Russia Forecast for 2015 Oil Supply - June 2015

Source: OPEC 6/28/2015, Location: Asia

Russia’s oil supply is expected to decrease by 30 tb/d to average 10.54 mb/d in 2015, unchanged from the previous MOMR. April output now shows a m-o-m fall to 10.67 mb/d, a downward revision of 40 tb/d. May saw a rise to 10.71 mb/d, up y-o-y by 0.17 mb/d, the strongest rise since January 2014, once again led by rising condensate volumes. With commercial production starting at Novatek’s Termokarstovoye gas field in late May, condensate output is set to jump by another 20 tb/d in June. Total SA has started production of gas and condensate from the onshore Termokarstovoye field in the Yamalo-Nenets autonomous district of the Russian Arctic. The field will produce 6.6 million cubic metres of gas and 20 tb/d of condensate, or a combined 65 tboe/d, the company said. Total’s Arctic-adapted infrastructure in the field includes a gas gathering network, a gas treatment plant, a gas condensate de-ethanization plant and export pipelines. As condensate fields do not fall under the sanctions purview, Russian companies are focusing on developing these.

On a quarterly basis, Russia’s 2015 supply is expected to average 10.69 mb/d, 10.56 mb/d, 10.49 mb/d and 10.44, mb/d, respectively.

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