Russian Federation upstream: 5 things to look for in 2023

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02 December 2022

Russian Federation upstream: 5 things to look for in 2023

Report summary

Russia’s upstream will continue to adapt to the ‘new normal’ in 2023 of harsher sanctions and the absence of most IOCs. Demand for Russian oil and gas from a narrower set of markets will impact production. The pivot to Asia will accelerate, with Gazprom redoubling efforts to increase gas sales to China and Rosneft seeking investors for its flagship Vostok Oil project. We have identified five key themes to watch in Russia’s upstream sector in 2023: • Production: how far will oil and gas production fall? • Corporate landscape: what’s next for upstream players? • Gas exports to China: will a Power of Siberia-2 deal be signed? • Vostok Oil: can E&A success entice foreign investors? • Decarbonisation: will hydrogen plans take a back seat?

Table of contents

  • Executive summary
  • 1. Oil and gas production to fall
  • 2. Corporate conundrums: conclude, continue, collaborate, compete or consolidate?
  • 3. Power of Siberia-2 (PoS-2) gas exports to China – deal or no deal?
  • 4. Vostok Oil – will E&A success be enough to attract investment?
    • What to look for in 2023 – a regional upstream series

Tables and charts

This report includes 5 images and tables including:

  • Gas and liquids supply outlook
  • Corporate impairments so far
  • Russian gas to China
  • Vostok Oil transport network
  • Russia's nuclear power plants (yellow) and gas fields (red)

What's included

This report contains:

  • Document

    Russian Federation upstream: 5 things to look for in 2023

    PDF 2.66 MB