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News // Russia

Russia has highest capex on crude & gas projects in Former Soviet Union over next 7 years

14 December 2018 , 18:00Neftegaz.RU632

London, December 14 - Neftegaz.RU. Russia accounts for more than 90% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the Former Soviet Union (FSU) over the period 2018–2025, according to GlobalData, a leading data and analytics company.

 

The company’s report: ‘H2 2018 Production and capex outlook for key planned and announced upstream projects in FSU – Russia accounts for most of capex in region’ reveals that Russia leads in the FSU with a capex of $92.8bn on 47 planned and announced projects during the 2018–2025 forecast period. Of the total count, 22 are planned and 25 are announced projects.

 

Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: Russia is investing heavily on new oil & gas projects to further boost its oil and gas production. Majority of production from these projects is for exports, generating considerable revenues for the country.

 

In total, 54 crude & natural gas projects are expected to start operations in 4 countries in the FSU during the forecast period. Among these, 24 are planned projects with identified development plans and 30 are early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.

 

GlobalData identifies Kazakhstan as the 2nd highest country with 3 upcoming projects– 2 planned and one announced, respectively. Uzbekistan and Azerbaijan follow with 2 upcoming projects each, which are expected to come online by 2025.

 

Among operators, Gazprom leads with the highest operatorship of six upcoming projects in the FSU, 4 announced and 2 planned, all being conventional gas projects. Rosneft will occupy the 2nd place with operatorship of 5 upcoming oil & gas projects.

 

Key projects in the FSU are expected to contribute around 1,587 thousand barrels of oil per day of global crude production and roughly 17.5 billion cubic feet per day of global gas production in 2025. The region is expected to spend proposed capex of $45.1bn to bring the planned projects online and $51bn on key announced projects during the forecast period.

 

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