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Russia 2012 Review

Russia 2012 Review

Report summary

2012 in Russia saw the arrival and departure of many players. Vladimir Putin was elected President for a third term, Statoil and Eni formed joint ventures with Rosneft to explore the Russian Arctic. ConocoPhillips exited Naryanmarneftegaz, whilst Hess put its subsidiary - Samara Nafta up for sale. The year also saw the largest deal in Russian history, as Rosneft bought TNK-BP for $55 billion. BP sold its stake in TNK-BP to Rosneft gaining US$12.3 billion and 18.5% of Rosneft to add to its...

What's included?

This report includes 2 file(s)

  • Russia 2012 Review PDF - 603.67 KB 10 Pages, 1 Tables, 5 Figures
  • Russia 2012 Review February 2013.xls XLS - 40.81 KB

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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  • Executive Summary
  • Rosneft enters a league of one
    • Gazprom stumbles
    • NOVATEK rises
    • The Russian oil majors have a mixed year
      • LUKOIL slows its slide
      • Surgutneftegaz, Tatneft and Bashneft inch upwards
    • Unconventionals enter the frame
    • A vintage year for pipeline construction
    • Oil Production
    • Gas Production
    • Preliminary figures from the Ministry of Energy show well-head gas production dropped 2.1% from 2011. Gazprom was the largest faller with a 6.8% drop. The bulk of the drop coming from the throttling back of production at Yamburgskoye, Urengoiskoye and Gazprom Dobycha Noyabrsk. In contrast the younger giants such as Zapolyarnoye and South Russkoye continued to produce at near full capacity, Zapolyarnoye becoming Russia's largest producing gas field. European exports were down 0.98 bcfd to 13.4 bcfd - as a result of a slight fall in demand and Gazprom's continued volume restraint to protect gas prices, particularly in NW Europe. Gazprom's ability to deal with large swings in demand at peak times was also put under scrutiny in February, when very cold conditions in Russia and Europe meant that Gazprom was stretched to fulfil its contracts.
    • Lifting costs flat in Roubles, falls in Dollars.
    • Tax policy
      • The state relies heavily on hydrocarbon tax revenue to finance the Federal Budget (around 40% in 2012). A high revenue-based upstream tax system has dissuaded development of new fields, as it does not reward risk-taking in high cost developments. Recognising that oil production needs incentives to extend the plateau above 10 million b/d, the state has introduced tax breaks on a field by field basis, to encourage production. In 2012 there were three new tax regimes to encourage hard to recover oil development, and several field or company exceptions introduced.
      • Key Themes

In this report there are 6 tables or charts, including:

  • Executive Summary
  • Rosneft enters a league of one
    • Rosneft's Expanding Portfolio of Acreage and IOC Cooperation
    • Key Fields Of The Year:
    • Major Pipeline Events in 2012
    • Oil production 2008-2012 (,000 b/d)
    • Gas Production 2008-2012 (bcfd)
    • Lifting costs (US$/boe)
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