Overview of Russia’s oil and gas sector

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Title: Overview of Russia’s oil and gas sector
Author: Simola, Heli ; Solanko, Laura
Organization: Suomen Pankki
Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
Series number: 5/2017
Year of publication: 2017
Publication date: 18.5.2017
Pages: 34
Subject (yso): öljy; vienti; tuotanto; maakaasu; ulkomaankauppa; arktinen alue; julkinen talous; kysyntä; verotus
Keywords: Bofit-kokoelma; Venäjä; Kiina
Other keywords: Russia; oil; gas; LNG; production; foreign trade; public finances; China; Arctic region
Abstract: This overview is a compilation of ten concise articles that give a general picture of the current situation and prospects of Russia’s oil and gas sector. The articles are independent and together they give a rich overview of the development of the oil and gas sector and the significance of the sector in the Russian economy. The oil sector generates more export and tax revenue for Russia, but the gas sector plays a key role, particularly from a domestic market perspective. In the next few years, Russia’s oil production and exports are expected to grow slowly at best, because a stronger increase in production would require more investment. In oil production and particularly in exports, the focus of growth has shifted eastwards, and China has become one of Russia’s most important export markets. Growth of natural gas production, on the other hand, is limited more by demand than supply factors and gas production will remain focused in the future on its present locations in Russia’s Arctic regions. Despite plans, the export market for natural gas will still be mainly in the West, due to limited transport infrastructure. Examination of both the Russian and the international oil and gas sector is complicated by statistical peculiarities.
Table of contents: 1. Introduction 4 2. Oil production and exports are expected to grow slowly at best 5 3. Oil statistics are not clear-cut 9 4. Gas production follows fluctuations in demand 11 5. Gazprom’s domestic market share has fallen to less than half 14 6. Gas export routes run from east to west 17 7. Export volume of natural gas depends on the calculation method 20 8. Role of LNG in global gas market growing slowly 23 9. Russia and China key partners in oil trade – natural gas trade yet to start 25 10. Arctic region important in oil and natural gas production 28 11. Oil and gas taxes make up lion’s share of Russia’s budget revenue 30
Note: This article has been published in Finnish under the title "Katsaus Venäjän öljy- ja kaasusektoriin", BOFIT Policy Brief 3/2017
Rights: https://helda.helsinki.fi/bof/copyright

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