29 Nov '12, 8am

Russian oil production to 2020

Russian oil production to 2020

Uncertainty continues whether Russia can maintain its high level of oil production - 10.7 million b/d in 2012 to date on average. A new more benign tax regime which has recently been put in place, and significant industry investments may plausibly enable the Russian Bear to extend its “plateau production” to 2020. This post below outlines how this impressive achievement has been made possible, given that the decline of existing production is plausibly 6% or more every year for most old giant fields in West Siberia. In other words, the Russian oil industry needs to invest substantially in pushing more oil from existing fields (lowering decline rates) and new field developments, to keep production steady. For how long production levels can be maintained beyond 2020 is a difficult question, and one which I have left to answer another day. A view of on-going developments and t...

Full article: http://www.theoildrum.com/node/9657

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