Russian oil and gas
- Russia is the world’s largest producer of crude oil and second largest producer of natural gas.
- Economic growth is driven by energy exports.
- Oil and gas revenues accounted for 50% of Russia’s federal budget revenues and 68% of exports in 2013.
- Russia and Europe are said to be interdependent in terms of energy.
- Over 30% of European crude and natural gas supplies came from Russia in 2014.
- In 2014, over 70% of Russia’s crude exports and 90% of natural gas exports went to Europe.
- There are approximately 20 ports serving as export outlets for Russian hydrocarbons.
- In January, proved oil reserves stood at 80 billion bbls.
- Russia exported approximately 3.5 billion bpd in crude oil last year.
- Most of the country’s oil production originates in West Siberia and the Urals-Volga regions.
- Russia has several oil grades but its main export grade is Urals blend.
- Most of Russia’s oil production is dominated by domestic firms.
- Last year, Asia accounted for 26% of Russian crude exports.
- In 2014, Russia produced an estimated 10.9 million bpd of petroleum and other liquids.
- Last year, Russia had approximately 7.3 million bpd of petroleum and other liquids available for export.
- Russia has 40 refineries with a total crude distillation capacity of 5.5 million bpd.
- Rosneft is Russia’s largest refinery operator.
- A large portion of the country’s refineries are old and simple with low quality fuel oil accounting for a large part of their output.
- As of January, Russia held the world’s largest natural gas reserves, with 1688 trillion ft3.
- These reserves account for approximately a quarter of the world’s total proved reserves.
- Gazprom dominates Russia’s natural gas upstream sector.
- The majority of the country’s natural gas reserves under development and production are in northern West Siberia.
- Natural gas associated with oil production is often flared.
- A number of government initiatives and policies have set targets to reduce routine flaring of associated gas.
- Last year, approximately 90% of Russia’s 7.1 trillion ft3 of natural gas exports went to Europe.
- Russia has one operating LNG export facility.
- The majority of Russian LNG has been contracted to Japanese and South Korean buyers under long term supply agreements.
- There are several proposals for new LNG terminals in Russia.
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