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Russian oil output had maintained its post-Soviet record from last month

Russia maintained oil output near a post-Soviet record last month as TNK-BP raised production and Surgutneftegaz began reversing an annual decline, according to Energy Ministry data released Wednesday.

Russian oil output had maintained its post-Soviet record from last month

Russia maintained oil output near a post-Soviet record last month as TNK-BP raised production and Surgutneftegaz began reversing an annual decline, according to Energy Ministry data released Wednesday. Production was 10.08 million barrels a day, about the same as revised figures for the previous month and an increase of 2.3 percent from May 2009, the Energy Ministry’s CDU-TEK statistics unit said.

Exports were little changed from April, while falling 1.8 percent compared with last year, to 5.46 million barrels a day.

TNK-BP boosted output 0.3 percent from April and 3.1 percent on the year to 1.45 million barrels a day, not including its half of the Slavneft venture, whose fields are in decline. Surgutneftegaz boosted production by 1 percent from April and 0.8 percent from last year to 1.2 million barrels a day. The company’s output has fallen from 1.33 million barrels a day in July 2006. “This is the result of increased capital expenditure planned for this year,” said Svetlana Grizan, an oil analyst at VTB Capital. The producer plans to boost capital expenditures about 9 percent to 118 billion rubles ($4 billion) in 2010 to maintain output at about the level of last year, chief executive Vladimir Bogdanov said in March.

Natural-gas production averaged 1.65 billion cubic meters a day last month, an increase of 28 percent from May last year and a decline of 12 percent from April, according to CDU-TEK. Gazprom, the world’s biggest gas producer, pumped on average 1.28 billion cubic meters a day. Production increased from about 989 million cubic meters a day in May 2009 after demand for the fuel started to recover in the second half of last year.


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