The sanctions applied against export of technologies used in the oil and gas industry could not only slowdown, but also make unprofitable energy projects in the Arctic as well as slowdown pace of production on the Russian fields, reads Fitch Ratings report. The local companies will have to develop technologies by themselves or look for new partners. But oil prices could go up simultaneously with reduction of production.
The new sanctions against export of technologies by the Russian oil and gas companies could complicate the pace of production on the exhaustive fields on the west of Siberia, reads the Fitch Ratings report.
The methods of oil recovery of the beds are close to those applied for extraction of shale oil. These technologies one of the key goals of the sanctions imposed by the western countries, Fitch reminded.
If the sanctions stay in effect for a long time, they could make arctic projects unprofitable, analysts of Fitch Ratings claim.
Among the Russian companies, which could seriously suffer from the sanctions, are Rosneft, Gasprom Neft as well as LUKoil, NOVATEC and Tatneft.
In 2013 Russia took the second place in world oil production with 12.9% share after Saudi Arabia with 13.1%. Last year the US oil constituted 10.8% of the entire volume of oil produced in the world. Last year the US had the highest growth among the countries – the US makers increased production by 13.5% against 2012. During the same period Russia increased production by only 1.3%, reads the BP World Energy Review.
In 2013 Russia’s income from oil export decreased by 4% to $173.7 billion from $180.9 billion a year earlier, according to the Federal Customs Service. This index decreased both for the Far Abroad (minus 4.2%) and CIS member-states (minus 0.7%) Last year Russian oil export deceased by almost 1.5% from 239.9 to 236.6 million tons.
