

As a leading exporter of hydrocarbons, declining demand could put Russia at economic risk. Although hydrogen could be the answer to Russian vulnerability, the current…
READ MOREOil Reserves106.2 billion barrels
Oil Production11,25 million bopd
Gas Reserves35 tcm
Gas Production635.6 bcm
With a hydrocarbons landscape consisting mostly of ageing oil and gasfields, Russia is funnelling its efforts into further development of brownfields and the exploration of unconventional greenfields that were previously not viable. With the world’s second-largest natural gas reserves – estimated at 35 tcm (1,235 tcf) – Russia is also the second-largest producer of dry natural gas, with an output of 635.6 bcm (22.4 bcf) in 2017.
Most of Russia’s production remains dominated by domestic firms, the largest being Rosneft and Lukoil. Following the collapse of the Soviet Union, Russia initially privatised its oil industry, but its oil and gas sector has since reverted to state control.
Technological development and co-operation with foreign companies are reinvigorating Russia’s manufacturing industry. New techniques are extending the lives of Russia’s ageing oilfield equipment, yet domestic manufacturers often lack the capacity to develop the requisite technologies. This has provided a market for companies from abroad to meet Russia’s evolving technological demands.
Tarek El Azhary, general manager of StratoChem Services, talks to The Energy Year about areas with the most upstream potential…
READ MORELukoil has agreed to acquire an additional 15.5% interest in the offshore Shah Deniz project in Azerbaijan’s Caspian Sea for…
READ MORERussia’s government has formed a carbon-capture-and-storage (CCS) initiative to produce blue hydrogen, the state announced…
READ MOREOil was down Monday morning in Asia, with prices falling more than 1%. Investors continued to digest the Organization of the…
READ MOREOil was up Tuesday morning in Asia even as the Organization of the Petroleum Exporting Countries and allies (OPEC+) failed to…
READ MOREOil was up Wednesday morning in Asia as a strong economic rebound of key consumers boosted fuel demand and drained bloated…
READ MOREAs a leading exporter of hydrocarbons, declining demand could put Russia at economic risk. Although hydrogen could be the answer to Russian vulnerability, the current…
READ MOREWith a hydrocarbons landscape consisting mostly of ageing oil and gasfields, Russia is funnelling its efforts into further development of brownfields and the…
READ MOREWith a hydrocarbons landscape consisting mostly of ageing oil and gasfields, Russia is funnelling its efforts into further development of brownfields and the…
READ MOREWith a hydrocarbons landscape consisting mostly of ageing oil and gasfields, Russia is funnelling its efforts into further development of brownfields and the…
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