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.