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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


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

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  • 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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