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Russia Overview

Russia

in figures

Oil reserves107.8 billion barrels

Oil production10.7 million bopd

Gas reserves37.4 tcm

Gas production638.5 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.

Gazprom halts gas pipeline to Germany, Poland
NEWS
Russia - May 13, 2022

Gazprom has stopped gas deliveries through its Yamal pipeline to Poland and Germany due to sanctions put in place by Russia on…

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Energy, Ukraine and the Turkish question Mehmet Ogutcu
Interview
Multinational - May 06, 2022

Mehmet Öğütçü, CEO of Global Resources Partners and chairman of the London Energy Club, talks to The Energy Year about…

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EU proposes stiff ban on Russian oil
NEWS
Multinational - May 05, 2022

European Commission President Ursula von der Leyen has proposed a full oil embargo on Russia from EU states, Reuters announced…

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Lukoil president resigns
NEWS
Russia - April 22, 2022

Lukoil’s president has resigned from his position and the company’s board, the Russian E&P company announced today.

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Russia maps

Republic of Tatarstan oilfields and infrastructure 2020

ALL MAPS
Interview
Nigeria - April 20, 2022

David Ige, CEO of GasInvest, talks to The Energy Year about the company’s Riverside LNG project, its plans to enter the marine…

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USA’s Golar LNG divests stakes during LNG boom
NEWS
USA - April 08, 2022

Golar LNG has sold significant shares in fellow US LNG player New Fortress Energy for around USD 250 million amid stock price…

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The time is now for Mozambican LNG Nuno MANSILHA (1)
Interview
Mozambique - January 18, 2022

The year is off to a great start for the Mozambican LNG projects as the Coral-Sul FLNG vessel to be used in Area 4 of the Rovuma Basin has just arrived in the country.…

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