Russia's Jan-Nov oil well deployment dropped 12%, Kommersant reports

Tatneft Imeni V.D. Shashina PAO

09/01/2025 12:23

MOSCOW, Jan 9 (Reuters) - Russian oil producers deployed
12.3% fewer new oil wells in the first 11 months of 2024
compared with a year earlier, owing to rising costs, weaker oil
prices and an OPEC+ deal to curb output, Kommersant newspaper
reported on Thursday, citing sources familiar with the data.
    According to energy ministry data, 6,960 new oil wells were
launched in Russia during the period, the newspaper said. 
    Launches by Russia's second-largest oil producer Lukoil
 LKOH.MM  were almost 22% lower, and for the country's largest
oil company, Rosneft  ROSN.MM , down 10.4% to 2,480. 
    Russia's energy ministry declined to comment. 
    Russia was expected to produce 518 million-521 million
metric tons (10.36 million-10.42 million barrels per day) of oil
and gas condensate in 2024 and roughly the same amount in 2025,
down from 529.6 million tons in 2023.

 (Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing
by Kirsten Donovan)
 ((vladimir.soldatkin@thomsonreuters.com; twitter:
@vsoldatkin;))