Russia Oil and Gas

As of February the 6th of 2014, the volume of daily production of natural gas in the Russian Federation made up 2 106.1 million cubic meters

As of February the 6th of 2014, the volume of daily production of natural gas in the Russian Federation made up 2 106.1 million cubic meters

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In 2013, Rosneft increased oil reserves by 250 million tons due to geological exploration

In 2013, Rosneft increased oil and gas condensate reserves by 250 million tons and natural gas reserves by 77 billion cubic meters due to geological exploration, the largest Russian oil company reports.
The company increases investments into geological exploration, which made up 38 billion rubles last year. This allowed the company to carry out 8.7 thousand linear meters of 2D seismic survey, 7.5 thousand square km of 3D seismic survey and to drill 68 exploratory wells.

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Bashneft concludes contracts of oil purchase and oil products sale

Bashneft has concluded a contract for oil purchase from Shell Trading Russia to the amount of 49.65 billion rubles for two years and a contract for export sale of oil products with Septo Trading to the amount of $2.405 billion  till the end of 2015, the Russian company reports.

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In 2013, Sakhalin extracted 27.4 billion cubic m of gas and 13.9 million tons of oil

In 2013, Sakhalin extracted 27.4 billion cubic m of gas (+ 3%). Taking into account burnt associated gas, they extracted 28.1 billion cubic m of gas. The regional Ministry of Natural Resources and Environment Protection reports that the growth happened mostly because  of the Sakhalin 1 project that extracted 10 billion cubic m of gas. They extracted at Sakhalin 2 17.6 billion cubic m of gas. The rest of gas was extracted by RN-Sakhalinmorneftegaz LLC, Petrosakh CJSC and the Sakhalin Oil Company.
Last year they also extracted 13.9 million tons of oil, 98.6% of the yield of 2012. They extracted over 7 million tons at Sakhalin 1, 5.4 million tons at Sakhalin 2, 1.4 million tons at RN-Sakhalinmorneftegaz and 62,000 tons at Petrosakh.

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Russia tries to avoid Ukrainian gas storages

Gazprom is going to enlarge the capacity of Katarina underground gas storage by 50%. In Q4 2014, the Russian corporation is going to launch the third salt reservoir that will enlarge the capacity of the storage to 170 million cubic m.
Gazprom performs construction of the underground gas storage in Peissen together with the German Verbundnetz Gas AG. Now the capacity of Katarina is 113 million cubic m. They plan to have 6 reservoirs by 2017. Thus, the capacity of underground gas storage will exceed 600 million cubic m.
The Russian gas monopoly claims that the aim of construction is provision of reliable gas supplies to Western Europe including via Nord Stream.
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Surgurneftegaz and Lukoil asked for the tax breaks for difficult oil extraction.

Disputes about the difficult oil development in Russia came to the government level. February 6 the Ministry of Natural Resources held a meeting on this topic. It was attended by representatives of the private oil companies: "Surgutneftegaz", "Lukoil", "Neft" and the Ministry, SIA Press reports.
The benefits were the main topic to improve the profitability of work, including the Bazhenov formation. "Surgutneftegaz", for example, suggested a zero rate of mineral extraction tax on oil extracted from the Bazhenov Formation, regardless of the degree of depletion of the deposit.

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Daily production of oil and gas condensate made up 1 million 442.2 thousand tons on February 6, 2014

Oil and gas condensate production a day made up 1 million 442.2 thousand tons on February6, 2014. The state enterprise the “Central Dispatch Department of the Fuel-and-Energy Sector” states.
Oil and gas condensate production in Russia by eight leading companies of the sector made up, thousand tons:

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How Much Would It Hurt? Exploring Russia’s Vulnerability to a Drop in Energy Prices

Russia’s economy is obviously energy-reliant, but how vulnerable does that make it in practical terms? What would happen if global energy prices dropped significantly? In the shadow of the shale gas and oil revolution, this memo examines how a drop in energy revenues would affect Russia in three important areas: fiscal, financial, and political.
In each area, some of the effects of falling oil prices would be more or less automatic. For example, a decline in revenues would mean a rising budget deficit (keeping all other things equal). Such an effect is easy to predict: the deficit would simply be larger if the revenue loss were greater. Other implications, however, are more contingent, as they rely on choices made by individuals and groups. For instance, while observers sometimes imply or state outright that a government will be “forced” to respond to a crisis in a certain way, leaders always have some freedom to remain stubborn in the face of adversity. Likewise, there are multiple ways in which political alliances may react to stress. Those reactions are more difficult to foresee, but institutional arrangements and past patterns of behavior can guide observers’ efforts.
The Nature and Performance of the Russian Economy

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On February 13 of 2014, Rosneft to hold collection of orders for bond obligations for 35 billion rubles

On February 13 of 2014 from 10.00 to 16.00 Moscow time, Rosneft will hold collection of orders for 10-year stock obligations of BO-01 and BO-07 series to the amount of 35 billion rubles.

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Bashneft opens the largest retail gasoline station in Russia

“Bashneft” has put in operation the largest fuel filling station in Russia on the highway Ufa-Airport after the reconstruction. They said about it in the press-service of the company.
Bashneft’s president, A.Korsik, the first vice-president for processing and commerce M.Adriasov, vice-president for regional sales ,D.Panyukov, first deputy Prime Minister of Bashkortostan R.Mardanov, Minister of Industry and Innovative policy of the republic, A.Karpukhin, the head of the local administration I.Yalalov and the head of the administration of the Ufa district, M.Davydov took part in the ceremony of opening the filling station.

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Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
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