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Russia upstream 2016 in review: Successfully swimming against the tide

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Report summary

Despite the low oil price environment, Russia's upstream improvised, adapted and ultimately overcame a challenging 2016. Companies increased drilling and brought several major greenfields onstream to help Russia reach a post-Soviet liquids production peak of 11.2 million b/d. The budget deficit put pressure on the Russian government, however the privatisation of US$16.4 billion worth of upstream assets helped plug a financial gap. Rosneft strengthened its commercial relationship with China and India through US$7 billion worth of M&A deals. Meanwhile IOCs demonstrated their commitment to Russia through frontier exploration JVs. From a gas perspective, Russia is on schedule to deliver its first Arctic LNG project after Yamal LNG completed financing. However, it was a mixed year for Gazprom’s pipeline projects, which are faced with different degrees of political uncertainty.

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    Russia upstream 2016 in review: Successfully swimming against the tide

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Tables and charts

This report includes 5 images and tables including:

Images

  • 2016 in a nutshell: positives and negatives
  • Russian liquids production vs. Oil Price
  • Russia upstream 2016 in review: Successfully swimming against the tide: Image 3
  • Russia upstream 2016 in review: Successfully swimming against the tide: Image 4
  • China and India dominate the Russian M&A market

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