Russian oil and condensate production will grow less than previously forecast because of delays at an Arctic offshore field developed by OAO Gazprom, the International Energy Agency said.
Output is likely to rise 1.1 percent this year, one percentage point less than earlier estimated, as the start of the Prirazlomnoye oil field, Russia’s first Arctic offshore project, is postponed from this year, the IEA said today in its monthly oil market report.
“The oft-delayed field is now expected to come online in 2013, although we remain skeptical of Gazprom’s timelines,” said the Paris-based energy adviser to 28 industrialized nations.
Prirazlomnoye in the Barents Sea is a bellwether as Russia plans to tap offshore resources in the Arctic to help offset declines at aging Western Siberian fields.
Russia’s liquids production was 10.6 million barrels a day in March, unchanged from January and February, the IEA said. First-quarter output expanded 1 percent from the same period in 2011.