Russia Sept oil output hits post-Soviet record Sun, Oct 2 2011 MOSCOW, Oct 2 (Reuters) - Oil output in Russia, the world's top crude producer, hit a new post-Soviet high of 10.3 million barrels per day (bpd) in September compared with 10.28 million bpd in August, Energy Ministry said on Sunday. Daily natural gas production increased 8.2 percent to 1.59 billion cubic metres (bcm) last month from 1.47 bcm in August. (Reporting by Vladimir Soldatkin) Russian gas production numbers Citi October 3, 2011 Interfax reported Russian gas production numbers for September this morning, showing that Gazprom's production dropped 5.5% y-o-y in the month, which we think was likely due mostly to a drop in exports due to the company's price disadvantage on the European market. However, we suggest not reading too much into this, as a) according to futures prices, which indicate market prices of c$12/mcf mid-winter (vs. c$13/mcf for Gazprom's contract gas), the company should be quite competitive vs other producers during the peak demand season (especially as further LNG gets siphoned off to seek even higher Asian prices); and b) reports last week by Interfax indicated that Gazprom's export volumes had already begun rising towards the end of the month. Novatek production ticked up slightly m-o-m from 141.3mcmpd to 143.9mcmpd. Assuming flat production at that level, Novatek would produce some 51.7bcm for the whole year, while normal seasonality with some modest caps would indicate c53bcm of full-year production, both easily exceeding management's most recent guidance of c51bcm. Gov't rolls back fair access to gas pipes
Russia Sept oil output hits post-Soviet record Sun, Oct 2 2011 MOSCOW, Oct 2 (Reuters) - Oil output in Russia, the world's top crude producer, hit a new post-Soviet high of 10.3 million barrels per day (bpd) in September compared with 10.28 million bpd in August, Energy Ministry said on Sunday. Daily natural gas production increased 8.2 percent to 1.59 billion cubic metres (bcm) last month from 1.47 bcm in August. (Reporting by Vladimir Soldatkin) Russian gas production numbers Citi October 3, 2011 Interfax reported Russian gas production numbers for September this morning, showing that Gazprom's production dropped 5.5% y-o-y in the month, which we think was likely due mostly to a drop in exports due to the company's price disadvantage on the European market. However, we suggest not reading too much into this, as a) according to futures prices, which indicate market prices of c$12/mcf mid-winter (vs. c$13/mcf for Gazprom's contract gas), the company should be quite competitive vs other producers during the peak demand season (especially as further LNG gets siphoned off to seek even higher Asian prices); and b) reports last week by Interfax indicated that Gazprom's export volumes had already begun rising towards the end of the month. Novatek production ticked up slightly m-o-m from 141.3mcmpd to 143.9mcmpd. Assuming flat production at that level, Novatek would produce some 51.7bcm for the whole year, while normal seasonality with some modest caps would indicate c53bcm of full-year production, both easily exceeding management's most recent guidance of c51bcm. Gov't rolls back fair access to gas pipes