Russia’s leading oil companies are preparing to hike upstream capital expenditure (capex) next year, hoping that the easing of Opec+ restraints allows them to return to unfettered pursuit of crude production growth. Leading producer state-controlled Rosneft expects an overall capex rise of 20pc next year — guidance for 2021 was around 1 trillion roubles ($13.5bn). Its fagship far north Vostok Oil project absorbed Rbs160bn in January-September, almost a quarter of total spending for the period. And this will almost certainly rise further next year, as the planned 2024 start of commercial crude exports from Vostok Oil approaches. But Rosneft faces a setback at its 3.3bn bl Samotlor feld in western Siberia, which is set for an output decline of over 10pc this year.
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