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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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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”:

Current Status of Russian Oil Exports

Getting over the 2022-2024 sanctions is the most important test for the Russian oil industry. After the US, United Kingdom, EU, and G7 introduced a ban on buying Russian oil and petroleum products (with some exceptions) and the price cap mechanism, Russia managed to find alternative sale options in countries that are now commonly called the “Global South”. However, it is important to consider exports in detail. This is what we do in the new NESF report.

Green and Climate Agenda: Reset Attempt

In spite of dramatic worsening of relations with the West, the subject of climate has not vanished from Russian economic plans. Environmental issues have even topped the list of declared problems.

Government 2024: New Configuration of Regulators

While the result of the presidential election in Russia was absolutely predictable, further moves forming new government agencies were more intriguing. Eventually, on the one hand, it would seem that Putin chose to avoid radical decisions on the civilian part of the Cabinet. Prime Minister Mishustin kept his post and almost all deputy prime ministers did. On the other, there are still meaningful changes. First of all, the Ministry of Energy got a new head. This alone deserves special attention.

Lithium: New Energy Eldorado?

The energy transition is, on the one hand, rightly perceived by Russian oil and gas companies as a threat to their business. On the other, one should also look for new opportunities in the new energy industry. One of them is the production of lithium, the most important resource for electric vehicle batteries. The industry is rapidly growing, which opens up new horizons, for conventional fuel and energy companies, among others. Lithium is already beginning to cause increased interest in Russia, which calls for close scrutiny of the topic.

West’s Latest Sanctions Decisions, Their Effect on Russian Oil and Gas Industry

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

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