Gazprom leads in production growth among E&P majors

Oslo, August 20 - Neftegaz.RU. Gazprom witnessed the highest production growth in the last 5 years among major Exploration and Production (E&P) companies, followed by shale gas players in US and China, Norway-based energy research firm Rystad Energy reported.

“Gazprom, the clear leader in production growth, is the only company with a total growth of more than 1 million barrels of oil equivalent per day (boepd) over the last 5 years. The growth comes primarily from conventional assets, with gas being the key contributor to the spectacular development,” Espen Erlingsen, Head of upstream research at Rystad Energy said in a statement.

According to the energy research company the 2nd runner-up in terms of production growth is Chinas PetroChina, with a total growth of around 730,000 barrels of oil equivalent per day (boepd).

While, the 3rd company from the top is US-based shale-focused EQT, which according to Rystad’s analysis is the largest producer of natural gas in the US. The company posted a growth of close to 600,000 boepd, or 340 % growth over the last 5 years.

According the energy research agency, among the global oil majors, BP posted the largest production increase since 2014, witnessing a total production growth of almost 500,000 boepd in the last 5 years.

“Behind the state behemoths in Russia and China, majors and shale companies are some of the fastest-growing companies over the last 5 years. Rystad Energy expects this rise in output among the majors and shale companies to continue,” Erlingsen added.