Russia is one of the most attractive markets for the Norwegian oil and gas industry. The potential in the Barents Sea is of special interest, but several Norwegian companies have established substantial business activitities in Russia, including Sakhalin where some of the largest oil and gas projects in the world is under way.
The Russia pages provide information from INTSOK s Moscow office, an overview of planned activities, links to key actors in Russia and presentations from Russian events.
About Russia
• Population: 140 million
• Russia is the world’s largest exporter of natural gas
• The country’s gas resources represents close to 25% of global reserves
• New gas is increasingly coming from the Arctic Yamal peninsula
• Russian oil production has grown significantly in the last decade
• Most of the oil have been produced in Western Siberia
• Eastern Siberia and Sakhalin are becoming more important areas
• Limited offshore production
• Gazprom is the world’s largest gas company
• Rosneft, Lukoil and TNK-BP are the leading oil producers
• Russia is one of the top producers and consumers of electric power in the world, with more than 220 million kilowatts of installed generation capacity
Oil
Russia has close to 80 billion barrels of proven oil reserves. Most of Russia’s resources are located in Western Siberia, between the Ural Mountains and the Central Siberian Plateau. Eastern Siberia holds some reserves and companies are expanding their exploration activities in the region. Several fields have been developed in the Russian part of the Caspian Sea. The Vladimir Filanovsky field is one of the major projects. International oil companies signed production sharing contracts in Sakhalin and Timan Pechora in the early 1990s. ExxonMobil is operator the Sakhalin 1 area, whilst Shell is a major shareholder in Sakhalin 2 where Russia’s only LNG export facilities have been built. Aker Solution has made major contributions to the developments in Sakhalin with construction of concrete platforms.
Oil overview 2010
• Proven oil reserves: 77 billion barrels
• Oil production: 10,2 million barrels per day
• Oil consumption: 3.2 million barrels per day
Major oil Producers
• Rosneft: 2,3 million barrels per day
• TNK-BP: 1,9 million barrels per day
• Lukoil: 1.9 million barrels per day
Natural Gas
Russia has the largest natural gas resources in the world and the largest exporter. The country is the second largest producer and consumer of natural gas after the United States. Gazprom is the dominating gas producer and exporter. Russia has developed an extensive gas export infrastructure with Europe as the major buyer of its natural gas. Russia is meeting some 27 percent of Europe’s gas consumption and has as an ambition to grow its market share to 30 percent by 2020. A new pipeline system to Europe, Nord Stream, is now operational.
The gas industry in Russia
• Proven natural gas reserves: 45 trillion cubic meters
• Natural gas production: 589 billion cubic meters
• Natural gas consumption: 414 billion cubic meters
Gazprom’s priority is to develop new production regions:
• Yamal peninsula
• Eastern Siberia & the Far East
• Russian Continental shelf with the huge Shtokman gas field
Main Markets
Other Priority Markets
Project Director Barents
Oil and Gas Advisor, Moscow
