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Russia’s Gazprom leads global production growth: Rystad

by Erika Green

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Russian producer Gazprom was the global leader in oil/gas production growth over the past five years, according to a note released Thursday by independent research company Rystad Energy.

It was followed by Chinese state-owned PetroChina and the U.S.’s largest dry gas producer, EQT Corp., Kallanish Energy learns.

Gazprom had growth of more than 1 million barrels of oil-equivalent per day (Mmboe/d) over the last five years, mostly due to gas production from conventional assets.

PetroChina’s growth was 730,000 Boe/d, while EQT recorded 600,000 Boe/d — a whopping 340% increase thanks to the U.S. shale boom.

Antero, EOG, Ascent Resources and Range Resources were the other four companies focused on U.S. shale and tight oil in the list of the 15 fastest-growing companies.

Five of the majors also appeared – BP, Shell, Total, Chevron and Eni – but not ExxonMobil and ConocoPhillips.

According to Rystad, production growth is a key performance indicator for companies.

“This metric is commonly used by upstream players to demonstrate to investors that their portfolios are poised for growth as opposed to stagnated production,” they said, in the note.

Rystad’s calculations were made using each company’s equity across its upstream assets, and excluded national companies with activities only in their home country.

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