Russia Oil and Gas Report Q4 2016

Date: September 3, 2016
Pages: 115
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: Oil production continues to outperform as a weak rouble allows for maintained capex and lower operating costs. Gas production has been steady though exports, particularly to Europe, are up 14% over H116.

The main trends and developments we highlight for Russia's oil & gas sector are:
  • Crude oil and condensate production averaged 10.87mn b/d in H116.
  • Lukoil has begun development drilling on the Vladimir Filanovsky field in the Caspian Sea and is targeting first oil by the end of the year. Plateau production is due to reach 120,000b/d.
  • Rosneft is moving forward with exploration in the Lisyansky and potentially the Magadan-1 block in the Sea of Okhotsk over the summer.
  • BP (49%) has committed up to USD300mn to the Yermak-Neftegaz exploration joint venture with Rosneft (51%). The focus of exploration will be Yenisey-Khatanga and Western Siberia.
  • Russian gas production over H116 was 4bcm lower than H115.
  • Gas exports to Europe, however, increased 10.9bcm to 84.9bcm in H116.
  • Train 1 of the Yamal LNG project is reportedly 70% complete and the USD19bn financing has been approved.
  • The finance minister expects oil export duty to drop to the planned 30% in 2017, from 42% currently.
  • Overall refinery throughput has reduced around 3.3% in H116 over H115.
  • Gasoline, diesel and jet fuel production remains stable, though fuel oil output has reduced over H116 as deeper refining capabilities improve.
BMI Industry View
  Table: Headline Forecasts (Russia 2014-2020)
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Upstream Projects
  Table: Russia - Major Upstream Projects
Upstream Production - Oil
Latest Updates
Structural Trends
  Table: Russia Oil Commitments To China
  Table: Oil Production (Russia 2014-2019)
  Table: Oil Production (Russia 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
  Table: Gas Production (Russia 2014-2019)
  Table: Gas Production (Russia 2020-2025)
Latest Updates
Structural Trends
  Table: Major Refinery Upgrades Completed And Underdevelopment
  Table: Crude And Fuel Export Duty Changes Now Frozen At 2015 Levels
  Table: Refining Capacity and Refined Products Production (Russia 2014-2019)
  Table: Refining Capacity and Refined Products Production (Russia 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
  Table: Refined Products Consumption* (Russia 2014-2019)
  Table: Refined Products Consumption* (Russia 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
  Table: Gas Consumption (Russia 2014-2019)
  Table: Gas Consumption (Russia 2020-2025)
Trade - Oil
Latest Updates
Structural Trends: Crude Oil Trade
  Table: Russia - Oil Commitments To China
  Table: Crude Oil Net Exports (Russia 2014-2019)
  Table: Crude Oil Net Exports (Russia 2020-2025)
Structural Trends: Refined Products Trade
  Table: Refined Fuels Net Exports (Russia 2014-2019)
  Table: Refined Fuels Net Exports (Russia 2020-2025)
Trade - Gas (Pipeline And LNG)
Latest Updates
Structural Trends
  Table: Gas Net Exports (Russia 2014-2019)
  Table: Gas Net Exports (Russia 2020-2025)
Industry Risk/Reward Index
Central And Eastern Europe Oil & Gas Risk/Reward Index
  Table: CEE: High Risk, Low Reward
  Table: CEE Upstream, Downstream And Overall Risk/Reward Indices
  Table: CEE Upstream Risk/Reward Index
Downstream: Turkish STAR Only Bright Spot In Weak Market
  Table: CEE Downstream Risk/Reward Index
Russia Risk/Reward Index
Upstream Index - Rewards
Upstream Index - Risks
  Table: Russia RRI
Downstream Index
Market Overview
Russia Energy Market Overview
Regulatory Structure
Fiscal Regime
  Table: Export Duty
Licensing Regime
Oil & Gas Infrastructure
Oil Refineries
  Table: Major Refineries - Russia
  Table: Russian Refinery Upgrades
Oil Terminals/Ports
  Table: Russian Oil Ports
LNG Liquefaction Terminals
  Table: Current And Proposed LNG Terminals
LNG Import Terminal
Planned Oil & Gas Pipelines
  Table: Major Proposed International Pipelines
Competitive Landscape
  Table: Russian Refining Capacity By Player
Company Profile
Latest Updates
  Table: Major Current Assets
  Table: Over 200bcm Of Future Growth Assets
  Table: Gazprom - Key Financial Data
Latest Updates
  Table: Major Assets
  Table: Rosneft Revenues & EBITDA, RUBbn
Latest Updates
  Table: Major Assets
  Table: Key Financial Data
Latest Updates
  Table: Major Assets
  Table: Novatek - Key Financial Data
Regional Overview
Central And Eastern Europe Oil & Gas Regional Overview
Oil Production: Oil Powerhouses Falter On Weak Prices
Oil Consumption: Short-Term Weakness As Russia Struggles
Refining Capacity: Modernisation Key To Competing
Natural Gas Production: Gas Ramp-Up Demand-Dependent
  Table: Central Asia-China Gas Pipeline Expansions
Gas Consumption: Demand Falters On Struggling Economies
  Table: Central & Eastern Europe Oil & Gas Production & Consumption, Refining Capacity & Trade
  Table: Glossary Of Terms
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Bmi's Oil & Gas Upstream Risk/Reward Index
  Table: Weighting
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