Insight

Russian Federation upstream: 2020 in review

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22 January 2021

Russian Federation upstream: 2020 in review

Report summary

2020 was a year of ups and downs for Russia’s upstream. The sector had to navigate the severe challenges of coronavirus and the oil price crash. However, the year ended on a high with a flurry of M&A activity and oil and gas discoveries in the Arctic, which were the three largest globally of 2020. Powered by our Lens platform, we assess the key events of last year in Russia. Please read our insight to get our view on: • OPEC+ - how did coronavirus and the oil price crash impact oil production? • Arctic exploration - how large were the oil and gas discoveries? • Vostok Oil – how big is the project and how did it influence M&A activity? • Gas and LNG – what were the key gas pipeline events and by how much did LNG supply grow? • Fiscal – how did amendments impact upstream project value? Please do not hesitate to contact us for more in-depth discussions on any of the themes we cover for 2020.

Table of contents

  • Executive summary
  • Vostok Oil has arrived
  • Oil production declines as a result of OPEC+ deal
  • Historic 2020 exploration campaign
  • TurkStream launched but Nord Stream 2 continued to face headwinds
  • Changes to the tax regime in upstream sector
  • A quiet year in Russian upstream M&A until December
  • Despite delays, Russia delivers more LNG to market
  • Gazprom plans to increase its Siberian power
  • Our key insights of 2020:

Tables and charts

This report includes 9 images and tables including:

  • Vostok Oil infrastructure
  • 2020 capex changes in Russia
  • Russian monthly liquids production in 2019-20
  • Discovered resources
  • Nord Stream 2
  • Additional Profit Tax amendments in 2020
  • Mineral Extraction Tax changes
  • Russian monthly LNG exports in 2019-20
  • Russia to China gas flows

What's included

This report contains:

  • Document

    Russian Federation upstream: 2020 in review

    PDF 2.40 MB