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What next for Asia’s upstream investments in Russia?
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Many international oil companies (IOCs) have sought to distance themselves from investments in the Russian upstream sector in the wake of the Russia/Ukraine conflict. In contrast, public pronouncements have been more muted to-date from many of Asia’s biggest investors in Russia’s upstream sector, namely China, India and Japan. For all countries and companies involved in the Russian upstream sector, the current crisis is a highly complex situation, interplaying geopolitics and increasingly strategic investments. For China and India’s largest NOCs – PetroChina and ONGC, respectively – Russia represents their single most important international investment. Meanwhile, Russia is the second largest overseas investment destination for Sinopec, as it is for the Japanese E&P sector in total.
Table of contents
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Executive summary
- A critical investment destination for Asia’s upstream players
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By region: Our view on how Asian operators will react
- Will China’s NOCs increase their presence?
- India’s oil operators maintain the status quo
- Tough choices ahead for Japan Inc.
- The risks ahead for Asian investors in Russia
Tables and charts
This report includes the following images and tables:
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Russia upstream capex by international investors (2017-2021)Russia upstream NPV by international investorsLargest Asian upstream investors in Russia by NPV10, % of global portfolio
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Company share price and oil price change (24 Feb - 7 Mar)Upstream spend in RussiaForecasted spend by project
What's included
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