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State regulation of the oil and gas sector in 2014, prospects for 2015

State regulation of the oil and gas sector in 2014, prospects for 2015

Our traditional series of reports is concluded with the final review of main developments in the Russian oil and gas sector in 2014.

2014 year has not been a typical year for the sector. The oil and gas sector encountered several serious problems simultaneously.

World oil prices dropped sharply. Russia was subjected to tough pressure of western sanctions that naturally mostly affected the oil and gas sector – the flagship of the Russian economy. Besides, the general worsening of the budget situation made the government again resort to its favorite practice of increase in taxes on the FES.

So, what is the standing of the sector in this situation?

Key topics of the report:

  • Production results of the year

    • The analysis of the situation around every major company
    • Reasons for the oil industry having reached its peak
    • Decrease in natural gas consumption as a result of problems with exports
    • The situation around reserves
  • The influence of sanctions on the Russian oil and gas sector

    • Restrictions on supplies of technologies to Russia; influence of this factor on the sector’s development
    • Corporate debts
    • Prospects of development of offshore fields and tight reserves in Western Siberia while western companies are banned to provide corresponding assistance to Russia
    • Nonresidents in the Russian oil and gas sector
    • Emergence of Chinese companies in the Russian upstream segment as the spirit of the times and Russia’s new foreign policy
    • Their possible participation in privatization of Russian assets
  • Tax regulation

    • Main novelties in 2014
    • The struggle around the tax maneuver
    • Excise policies
  • Export policies

    • The accelerated turn towards Asia
    • Breakthrough gas deals with China
    • Serious advance in oil supplies to Asian markets; reserves for exports to Asia
    • The problem of tariff formation and subsidies to the eastern direction
  • The situation on the market of oil products

    • Problems on the domestic market
    • Exports of oil products, changes in their structure
  • Prospects of developments

Contents of the report:

Introduction 3
Chapter 1. RUSSIAN FES UNDER NEW CONDITIONS. INFLUENCE OF SANCTIONS AND DECLINING OIL PRICES 5
Chapter 2. 2014 PRODUCTION RESULTS 17
Chapter 3. TAX REGULATIONS IN THE SECTOR 37
Chapter 4. TURN TOWARDS ASIA: FROM WORDS TO DEEDS 48
Chapter 5. FRAGILE BALANCE OF DOMESTIC AND FOREIGN MARKETS OF OIL PRODUCTS 57
MEDIUM-TERM FORECAST OF DEVELOPMENTS 64
Date of release: January 26, 2015

If you are interested to obtain please contact » Elena Kim

Other issues:
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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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