Investor Presentaiton
Oil Production in Russia Remains Strong, However There Are
TMK Changes to its Composition...
Oil production remains well above 11.2 MMbpd whilst adhering to the new agreement with OPEC. Gradual stagnation of
oil production from brownfields is accompanied by development of greenfield projects
Russian total oil output, MMbpd
11,6
11,3
11,0
10,7
10,4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015
Source: Interfax, Info TEK
2016
2017
2018
Oil production structure, %
8% 8%
80%
100% 8% 8% 8%
8% 9% 9% 9% 10%
1% 4% 6% 9% 11% 14% 15% 17%
19%
20%
60%
40%
20%
0%
2017 2018E 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F
■Brownfields production
■Offshore production
Source: RPI
■Greenfields production
■Hard to recover reserves
OCTG demand is growing supported by existing level of production and development of greenfields
Meters (min)
40
40
30
20
20
10
3,4
3,0
2,2
ANN
2,6
1,8
1,4
0
1,0
2005
2007
2009
2011
2013
2015
2017
2019E
2021E
Meters drilled (LHS)
OCTG demand (RHS)
Source: Interfax, Info TEK, Spears & Associates, TMK estimates
11
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