A total of 24 key crude and natural gas projects are expected to start operations in the Former Soviet Union (FSU) region by 2025, with Russia and Kazakhstan driving production, said research and consulting firm GlobalData.
The company's report said Rosneft Oil Co. will lead the way with nine, of which eight will be conventional crude projects. Key planned projects in the region are expected to contribute 2.1 MMbpd to global crude production in 2025 and 10.4 Bcf/d to global gas production.
Russia accounts for most of the planned oil and gas production in the FSU, with Gazprom contributing the highest production levels in the region by 2025. GlobalData's latest estimates suggest the company's key planned assets could contribute 1.7 MMboe/d of production in 2025, followed by Rosneft Oil Co. and Lukoil Oil Co. with 693.5 Mboe/d and 224.2 Mboe/d, respectively.
"Over the past two years of low crude prices, Russian production continued growing to new records aided by ruble...