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June 6, 2019

Russia dominates crude production and Capex outlook among post-Soviet states

A total of 52 crude and natural gas projects are expected to start operations during 2019–2025.

By GlobalData

GlobalData’s latest report, entitled ‘H1 2019 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in FSU – Gazprom Dominates Capex and Opex Spending’, indicates that a total of 52 crude and natural gas projects are expected to start operations during 2019–2025.

FSU oil and gas 2019

Of these, 27 represent the number of planned projects with identified development plans and 25 represent the number of early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.

In terms of count of planned oil and gas projects, Russia leads among countries with 24 projects, followed by Kazakhstan and Azerbaijan with two and one projects, respectively, during 2019–2025. Russia also leads in terms of announced projects with 21, followed by Uzbekistan with two projects. Kazakhstan and Azerbaijan have one announced project each to come online during the outlook period.

Total crude and condensate production from planned and announced projects in the FSU is expected to be around 1.1 million barrels per day (mmbd) in 2025. Russia contributes around 92% of the FSU’s total crude and condensate production in 2025.

Total crude and condensate production from major planned and announced projects by key countries in the Former Soviet Union (bd), 2019–2025

Source: Upstream Analytics, GlobalData Oil and Gas. Note: bd – barrels per day. Liquids production denotes crude and condensate production.

Azerbaijan and Kazakhstan follow with 53.7 mbd and 37.3 mbd of crude production from the planned and announced projects in 2025. Azerbaijan contributes around 30.8 mbd of planned crude production while Kazakhstan contributes around 3.1 mbd in 2025.

In terms of Capex spending, Russia is the highest, followed by Uzbekistan, Azerbaijan and Kazakhstan. Russia is expected to spend about 96% of the total Capex, which is around US$77.6 billion, on the region’s planned and announced projects during 2019–2025.

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