Russian production of crude oil and natural-gas condensate topped June’s post-Soviet record last month as companies like OAO Gazprom, spurred on by President Vladimir Putin, invested in increasing output.
Russia boosted oil output to 10.21 million barrels a day in January, near a post-Soviet record, as state-controlled OAO Gazprom Neft ramped up output and OAO Lukoil halted monthly declines. Exports fell.
Russia may encounter short-term shortages of oil products such as gasoline and winter diesel as demand grows, refineries conduct seasonal maintenance and export duties fall, encouraging shipments abroad, analysts said.
OAO Gazprom , Russia’s monopoly gas exporter, said profit fell 9 percent in the third quarter from a year earlier because of an exchange loss, while rising prices compensated for a decline in European sales.
OAO Surgutneftegas, Russia’s third- largest oil producer, reported it has 921 billion rubles ($29.7 billion) of cash and deposits in its first results under international standards in more than a decade.
OAO Gazprom, Russia’s natural-gas exporter, has begun work on a pipeline from Sakhalin Island to the eastern city of Vladivostok that may serve as a major export route to Asia, the company’s chief executive officer said.
OAO Surgutneftegas, a Russian oil producer operating in Siberia, won rights to the Shpilman field with a 46.2 billion-ruble ($1.5 billion) bid, according to a statement on the website of subsoil agency Rosnedra.