Russia’s Surgut was due to launch its Shpilman oil field in Siberia on Thursday, the Russian government said on its website, in the latest sign the weak ruble is helping the country offset the impact of low global oil prices.
Russia, one of the world's largest crude producers, has been pumping oil at a post-Soviet record of around 10.7 million barrels per day this year, thanks to new oil fields coming on stream and the use of modern technologies at existing fields.
Low oil prices have not yet hit oil production hard in Russia, one of the world’s largest crude producers, because the weak ruble offsets losses and makes Russian energy firms among the most profitable globally.
In a statement, the government said that Prime Minister Dmitry Medvedev plans to hold a video conference later on Thursday during which Shpilman oil field will be officially launched.
In June, Russian news agencies quoted Surgut’s CEO Vladimir Bogdanov as saying that Shpilman was expected to produce about 50,000 tons of oil in 2015.
Shpilman is expected to produce 2.5 million-3 million tons of oil per year at its full capacity, compared with Surgut’s total extraction of 61 million to 62 million tons.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.