Report: Russia to have maximum oil and gas production projects in Former Soviet Union region by 2025

The former Soviet Union (FSU) region is expected to have 24 key oil and gas projects in production by 2025, most of them in Russia, according to a report from GlobalData.

Titled 'Semi-Annual Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Countries of the Former Soviet Union – Russia Continues to Capture Market Share with a Strong Pipeline of New Projects', the report states that the FSU region will spend $148.1bn on bringing its planned projects online.

Some of the important undeveloped discoveries in the FSU include Pobeda in the West Siberian Basin of Russia, and Absheron in the Caspian Basin of Azerbaijan.

The FSU region is projected to contribute 2.1 million barrels of oil and 10.4 billion cubic feet of gas a day to the global crude and gas production by 2025.

Russia will have the maximum number of projects in the FSU region at 23, the other project being located in Kazakhstan.

Russia is estimated to spend $31.7bn between 2016 and 2025 on its planned projects, of which approximately $6bn will be spent on the Kovyktinskoye project alone.

Rosneft Oil Company is anticipated to be the leading operator in the FSU region, with nine of the projects. Lukoil Oil Company and Gazprom stand second with three projects each.

Projects operated by Gazprom are expected to contribute the highest oil and gas production by 2025, at 1.7 million barrels of oil equivalent a day (mboed), while Rosneft and Lukoil will contribute 693,500boed and 224,200boed respectively.