GAZPROM UP AGAIN
Gazpromneft-Khantos, a subsidiary of Gazprom Neft, produced a record high 13.7mn tons of oil last year, 7.5% more than in 2012 and 0.67mn tons more than expected, the company’s press service has said.
Thanks to more than 530 geological events conducted by Gazpromneft-Khantos, production was increased by 474,000 tons. The company conducted 896 fracs, almost 100 more than in 2012. It also used new approaches such as digital sectoral modelling with simultaneous analysis of seismic materials.
By the end of 2013, daily oil production rose almost by 2,000 tons of oil to 38.4 tons. The company also started long-term projects last year. In January 2013, the Yuzhno-Kinyaminskoye deposit in Surgut Distict was launched, and in April the company started a project on tight oil production, including shale oil and Palyanovskoye deposit.
More information here.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.