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Three years under sanctions: their influence on Russia’s fuel and energy sector

Three years under sanctions: their influence on Russia’s fuel and energy sector

Time flies. It has been three years since spring 2014 when Crimea came back to Russia, which was practically immediately followed by anti-Russia sanctions. They affected directly the country’s oil and gas industry that is the main sector of the Russian economy. Sanctions have been in force for quite a while, and it is possible to analyze how Russia’s oil and gas sector has adjusted to sanctions, how fatal are losses of the sector, and how sanctions have influenced the resolve of foreign companies to work in Russia. 

The report elaborates on the following issues: 

  • The geography of production of Russian hydrocarbons on the background of restrictions caused by sanctions. Production results – the influence of sanctions on main upstream projects. The situation around greenfields and brownfields amid sanctions. Main oil and gas provinces in Russia in 2014 to 2017.  
  • Oil services in Russia: import substitution or cooperation? The oil services segment was the weakest point of the sector. Therefore, the import substitution program was aimed at this segment. However, in the end, the government acknowledged there was no reason to develop the whole range of domestic technologies. The paradox is that during the sanctions period a big number of JVs with Western partners has been established in the oil services segment. 
  • Major players in Russia’s FES amid financial sanctions. Where do companies get the money for their investment programs? 
  • Adventures of nonresidents in Russia. Foreign companies amid sanctions. Policies of American, European, Chinese, and Indian energy majors. 
  • What is next? Which strategic line will be more popular: staking on relatively soon removal of sanctions and unblocking of Russia-West relations, or relying on the domestic potential, investing in yet unavailable but quite expensive technologies (LNG, offshore, Arctic, and Bazhenov projects)?

Contents of the report:

Introduction 3
Chapter 1. Sanctions, oil and gas production in Russia in 2014-2016 5
Chapter 2. Oil production breakthrough in Eastern Siberia amid sanctions 9
Chapter 3. Western Siberia, Volga Area: Growth with or without Shale? 22
3.1. Yamal: Russia’s New Oil Production Centre 22
3.2. Oil Production in Tyumen Region in Conditions of Sanctions 24
3.3. HTTR Development in Western Siberia, Volga-Urals in Conditions of Sanctions 25
Chapter 4. Cessation of Arctic projects: influence of sanctions or price conjuncture? 37
Chapter 5. Russian Gas Market in Conditions of Sanctions 47
Chapter 6. Financial standing of Russian oil and gas companies amid sanctionsé 57
Chapter 7. Forecast of developments 71
Date of release: June 19, 2017

If you are interested to obtain please contact » Elena Kim

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Analytical series “The Fuel and Energy Complex of Russia”:

World LNG market: Russia, its main competitors
Three years under sanctions: their influence on Russia’s fuel and energy sector
Asia market: potential of Russian oil and gas exports to the East
State regulation of the oil and gas sector in 2016, prospects for 2017
Gazprom: Goliath is not going to surrender

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

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