Russia’s drilling rates will remain high; oil production will not drop substantially ///

Despite the overall favorable pricing environment in 2008, the Russian oil production and oilfield services sector has still failed to reverse the trends of the past two to three years. Cumulative oil and gas condensate production in Russia over the past three years has grown a little more than 2% annually, finishing the year at 488.5 million tonnes per annum (mtpa), a decrease of 2.8 million tonnes from 2007, Fig. 1.

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