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Regulation of Oil and Gas Sector in 2008 and Prospects for 2009

Regulation of Oil and Gas Sector in 2008 and Prospects for 2009

The Fund’s traditional report summarises the key developments in the oil and gas industry this year.

The year 2008 has proved very complicated and controversial. A sharp rise in oil prices was replaced with an equally dramatic fall in them. Vladimir Putin moved to the office of prime minister and reshuffled the entire system of administration in the sector. A radical tax reform began. The operating rules for non-residents changed. Wars between state companies and redistribution of property were in full swing.

The report offers an in-depth discussion of the following subjects:

  • Economic situation in the industry

    • Who capitalised on expensive oil?
    • Key implications of the decline in oil and gas prices
    • Situation in the upstream segment
    • «Presents from Putin» and their ability to stop the fall in the oil industry
    • Trends in the export of hydrocarbons
  • New political system of administration in the oil and gas sector: first outputs

    • Role of Putin as prime minister in the sector
    • Activities of Igor Sechin as deputy prime minister in charge of energy
    • Bureaucratic wars for geology and ecology
    • Distribution of licences between state companies
    • War between Rosneft and Gazprom on different fronts
    • Battle for the shelf, Eastern Siberia, and the Far East
  • Changes in the export strategy

    • «Wars of pipelines»: BPS-2 vs. ESPO
    • End of the formation of the pro-Chinese and pro-European «parties» in the Russian fuel and energy sector
  • Non-residents in Russia

    • Tougher control over strategic investment
  • Foreign expansion of Russian energy companies

    • Western and «anti-Western» lines in the expansion of co-operation
    • Attempts to proceed with the «exchange of assets» policy in relations with Western majors
    • Intensification in South America and North Africa
  • Medium-term forecast

    • Scenarios with different levels of oil prices

The contents of the report:

Introduction 2
Chapter 1. Economic Situation in Sector 4
Chapter 2. New Political System of Administration in Oil and Gas Sector: First Outputs 11
2.1. Role of Putin as Prime Minister in the Sector 11
2.2. Activities of Igor Sechin as Deputy Prime Minister in Charge of Energy 12
2.3. Changes in Ministries Responsible for Oil and Gas 13
Chapter 3. Fight for Determination of Export Strategy 22
3.1. «Wars of Pipelines»: BPS-2vs. ESPO 22
3.2. End of Formation of Pro-Chinese and Pro-European «Parties» in Russian Fuel and Energy Sector 26
Chapter 4. Wars between State Companies 29
4.1. «Eastern Front» and Offshore «Battles of Giants» 29
4.2. Fight Between State Companies over Access to UGSS 35
Chapter 5. Personnel Policy in State Companies 38
5.1. Staff Wars in Gazprom 38
5.2. Staff Wars in Rosneft 41
Chapter 6. Foreign Expansion of Russian Energy Companies 43
6.1. Energy Co-operation with the West 43
6.2. …. and Its «Alternative » 50
Chapter 7. Non-residents in Russia: Unexpected Opportunities 58
Chapter 8. Forecast of Key Development Trends in Russian Fuel and Energy strong> 63
Date of issue January 12, 2009

If you are interested to obtain please contact » Elena Kim

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Sanctions against Russian Oil and Gas: Pressure Continued
Arctic: Soviet-type Gigantomania or Breakthrough Project?
State regulation of the oil and gas sector in 2018, prospects for 2019
Gazprom on Path to New Reality
Looking for Best Tax Treatment of Oil and Gas: Fiscal Experiments Continued
The subject of taxation became the absolute hit of 2018. The government once again decided to rewrite the rules of the game. President Putin’s new inauguration decree served as the main pretext. It turned out that about 8 trillion roubles extra was necessary for the new national projects announced. The Cabinet did not take long to decide where the funds should be taken. The result was acceleration of the so-called tax manoeuvre started as far back as 1 January 2015. It suggested shifting the tax burden to the wellhead: the effect on the state budget of gradual abandonment of the export duty will be more than compensated for by quicker growth in mineral resources extraction tax (MRET). The laws on tax reform have already gone through the parliament and will take effect as of next year. This means nothing good for companies.

All reports for: 2015 , 14 , 13 , 12 , 11 , 10 , 09 , 08 , 07

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