Minister: Asian Firms To Replace Western Energy Majors If They Leave Russia

Reuters

MOSCOW, Sept 22 (Reuters) - Asian companies will replace Western majors if they quit energy projects in Russia due to sanctions over Moscow's role in Ukraine, Natural Resources Minister Sergei Donskoi said.

Donskoi told Reuters that Asian companies had signalled their interest as the United States targeted cooperation with Russia in exploring or producing oil from the Arctic offshore, deep water or shale projects. Those companies affected by the sanctions have until Sept. 26 to stop work.

"They (Asian companies) have showed their interest," Donskoi said in an interview at the Reuters Russia Investment Summit.

"We have many companies, not only from the developed countries, but also from developing markets, which are ready to work with us," the minister said.

"They have resources and, in some cases, technologies, which can be adapted and developed here. That's why we have ways to solve the issues and problems related to sanctions."

The remote and unconventional oil deposits are crucial for Russia's goal of maintaining production of crude oil at about 10 million barrels per day and President Vladimir Putin has ordered companies to try to find ways of reducing Russia's reliance on foreign companies for expertise in these areas.

But some analysts say that replacing those companies already involved in exploration would take years, delaying projects which Russia hopes will begin production in around 3-5 years.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 - Papua New Guinea Starts Paying Landowners LNG Royalties (Sep 13)
 Company: Lukoilmore info
 - Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Lukoil: CEO, VP Sell $34 Million Worth Of Shares (Dec 30)
 Company: OAO Gazprommore info
 - Russia's Gazprom Signs LNG Supply Deal With Ghana (Sep 18)
 - Gazprom Says Sanctions Won't Stop Nord Stream 2 Pipeline Project (Aug 30)
 - Russia's Gazprom Does Not Rule Out More LNG Flows To Europe From Rivals (Aug 30)
 Company: Rosneftmore info
 - Russia's Sistema Appeals Against Court Decision To Pay Rosneft (Sep 19)
 - Russia's Rosneft Clinches Gas Pipeline Deal With Iraq's Kurdistan (Sep 18)
 - New China Energy Star Still Hungry After $9 Billion Rosneft Deal (Sep 14)
 Company: Surgutneftegasmore info
 - Russia's Surgut to Launch Shpilman Oil Field (Sep 3)
 - Minister: Asian Firms To Replace Western Energy Majors If They Leave Russia (Sep 22)
 - Russians to Pay $600MM, Not $1B, to Start Venezuela Oil Drilling (Oct 6)
 Company: JSC Gazprom Neftmore info
 - Gazprom 2015 Profit Jumps as Kremlin Demands Higher Dividend (Apr 28)
 - Russia's Gazprom Neft to Delay Novoportovskoye Oilfield Launch (Apr 19)
 - Russia's Gazprom Neft, China's CNPC Agree to Cooperate in Oil Sector (Dec 17)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Stakeholder Relations Representative - Rockies External Affairs
Expertise: PR / Corporate Communications
Location: Platteville, CO
 
Stakeholder Relations Representative - Rockies External Affairs
Expertise: PR / Corporate Communications
Location: Denver, CO
 
Compliance Technician
Expertise: Production Operator|Regulatory Compliance
Location: Louisiana, United States, LA
 
search for more jobs

Brent Crude Oil : $56.2/BBL 1.92%
Light Crude Oil : $50.41/BBL 1.87%
Natural Gas : $3.12/MMBtu 0.00%
Updated in last 24 hours