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State regulation in the oil and gas sector in 2011 and prospects for 2012

State regulation in the oil and gas sector in 2011 and prospects for 2012

The year 2011 turned out to be rather contradictory for the oil and gas industry. On one side, preliminary results of basic parameters seem quite satisfactory. On the other side, the depletion of oil production growth potential is becoming more obvious.

Prime Minister Vladimir Putin several times mentioned that the oil industry reached its peak. This was described as an ordinary event, although in reality it reflects recognition of strategic mistakes once made.

In 2011 the trend of gradual shift in investment activities of Russian companies towards upstream-projects abroad became vivid. The problem of offsetting declining production in Western Siberia is becoming more apparent.

Eastern Siberian and shelf projects may fail to comply with forecasted parameters. The state is carried away by creation of the export infrastructure as if ignoring problems accumulating in the production segment.

Meanwhile, the government’s general mood of dealing with the state budget’s dependence on exports of hydrocarbons remains, while the demand for financial resources for state authorities is rising amid a sharply deteriorated political situation. These resources can be provided only by the oil and gas industry. Being trapped it currently urgently needs investments and state regulation incentives. Yet, the sector is needed as a cash cow only.

A new report elaborates on the following issues:

Production results of the oil and gas industry
- Dynamics of oil and gas production
- Main changes in export policies
- Situation in geological prospecting
Taxation
- Analysis of the new 60-66-90 system
- Continuation of the “patchwork” fiscal policy
Struggle for assets
- One of the most important consequences of changes in the political situation will be sharpening of struggle for undistributed assets, including deposits in the undistributed reserve
Domestic fuel market
- The year has been characterized by constant interruption of fuel supplies and growth in prices of crude and processed products
- Main reasons and real tasks of the state and large companies
Medium-term forecast of developments
taking into account the future formation of a new system of state regulation of the sector and growing state problems

The contents of the report:

Introduction	3
Chapter 1. Preliminary Production Results	5
Chapter 2. Domestic Fuel Market	21
2.1. ÂReasons for Petrol Deficit and Growth in Prices of Oil Products	21
2.2. Domestic Gas Market: Struggle for Equal Profitability	32
Chapter 3. Taxation Regulation of the Sector	36
Chapter 4. Struggle for Production	51
Chapter 5. Changes in Export Policies	66
Chapter 6. Prospects of Developments	73

Date of issue:	January 23, 2012

If you are interested to obtain please contact » Elena Kim

Other issues:

Special report:

Nord Stream 2 and Ukraine: Costs Should Decide

There has been much discussion about how Russia – Europe’s biggest gas supplier – can continue to supply gas to Europe over the coming decades in the most secure and cost efficient way. Gazprom and its European partners have decided that building two additional pipelines through the Baltic Sea (Nord Stream 2) is the best commercial solution to secure future gas supplies for the EU, where gas production continues to decline and demand is expected to grow.

Shale Revolution: Myths and Realities

The boom in shale gas production in the US and its wide-ranging influence on markets rocked the gas world. Liquefied gas deliveries were redirected, altering the already fragile balance of demand and supply in traditional markets for pipeline gas in Europe.

Liquefied Natural Gas Outlook: Expectations and Reality

World market has shown interest to liquefied gas. Russia has so far been aside of it. However, producers have announced several large LNG projects. The new study will help investigate this delicate subject and understand what is in store for LNG production and export in the nearest years.

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

State regulation of the oil and gas sector in 2023, 2024 outlook

The year 2023 posed a serious challenge to the Russian oil and gas sector that was subjected to extremely tough sanctions that could have led to collapse in exports of crude oil and petroleum products. The oil industry and corresponding regulatory mechanisms were tested throughout the year. The state, being in dire need of financial resources, had to save the chicken that lays golden eggs. How well is it coping with this task?

Gazprom in the period of expulsion from the European market. Possible evolution of the Russian gas market amid impediments to exports

The year 2023 saw an even larger drop in Russian exports of pipeline gas to Europe. In the past two years, Gazprom failed to export some 120 bcm of natural gas, and these quantities are now locked up in Russia. Another difficult case concerns extension of the current gas transit contract with Ukraine, which expires at the end of 2024. Gazprom is already looking for new opportunities.

New Logistics of Russian Oil Business

When the G7 and the EU as of 5 December 2022 imposed an embargo on oil from Russia and the price cap mechanism that was later complemented with the same measures against petroleum products, Western analysts confidently predicted inevitable collapse in Russian exports by at least one-third. The new report explains in detail how the mechanism of Russian oil transport and sales works and whether Western companies remain in this business.

Russia’s New Energy Strategy: on Paper and in Fact

The Energy Strategy to 2050 was originally supposed to be approved before 15 September 2022, yet it was never adopted even as of November 2023. Moreover, not even a draft of the ES 2050 has been published yet. On the one hand, this vividly demonstrates the attitude to strategic documents on energy. It turns out that the industry on the whole copes with the unprecedented pressure of sanctions even without official strategies. On the other hand, Russian oil and gas has been facing really serious challenges that cannot be taken lightly. And immediate problems are a reflection of long-term threats too.

Outlook for Russian LNG Industry

European sanctions and Brussels’ policy of abandoning Russian energy resources plus the destroyed Baltic gas pipelines have shut in Russia a respectable volume of pipeline gas that cannot promptly be sent to alternative markets. This would seem a strong argument in favour of developing LNG production in Russia. The new NESF report must give the answer to the question about what part of the plans for dramatic increase in LNG production in Russia can be considered realistic.

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

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