ODAC Guest Commentary – Russian Production Decline: Why and what next?
In the first quarter of 2008, Russian production declined by 1% reversing a trend begun in 1998 that had resulted in a 58% increase in production from 6.2 MMBO/D to the current 9.76 MMBO/D. Actually, this was not the first decline in the ten year period, however, the slight decline in the first quarter of 2005 could clearly be attributed to an exceptionally cold period in Siberia and the reorganization and temporary drop in production as Rosneft took over Yuganskneft, the main producing asset of YUKOS.
April 20, 2008