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State regulation of the oil and gas sector in 2021, 2022 outlook

State regulation of the oil and gas sector in 2021, 2022 outlook

The situation on oil and gas markets changed radically in 2021. Oil prices surged, and gas prices hit a record high. This situation was supposed to make Russian oil and gas companies and the Russian government happy, as the former generated quite good revenues and profits, while the latter had a budget surplus ensured by oil and natural gas exports.

ÎHowever, throughout the year, there were debates about the vague future of hydrocarbons. There were more and more predictions of the end of the oil epoch (followed by natural gas) on the background of the rising climate agenda and energy transition.

Therefore, in the past, such prices would lead to new investments in extraction of hydrocarbons, but these days they inspire a serious discussion whether it is necessary to encourage oil and natural gas production or to quickly start building the new economy.

The climate agenda in 2021 was in the epicenter of Russian debates about the future of the energy sector. Russia started readying for the CBAM launch in the EU that can radically alter economic relations with Europe.

Russia began contemplating about introduction of domestic carbon fees. Regulators started considering the future of oil and natural gas in Russia. The question is whether comfortable conditions for growth in capital investments in the sector should be created while prices are very high or whether it is better to keep milking the oil and gas sector that seems to be losing strategic prospects.

The report elaborates on the following topics:

New strategic documents on development of the oil and gas sector and their real meaning

  • Idle words or real target setting?

Production results of the year in the Russian oil and gas sector

  • The revenue and profit dynamics of Russian majors
  • Is there any extra money in the sector?

Oil production and exports

  • How does the easing of OPEC+ deal conditions and output restoration go?

The green agenda and its influence on the oil and gas sector

  • Formation of a principally new framework of carbon regulation
  • Russia’s position on carbon emissions control

The start of the hydrogen race in Russia

Finetuning the regulators: HR intrigues and battles between supervisors of the sector

Corporate wars: battles for Tambey and liberalization of piped gas exports; debates over oil transportation rules

  • Main participants and their administrative instruments

The LNG business as an example of successful lobbyism

Medium-term prospects of Russian oil and natural gas

  • What should the hydrocarbons business do to survive in the energy transition period

Contents of the report:

INTRODUCTION 3
PRELIMINARY FINANCIAL AND PRODUCTION RESULTS OF 2021 5
CORPORATE WARS AND HR FINETUNING 22
FORMATION OF THE CLIMATE AGENDA IN RUSSIA 37
Strengthening of the climate pressure on Russia. CBAM and COP26 38
Evolvement of the domestic carbon regulation system 40
The forest factor of the Russian climate policy 45
Low-carbon agenda in the financial and investment sphere 47
Plans of hydrogen industry development 49
STATE SUPPORT TO THE LNG BUSINESS 52
MEDIUM-TERM PROSPECTS OF DEVELOPMENTS 60
Date of release: January 27, 2022

If you are interested to obtain please contact » Elena Kim

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

Hydrogen Agenda in Russia during Economic War with West
Russian Oil Exports: from Covid-induced Demand Collapse to Sanctions War
State regulation of the oil and gas sector in 2021, 2022 outlook
Gazprom on Pricing Crest. Current Situation in European Gas Market
Oil Tax Policy: Squeezing Last or Chance to Restart Industry?

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

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