GlobalData’s latest report, ‘Semi-Annual Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in FSU – Russia Leads Planned and Announced Projects Count’, indicates that a total of 43 crude and natural gas projects are expected to start operations in four countries in the Former Soviet Union (FSU) during 2018–2025.
Among these, 18 projects have identified development plans and 25 are early-stage announced projects that are undergoing conceptual studies and are expected to be approved for development.
The key projects in the FSU are expected to contribute about 1,648 thousand barrels of oil per day (mbd) of crude production and about 16.7 billion cubic feet per day (bcfd) of gas production.
GlobalData’s research indicates that among countries in the FSU region, Russia leads with 22 announced and 17 planned projects. Uzbekistan follows with two announced projects.
Planned and announced projects count and capex by country in FSU
Source: GlobalData Upstream Analytics
Among operators, Rosneft Oil Co leads with the highest operatorship, with three planned projects, of which one is crude and two are natural gas. Gazprom and Lukoil-Western Siberia follow with two planned projects each, all being natural gas. In terms of announced projects, Rosneft Oil Co will operate three early-stage projects, followed by Gazprom, Kondaneft (100% subsidary of Rosneft Oil Co), IPC-Taymyrneftegazdobycha, and Mangazeya with two projects each.
In terms of capex, Gazprom, Rosneft Oil Co, and Lukoil Oil Co have the highest level of spending on planned projects with $23.2bn, $12.8bn, and $2.4bn, respectively. The highest level of spending on early-stage announced projects will be by Gazprom, Rosneft Oil Co, and Lukoil Oil Co with $16.4bn, $5.5bn, and $4.1bn, respectively.
According to GlobalData’s research, Russia is expected to account for most of the capex on the planned projects in the FSU, with $38.8bn expected to be spent during 2018–2025. Kazakhstan follows next with $0.02bn. Among early-stage projects, Russia leads with a capex of $32.2bn, followed by Azerbaijan and Uzbekistan with $1.6bn and $1.1bn, respectively.