Russia Oil and Gas Report Q4 2013


Naperville, IL -- (SBWIRE) -- 08/20/2013 -- Reportstack, provider of premium market research reports announces the addition of Russia Oil and Gas Report Q4 2013 market report to its offering
Russia may be pumping post-Soviet record levels of oil and is likely to continue to see a shortterm
increase in both oil and gas production; however, we warn that a high level of investment will be
required to maintain this. It also faces pressure to diversify its gas markets, in view of slower demand
growth expected from its core market in Europe and growing competition from other global gas suppliers.
There have been promises made to reform Russia's tax and regulatory system, upon which further
development of the oil and gas sector hinges. The realisation of Russia's oil and gas potential lies in
unlocking the political gridlock that is standing in the way of much needed tax and licensing reforms which
would maximise the country's full oil and gas potential.
The main trends and developments we highlight for Russia's oil & gas sector are:
? Russian oil production reached a post-soviet high of 10.4mn barrels per day (b/d) in 2012, exceeding the
10.34mn b/d targeted by the economy ministry for 2012. In the short-term, BMI expects oil production to
trend slightly upwards as it ramps up production capacity from the remaining Soviet-era fields, while new
projects manage to just replace production lost from ageing fields. Between 2013 and 2017, we forecast
Russian production to remain relatively flat at around 10.4-10.5mn b/d. However, unless changes to its
existing tax regime takes place that will encourage brownfield investments in the near future, Russia's oil
fortunes could be set for a slow decline in the long term. We believe output will begin to decline from
2017 and fall to 10.1mn b/d by 2022. That said, any positive fiscal and regulatory changes that allow for
greater market access could have a significantly positive effect on its long-term production outlook, given
Russia's large below-ground potential.

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Roger Campbell
United States
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