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Russian Production May Decline Further

Russian Oil Output May Fall 1.5% Next Year, Lukoil’s Fedun Says

By Stephen Bierman and Greg Walters

Oct. 29 (Bloomberg) — Russian oil output may fall 1.5 percent next year as the country struggles with aging fields, OAO Lukoil Deputy Chief Executive Officer Leonid Fedun told a conference in Moscow today.

Output in Russia’s oil heartland of western Siberia is flagging as older fields mature and companies invest in harder- to-reach regions to tap deposits. In July, parliament approved tax breaks championed by Prime Minister Vladimir Putin to spur investment in national production.

Russian oil production in September fell 0.4 percent from a year earlier to 9.84 million barrels of crude a day, according to the Energy Ministry

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This entry was posted on Thursday, October 30th, 2008 at 8:35 pm and is filed under Russia, oil supply. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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