OREANDA-NEWS. October 07, 2010. Russian oil companies produced 10,121 MBD (41.594 MMt) of crude in September, reflecting a 1% rise compared to August. Production volume for January - September increased by 2.4% YoY to reach 376.7 MMt. This meant that Russian oil companies were able to achieve a maximum average daily production level of 10,121 MBD, which is the highest daily average of the post-Soviet period, reported the press-centre of OTKRITIE Financial Corporation.    

View: While crude production hit a high point in September, during August daily volumes dipped slightly to 10,021MBD compared to July’s figure of 10,110 MBD. This was due to production decline on the Chayvo oil field of the Sakhalin-1 project.

Meanwhile, in September Exxon Neftegas, the operator of Sakhalin-1, had managed to halt its production decline by commissioning the new Odoptu oil field. One company in particular that showed a decline was LUKOIL, as its daily production dropped in September by 2.7 Mtd to 245 Mtd. Indeed, it has shown a persistent production decline throughout the year, from 252 Mtd in January to its current level.

By contrast, Bashneft (40 Mtd), Surgut (164 Mtd) and TNK-BP (200 Mtd) have been able to post steady growth throughout the year. We would also note that Rosneft witnessed a minor (0.5 Mtd) drop in production in August due to the commissioning of new wells at its Vankor field. Rosneft’s production volumes returned to their upward trend in September, hitting 311 Mtd. All in all, the positive production dynamics shown by Russian oil companies lead us to believe that total growth may exceed 2% by year’s end.