Russia is one of the top oil producers in the world, alongside Saudi Arabia and the US. It has the world's largest commercial gas reserves and is the second largest gas producer globally, behind the US. Domestic players, in particular state-owned Rosneft and Gazprom, dominate the Russian oil and gas industry. IOCs are present in only a handful of projects - typically those which are high-cost and technically challenging, such as Yamal LNG and the Sakhalin PSC developments. In December 2016, Glencore and the Qatar Investment Authority purchased a 19.5% stake in Rosneft from the state.
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Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.
This country report gives an overview of the key upstream issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream summary is your definitive commercial guide.
Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.
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Country report | Jan 2017
Russian Federation upstream summary
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