May 2016, Vol. 243, No. 5

In The News

Russia, Kazakhstan to Dominate Upstream Projects by 2025

Russia is responsible for 25 key crude and natural gas projects expected to commence operations by 2025, dominating the Former Soviet Union’s (FSU) oil and gas production, according to research and consulting firm GlobalData.

The company’s latest report, Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Countries of the Former Soviet Union, sad two other planned projects in the FSU region are in Kazakhstan, led by the colossal Kashagan crude oil project, which is thought to be the world’s largest discovery in the last 30 years.

“Russia will account for most of the planned oil and gas production in the FSU, with Gazprom contributing the highest oil and gas production in the region by 2025,” said Anna Belova, GlobalData’s senior upstream analyst.

The company’s key planned assets are expected to contribute 1.89 MMboe/d of production, compared to key projects at Lukoil and Rosneft of 0.92 MMboe/d and 0.88 MMboe/d, respectively.

Rosneft will lead the FSU in terms of operatorship of planned projects, and will operate 10 planned assets, the highest number in the region. Lukoil and Gazprom occupy second and third places, with four and three planned assets, respectively.

GlobalData said these key projects throughout the FSU are expected to contribute 2.53 MMboe/d to global crude production and 13.5 Bcf/d to global gas production in 2025. Despite the dominance of Russia, Kazakhstan is expected to lead the FSU in capital expenditure (capex) on key developments through to 2025.

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