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Russia Overview

Russia

in figures

Oil Reserves106.2 billion barrels

Oil Production11,25 million bopd

Gas Reserves35 tcm

Gas Production635.6 bcm

Russia: Unconventional Directions

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 STRATOCHEM SERVICES
Interview
Egypt - November 17, 2021

Tarek El Azhary, general manager of StratoChem Services, talks to The Energy Year about areas with the most upstream potential…

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Lukoil invests $2.2 billion in Azerbaijan’s Shah Deniz
NEWS
Azerbaijan - October 08, 2021

Lukoil has agreed to acquire an additional 15.5% interest in the offshore Shah Deniz project in Azerbaijan’s Caspian Sea for…

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Russian NOCs ally in blue hydrogen group
NEWS
Russia - July 26, 2021

Russia’s government has formed a carbon-capture-and-storage (CCS) initiative to produce blue hydrogen, the state announced…

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Oil down as OPEC+ reaches deal to raise supply
NEWS
Multinational - July 19, 2021

Oil was down Monday morning in Asia, with prices falling more than 1%. Investors continued to digest the Organization of the…

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Нефтяные-месторождения-и-инфраструктура-Республики-Татарстан-2020

Russia maps

Republic of Tatarstan oilfields and infrastructure 2020 Russian Edition

ALL MAPS
OPEC+ talks fail to reach agreement
NEWS
Multinational - July 06, 2021

Oil was up Tuesday morning in Asia even as the Organization of the Petroleum Exporting Countries and allies (OPEC+) failed to…

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Oil price in focus ahead of OPEC+ meeting
NEWS
Multinational - June 23, 2021

Oil was up Wednesday morning in Asia as a strong economic rebound of key consumers boosted fuel demand and drained bloated…

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OPEC+ shockwaves drive up oil
NEWS
Multinational - March 05, 2021

With 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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