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Russia's upstream under sanctions: the new normal

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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 contains

  • Document

    Russia's upstream under sanctions: the new normal

    PDF 330.13 KB

Table of contents

    • 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?

Tables and charts

This report includes 4 images and tables including:

Images

  • Forecasted IOC exploration spend for Arctic offshore projects
  • Russian liquids production 2010-2025

Tables

  • IOC exploration deals with Russian oil companies
  • Who is targeted?

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