Russia’s Gazprom Neft Recorded Arctic Oil Output Rise in 2015

Russia’s Gazprom Neft Recorded Arctic Oil Output Rise in 2015

Russia’s Gazprom Neft said that it had increased its crude output in 2015 due to higher production from its Arctic projects SeverEnergia, Prirazlomnoye and Novoport as well as continued growth at projects in the Orenburg region and Iraq, Platts reported.

As Russia’s fourth largest crude producer, Gazprom Neft’s steadily increasing crude output played a role in boosting overall Russian output to post-Soviet record high levels last year. The company’s crude output rose by 6.9% to over 55mmt, or around 1.1mb/d in 2015, according to financial and operational results for Q4.

With low oil prices persisting, and Russian officials considering a coordinated production freeze at January 2016 levels with other key oil producing countries, Gazprom Neft’s ability to increase production could become limited.

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