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Regulation of Oil and Gas Sector in 2008 and Prospects for 2009

Regulation of Oil and Gas Sector in 2008 and Prospects for 2009

The Fund’s traditional report summarises the key developments in the oil and gas industry this year.

The year 2008 has proved very complicated and controversial. A sharp rise in oil prices was replaced with an equally dramatic fall in them. Vladimir Putin moved to the office of prime minister and reshuffled the entire system of administration in the sector. A radical tax reform began. The operating rules for non-residents changed. Wars between state companies and redistribution of property were in full swing.

The report offers an in-depth discussion of the following subjects:

  • Economic situation in the industry

    • Who capitalised on expensive oil?
    • Key implications of the decline in oil and gas prices
    • Situation in the upstream segment
    • «Presents from Putin» and their ability to stop the fall in the oil industry
    • Trends in the export of hydrocarbons
  • New political system of administration in the oil and gas sector: first outputs

    • Role of Putin as prime minister in the sector
    • Activities of Igor Sechin as deputy prime minister in charge of energy
    • Bureaucratic wars for geology and ecology
    • Distribution of licences between state companies
    • War between Rosneft and Gazprom on different fronts
    • Battle for the shelf, Eastern Siberia, and the Far East
  • Changes in the export strategy

    • «Wars of pipelines»: BPS-2 vs. ESPO
    • End of the formation of the pro-Chinese and pro-European «parties» in the Russian fuel and energy sector
  • Non-residents in Russia

    • Tougher control over strategic investment
  • Foreign expansion of Russian energy companies

    • Western and «anti-Western» lines in the expansion of co-operation
    • Attempts to proceed with the «exchange of assets» policy in relations with Western majors
    • Intensification in South America and North Africa
  • Medium-term forecast

    • Scenarios with different levels of oil prices

The contents of the report:

Introduction 2
Chapter 1. Economic Situation in Sector 4
Chapter 2. New Political System of Administration in Oil and Gas Sector: First Outputs 11
2.1. Role of Putin as Prime Minister in the Sector 11
2.2. Activities of Igor Sechin as Deputy Prime Minister in Charge of Energy 12
2.3. Changes in Ministries Responsible for Oil and Gas 13
Chapter 3. Fight for Determination of Export Strategy 22
3.1. «Wars of Pipelines»: BPS-2vs. ESPO 22
3.2. End of Formation of Pro-Chinese and Pro-European «Parties» in Russian Fuel and Energy Sector 26
Chapter 4. Wars between State Companies 29
4.1. «Eastern Front» and Offshore «Battles of Giants» 29
4.2. Fight Between State Companies over Access to UGSS 35
Chapter 5. Personnel Policy in State Companies 38
5.1. Staff Wars in Gazprom 38
5.2. Staff Wars in Rosneft 41
Chapter 6. Foreign Expansion of Russian Energy Companies 43
6.1. Energy Co-operation with the West 43
6.2. …. and Its «Alternative » 50
Chapter 7. Non-residents in Russia: Unexpected Opportunities 58
Chapter 8. Forecast of Key Development Trends in Russian Fuel and Energy strong> 63
Date of issue January 12, 2009

If you are interested to obtain please contact » Elena Kim

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Analytical series “The Fuel and Energy Complex of Russia”:

New OPEC+ Deal and Future of Oil Business in Russia
Gazprom on the background of external and internal challenges
Regulation of Oil and Gas Sector in 2019 and Prospects for 2020
Fiscal Policy on Oil and Gas Sector: Revised as Often as Wikipedia
The tax system in the oil and gas sector continues to undergo radical changes. The beginning of 2019 saw the introduction of a new tax regime: additional income tax. That experiment was supposed to start migration of the oil industry to an innovative principle of taxation: on profit, not revenue. It seemed that a new main road was found. In the same year, however, the Finance Ministry launched an overt offensive against AIT. The fear of loss of government revenue now is more powerful than the threat of causing oil production to collapse in the medium term because of a tax system that does not stimulate investment. The Finance Ministry would strongly prefer to speed up the tax manoeuvre completion that earns the state budget additional money. Oil and gas companies respond to this with individual lobbying, attempting to wangle special treatment for their projects.
Ukrainian Gas Hub: Climax at Hand
The “zero hour” comes in less than a month: the contracts for gas transit through Ukraine and for supplying Russian gas to the country terminate at 10 am on 1 January. Meanwhile, Gazprom and Naftogaz are very far from looking for a mutually acceptable solution. The entire European gas business is watching intently the negotiations between Russia and Ukraine. Everyone is waiting for a new “gas war”: the January 2009 events proved to be a serious test both to European consumers and to Gazprom as a supplier. Is there still a chance of agreement? If there is not, will Gazprom cope with its obligations to deliver gas to Europe? Is Russia bluffing as it assures that the new infrastructure and gas in underground storage facilities will enable it to get by without Ukrainian transit even as soon as this winter? What will happen to Ukraine itself at the beginning of 2020?

All reports for: 2015 , 14 , 13 , 12 , 11 , 10 , 09 , 08 , 07

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