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

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.

RELATED COMPANIES
Company: Exxon Mobil Corporation more info
 - Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
 - Oil Majors Offload Gulf of Mexico Fields to Hunt Bigger Finds (Oct 12)
 - Offshore Guyana Pipe Coating Contracts Go to Shawcor (Oct 05)
Company: Lukoil more info
 - Lukoil Taps SNC-Lavalin for Iraq Contract (Sep 06)
 - Lukoil Reports 20% Rise In 2Q Profit On Stronger Oil, Weaker Rouble (Aug 29)
 - Romania Closes One Case Against Russia's Lukoil, Related Trial Still On (Nov 17)
Company: OAO Gazprom more info
 - Gazprom's Second Quarter Profit Soars On Rising Energy Prices, Sales (Aug 29)
 - Russian Gas Exports Hit a New Summertime Record (Jul 17)
 - Trump: US to Compete With Russia for Europe Gas Market (Jul 16)
Company: Rosneft more info
 - Ifax: ExxonMobil Sees Russian LNG Plant's Capacity At 6.2MM T/Year (Jun 07)
 - Russia State Oil Firm Starts Drilling At New Well Offshore Vietnam (May 15)
 - Rosneft Appeals to Market With $2 Billion Buyback, Debt Cut (May 01)
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)