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 2016 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


 - More Company Climate Votes Ahead, As Trump May Loosen Energy Rules (Nov 25)
 - Kazakhstan's Giant Kashagan Oil Field Begins Commercial Output (Nov 21)
 - Minister: Nigeria Reaches Deal to Pay $5.1B in Unpaid Bills to Oil Majors (Nov 17)
 Company: Lukoilmore info


 - Lukoil VP Sees Global Output Cut Lasting One Year (Dec 2)
 - Russia's Lukoil Says Q3 Net Profit Down 12.5% Q-on-Q (Nov 29)
 - Lukoil Flows Oil from V. Filanovsky Field in Caspian Sea (Nov 24)
 Company: OAO Gazprommore info
 - Gazprom In Talks With Japanese Banks About Raising $850M (Dec 2)
 - Gazprom: Long-Term Contracts, New Pricing To Help Boost Revenue (Nov 22)
 - OMV CEO Hopes For Asset Swap Deal With Gazprom Before Year-End (Nov 17)
 Company: Rosneftmore info
 - Russia's Rosneft Approves 1 Trillion Rouble Bond Program (Nov 24)
 - Kremlin Denies Media Report Putin Offered Lukoil A Stake In Rosneft (Nov 17)
 - Oil Major Rosneft Says Q3 Net Profit Down 77% (Nov 11)
 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
Expeditor
Expertise: Driller|Logistics Management|Materials Management
Location: Anchorage, AK
 
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
Rail Technical Manager Americas
Expertise: Logistics Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours