RUSSIA

(in Former Soviet Union)

CAPITAL: MOSCOW

POPULATION: 143 mm

AREA (on): 17,075,200 km2

OIL PEAK: 1987

SUPPLY

Russia has been producing large volumes of oil since the 1890s, progressively from the Caucasus region, from sedimentary basins west of the Urals and from West Siberia. It reached peak output in 1987, after which decline was driven by lack of investment associated with lower prices and the ensuing Soviet Union break-up.

Production has been recovering since 1999 and a new, albeit slightly reduced, peak was forecast here to occur in 2008/2009, which seems to be materialising. The start of offshore production from the Caspian Sea and off Sakhalin Island will allow a few years at plateau before slow decline begins.

Russia has huge gas reserves. Global demand is driving investment and output is due to grow from all prospective on and offshore areas including Sakhalin and the Arctic North. However a global surplus of LNG, recognised in 2009, may delay many of these projects so that production hardly increases until 2013/2014.

 

DEMAND

Russian oil consumption collapsed after the break-up of the Soviet Union, especially as a result of the partial destruction of its energy intensive and wasteful heavy industries. It is recovered in the transport sector and some growth is forecast up to 2018 by which time exports will be on a long term downward trend.

Meanwhile gas consumption is growing rapidly for both industrial and residential use. Although a large number of countries, especially in Europe, have been demanding more gas from Russia, exports have begun to decline due to pricing issues and project delays. Exports may only pick up again from 2016.

 

 
 

 

 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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