Insight
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7 Pages

Russia's upstream under sanctions: the new normal


Russia's upstream under sanctions: the new normal

Report summary

Russia's upstream industry has shown resilience to EU/US sanctions, despite delays to over US$10 billion of IOC funded exploration activity in key supply growth areas - Arctic offshore, deepwater and shale oil projects. In spite  of limited financial support from the State due to lower budget revenues, Russian energy companies have raised around US$14 billion from Chinese sources, allowing them to continue with flagship projects. Russian oil production has not been affected in the near term, and reached a post-Soviet peak of 10.91 million b/d in March 2016. We believe sanctions pose longer term risks that will impact Russian oil production post 2020.

What's included?

This report includes 1 file(s)

  • Russia's upstream under sanctions: the new normal PDF - 330.13 KB 7 Pages, 2 Tables, 2 Figures

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Executive summary
    • IOCs support frontier exploration before sanctions introduced
    • Sanctions delay exploration of supply growth areas
    • IOC commitment remains
    • State companies hardest hit by financial sanctions
    • Low oil prices limit State support
    • Financing from Asia still available
    • Rosneft's short-term outlook
    • Large-scale Arctic offshore production unlikely in the near-term
    • Production heartlands reach record levels
    • What next?

In this report there are 4 tables or charts, including:

  • Executive summary
    • IOC exploration deals with Russian oil companies
    • Forecasted IOC exploration spend for Arctic offshore projects
    • Who is targeted?
    • Russian liquids production 2010-2025
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