Bloomberg reported that Russian oil production rose 1.25% in 2011 to a record level for the post Soviet era as companies in the world largest crude producing nation took advantage of higher prices and boosted output at new projects.
According to preliminary data from the Energy Ministry CDU-TEK unit production grew to an average of 10.27 million barrels a day. Output in December slipped to 10.32 million barrels a day from 10.35 million in November.
Prime Minister Mr Vladimir Putin who will seek re-election as president in March has called for Russia to pump more than 10 million barrels a day for at least the next decade. Taxes on oil and exports are the biggest contributor to the national budget.
According to data compiled by Bloomberg the average price for Urals crude, Russia benchmark grade for delivery to Northwest Europe jumped 40% to USD 109.30 a barrel. Demand for Urals rose after the revolution in Libya halted crude exports from that nation and the Fukushima nuclear disaster in Japan led many countries to reconsider use of atomic energy.
According to data from BP Plc Mr Putin cut the tax rate on crude exports on October 1 to spur investment in Russian oil fields and facilities. Production reached 10.35 million barrels a day that month and again in November reaching its highest level since Soviet-era output peaked at 11.48 million barrels a day in 1987.
1. Vankor Field
According to the Energy Ministry statistics OAO Rosneft Russia biggest producer raised average output from its Vankor field one of the country largest by 18.1% last year to 300,000 barrels a day from 255,000 barrels a day in 2010.
OAO TNK-BP a Russian joint venture between BP and a group of billionaires increased average production by 0.7% to 1.64 million barrels a day in 2011. TNK-BP pumped 1.65 million barrels a day in December including its share of crude from OAO Slavneft a venture with OAO Gazprom Neft.
Ministry statistics showed OAO Lukoil Russia second-largest producer after Rosneft pumped 5.31% less crude in the country last year averaging 1.71 million barrels a day. December output was little changed from November at 1.69 million barrels a day.
According to the statistics Russia natural-gas output rose to 2.03 billion cubic meters a day in December from 2.02 billion cubic meters a day in the same month a year earlier.
(Sourced from Bloomberg)
