Minister: Asian Firms To Replace Western Energy Majors If They Leave Russia
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.
View Full Article
WHAT DO YOU THINK?
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.
Operates 16 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- ExxonMobil to Lead Construction, Ops of Mozambique LNG Facilities (Dec 13)
- ExxonMobil Jumping in to Mexico Fuel Market With First US Cargo (Dec 06)
Company: Lukoil more info
- Romania Closes One Case Against Russia's Lukoil, Related Trial Still On (Nov 17)
- Transneft: Oil Supplies to Lukoil's Norsi Refinery Suspended Due to Fire (Oct 05)
- Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
Company: OAO Gazprom more info
- Court Rejects PGniG's Attempt To Limit Gazprom's Use Of Opal Pipeline (Oct 13)
- Russia's Gazprom Signs LNG Supply Deal With Ghana (Sep 18)
- Gazprom Says Sanctions Won't Stop Nord Stream 2 Pipeline Project (Aug 30)
Company: Rosneft more info
- Russia's Rosneft Signs Oil Supply Deal With Greece's Motor Oil (Nov 20)
- Eni Looks To Strengthen Ties With Rosneft, Maybe In LNG (Oct 19)
- Kremlin Oil Major Piles Up Investments In Iraq's Kurdistan Amid Crisis (Oct 18)
Company: Surgutneftegas more info
- Russia's Surgut to Launch Shpilman Oil Field (Sep 03)
- 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 06)
Company: JSC Gazprom Neft more 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)