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As of Q1 2016, Russian upstream players have accumulated around US$140 billion of long-term debt. In the last two years, EU/US sanctions have prohibited access to Western long-term debt markets to certain operators. This pushed Russian upstream companies to find alternative ways of financing. Relying on domestic and Asian banks, oil supply prepayments, and REPO loans, operators have diversified their sources of funding and kept increasing liquids production. However, not having access to cheap Western capital and facing higher premiums, Russian companies face a difficult choice between increasing their interest burden, selling assets, or delaying some investment programmes which could make sustaining the current levels of output challenging in the long term.
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The challenges of financing Russia's upstream PDF - 677.93 KB 8 Pages, 1 Tables, 7 Figures
Debt Russia 2016.xls XLS - 429.00 KB
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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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Insight | Sep 2016
The challenges of financing Russia's upstream
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