Russian Federation upstream: 5 things to look for in 2021
2021 will be an exciting year for announcements and change in Russia’s upstream.
1 minute read
What are the five key things to look for?
As the century turns 21, it will mark the coming of age for upstream activity in Russia’s Arctic, in a year when Russia takes on the role of chair of the Arctic Council. Rosneft will ramp up E&A activity at the Vostok Oil project and announce discoveries of global significance in the Arctic, both onshore and offshore.
Progress at LNG projects such as Arctic LNG-2 and Portovaya LNG will cement Russia’s growing role in global LNG supply. Gas developments in eastern Russia will move forward, unlocking value from remote projects through drilling and the launch of key pipeline and process infrastructure.
A healthy M&A market will return, driven by Rosneft’s focus on high-grading its portfolio and Gazpromneft’s Achimov formation opportunities. The energy transition in Russia will inch forward, with the pace determined by reduction in associated gas flaring and Gazprom exploring hydrogen potential.
What are the key themes we'll be tracking in 2021? Access the complimentary insight to get our full analysis and predictions for the year ahead.