Rosneft Output Inches Up In H1
Russia’s largest oil company Rosneft increased its hydrocarbon production by 1.8% yr/yr in the first half, to 5.81mn boe, the company reported on August 20. But output in the three months ending June 30 was up only 0.1% yr/yr and down 3.3% quarter on quarter at 5.71mn boe, owing to cutbacks under Russia's OPEC+ commitments and restrictions on the intake of oil into the national pipeline system that began in May. Millions of barrels of oil in Russia's pipelines were found to have been contaminated with organic chlorides in mid-April, prompting state operator Transneft to temporarily restrict oil flows.
Rosneft's natural gas extraction reached 33.43bn m3 in the first half, up 0.3% yr/yr, although second-quarter output slumped 0.9% yr/yr and 4.7% quarter on quarter to 16.31bn m3. The company benefitted from higher yields at the offshore Zohr gas field in Egypt, as well as the launch of new wells at the Yem-Egovskoye and Kammenoye fields in Western Siberia. But these gains were offset in the second quarter by decline elsewhere.