Oil and gas industry in Russia: Problems and development goals

Abstract

By 2010 the oil and gas industry of Russia had completed the period of rehabilitation after the dissolution of the Soviet Union and the related decay in hydrocarbon production. The implemented infrastructural projects enabled finding transport way to the East (Eastern Siberia-Pacific Ocean Oil Pipeline) and to the Black and Caspian Seas. Furthermore, access had been gained to the Vankor Field and gas reservoirs in the Yamal Peninsula. As a result, oil production grew to 500 Mt per year, and oil export as against the Soviet time doubled. For sustainable and long-term hydrocarbon production in Russia, the following objectives are to be accomplished: Enhancement of new oil and gas fields appraisal; Integrated development of multicomponent mineral bodies along the pipeline toward the Pacific region; Launching of production at shale and offshore oil reservoirs in Russia; Renewal of rig stock in oil and gas fields and expansion of the equipment fleet of domestic manufacture; Reduction of hydrocarbon production cost; Boost of contribution of regional areas to oil and gas industry growth; Perfection of tax system in oil and gas production and improvement of investment climate in Russia.