samara Nafta up for sale. The year also saw the largest deal in Russian history, as Rosneft bought TNK-BP for $55 billion. BP sold its stake in TNK-BP to Rosneft gaining US$12.3 billion and 18.5% of Rosneft to add to its...

Executive Summary
Rosneft enters a league of one
- Gazprom stumbles
- NOVATEK rises
- The Russian oil majors have a mixed year
  - LUKOIL slows its slide
  - Surgutneftegaz, Tatneft and Bashneft inch upwards
- Unconventionals enter the frame
- A vintage year for pipeline construction
- Oil Production
- Gas Production
- Preliminary figures from the Ministry of Energy show well-head gas production dropped 2.1% from 2011. Gazprom was the largest faller with a 6.8% drop. The bulk of the drop coming from the throttling back of production at Yamburgskoye, Urengoiskoye and Gazprom Dobycha Noyabrsk. In contrast the younger giants such as Zapolyarnoye and South Russkoye continued to produce at near full capacity, Zapolyarnoye becoming Russia's largest producing gas field. European exports were down 0.98 bcfd to 13.4 bcfd - as a result of a slight fall in demand and Gazprom's continued volume restraint to protect gas prices, particularly in NW Europe. Gazprom's ability to deal with large swings in demand at peak times was also put under scrutiny in February, when very cold conditions in Russia and Europe meant that Gazprom was stretched to fulfil its contracts.
- 2 more item(s)...