GlobalData expects that Rosneft Oil Company’s liquids production will remain around 4.3 million barrels per day (mmbd) by 2021. Priobskoye (Northern Part) field will drive the company’s oil production, with over 10.6% share of production in 2021. Samotlorskoye and Vankorskoye (Vankorskaya Area) will follow with 7.5% and 3.6% respectively.

By 2021, 633 fields globally will be contributing liquids production to Rosneft. GlobalData forecasts that new projects will be responsible for about 482.7 thousand barrels of oil per day (mbd) in 2021. Projects in Russia will be responsible for 98.1% or 4,256mbd of production, followed by projects in Venezuela with 1.9% (80.6 mbd) of production in 2021.

Conventional oil and heavy oil fields will be responsible for 4.2mmbd of production in 2021, while condensate from conventional gas developments will contribute 186.5 mbd respectively to Rosneft Oil Company’s liquids production by 2021. Onshore fields contribute about 97.5%, while shallow water fields contribute around 2.5% of the total liquids production.

Rosneft is expected to spend $34.9bn over the next four years on conventional and heavy oil projects, with capex peaking in 2019 at $9.1bn. Venezuela is expected to have the highest remaining capex per boe with $9.8/boe, while the company’s projects in Vietnam are expected to have the lowest average remaining capex per boe at $2.7/boe. Russian projects are forecast to have the remaining capex of $7.0 per boe.

Rosneft Oil Company’s capex and production from conventional and heavy oil projects

Source: GlobalData Upstream Analytics