Russian Federation upstream summary Report

Country Report 23 March 2023

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Report summary

Russia is one of the top oil producers in the world, alongside Saudi Arabia and the US. It has the world's largest volume of 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. International investors 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 ...

Executive summary
Key facts
Location maps
Key companies
- State-owned companies
- Mid-tier companies
- International investors
- Reserves and production
- Acreage
Geology
- Summary
- West Siberia
  - Overview
  - Central
  - South Kara/Yamal Northern region
  - Omsk/Nyurolka
  - Yenisei/Bor
  - Yenisei-Khatanga
  - Reservoirs
- Timan-Pechora
  - Overview
  - Reservoirs
- Volga-Urals
  - Overview
  - Structure
  - Reservoirs
- East Siberia
  - Central area
  - Reservoirs
  - Vilyui basin
  - Northern area
  - Source rocks
- Far East
  - East Sakhalin basin
  - West Kamchatka basin
- Baltic
- North Caucasus
  - Structure
  - Reservoirs
- Precaspian
  - Reservoirs
- Barents
  - Reservoirs
Exploration
- Licensing
  - Summary
  - Early days
  - Award of licences
  - Strategic fields
  - Recent developments
- Drilling
  - Summary
- Onshore exploration
- Historical activity
- Recent activity
  - West Siberia
  - Volga-Urals
  - East Siberia
- Offshore exploration
  - Activity summary
  - Barents Sea
  - Pechora Sea
  - Kara Sea
  - Laptev Sea
  - Chukchi Sea
  - Black sea
  - Sea of Okhotsk
Reserves and resources
- Summary
- Oil reserves estimate
- Gas reserves estimate
Production
- Oil and condensate
  - Summary
  - Historical production
  - North Caucasus
  - Volga-Urals
  - West Siberia
  - Timan-Pechora and Barents
  - East Siberia
  - Far East
  - Precaspian
  - Baltic
  - Key Assets
- Natural gas liquids (NGLs)
- Gas
  - Summary
  - Historical production
  - North Caucasus
  - Volga-Urals
  - West Siberia
  - Timan-Pechora and Barents
  - East Siberia and Far East
  - Precaspian
  - Key assets
Infrastructure
- Oil infrastructure
- Transneft
  - Transneft-Ural
  - Transneft-Prikamye
  - Transneft-Verkhnyaya Volga
  - Severniye Magistralniye Nefteprovody (SMN)
  - Transneft-Druzhba
  - Transneft-Privolga
  - Chernomortransneft (Black Sea, Precaspian & Caucasus)
  - Transneft-Baltika
  - Transneft-Yugra
  - Transneft-Tsentralnaya Sibir
  - Transneft-Zapadnaya Sibir
  - Transneft-Vostok
  - Transneft-Dalni Vostok
  - Novorossiysk (Black Sea)
  - Primorsk (Baltic Sea)
  - Kozmino Bay (Far East)
  - Ust-Luga (Baltic Sea)
  - South Ozereyevka (Black Sea)
  - De Kastri (Far East)
  - Prigorodnoye (Far East)
  - Varandei (Timan-Pechora)
  - Svetliy (Kaliningrad)
- Rail transport
- Road transport
- Oil refineries
- Gas infrastructure
  - Existing pipelines
  - Brotherhood system
  - Northern Lights system
  - Yamal-Europe pipeline
  - Bovanenkovo system
  - Nord Stream
  - The Central Asia Centre (CAC) pipeline system
  - Soyuz system
  - Blue Stream
  - TurkStream
  - Power of Siberia
  - Sakhalin-Khabarovsk-Vladivostok (SKV)
  - Other pipelines
- Gas processing and condensate stabilisation plants
  - Gazprom
  - SIBUR
  - LUKOIL
  - NOVATEK
  - Surgutneftegas
  - Other GPPs
- Underground gas storage
Costs
- Introduction
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
- Summary
- Key facts
- Key legislation and regulatory bodies
  - Law on the Subsoil
  - Law on the Continental Shelf
  - Law on Gas Supply
  - Law on Gas Exports
  - Law on Natural Monopolies
  - Foreign Strategic Investments Law
  - Law on flaring
  - Tax Code
  - Customs Code
- Other legislation
  - International treaties
  - Paris climate agreement (2015)
  - COP26 in Glasgow (2021)
- Regulatory body
  - Ministry of Energy
  - Ministry of Natural Resources
  - The State Duma and the Federation Council
  - Ministry of Economic Development
  - Federal Antimonopoly Service
- State participation
  - National Oil Company
  - Oil Transportation Companies
  - National Gas Company (Gazprom)
- International boundaries
- Licensing
  - Licence types
Fiscal terms
- Overview
  - Upstream
  - Mid/Downstream
- Current fiscal terms
  - Basis
  - Government equity participation
- Royalty (Mineral Extraction Tax (MET)
  - Ring fencing
  - Base
  - Onshore oil MET rate
  - Onshore gas and condensate MET rate
  - Offshore MET rate
  - MET tax credits
  - Payment schedule
- Export Duty
  - Ring fencing
  - Base
  - Onshore oil and condensate ED rate
  - Onshore gas ED rate
  - Offshore ED rate
  - Payment schedule
- Corporate income tax
  - Ring fencing
  - Base
  - Rate
  - Payment schedule
- Other taxes
  - Property tax
- Fiscal treatment of decommissioning
- Product pricing
  - Liquids pricing
  - Natural gas pricing
- Additional profit tax (APT) concession regime
  - Bonuses, rentals and fees
  - Indirect taxes
  - Oil mineral extraction tax (royalty)
  - Oil export duty
  - Corporate income tax
  - Additional profit tax (APT)
  - Summary of modelled terms
- Active legacy terms
  - Standard PSC regime
  - Government equity participation
  - Bonuses, rentals and fees
  - Indirect taxes
  - Royalty (Mineral Extraction Tax (MET)
  - Export duty
  - Domestic market obligation (DMO)
  - PSC production sharing
  - PSC cost recovery
  - PSC profit sharing
  - Corporate income tax
  - Property tax
  - Product pricing
- Historical background
  - Standard concession regime
  - Production Sharing Regime (Direct-Sharing Mechanism)
  - Production Sharing Regime for small fields