Market Size of Russian Federation Oil and Gas Upstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Russian Federation Oil and Gas Upstream Market Analysis
The Russian Federation Oil and Gas Upstream Market is expected to grow at a CAGR of more than 2.5% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Factors such as the reduction in the offshore drilling cost by 40% and the increasing exploration and production activities in the offshore region are expected to drive the Russian Federation oil and gas upstream market during the forecast period.
- However, the sanctions from the United States and Europe against Russia's energy sector are likely to restrain the Russia Federation Oil and Gas Upstream Market.
- The Russian government offers a trillion-ruble tax cut and various incentives for operators in the Arctic offshore, which is likely to create several opportunities for the Russian Federation oil and gas upstream market in the future.
Russian Federation Oil and Gas Upstream Industry Segmentation
The operations phases of the oil and gas sector that entail exploration and production are referred to as upstream. Upstream, midstream, and downstream are the typical divisions of oil and gas corporations. The upstream businesses focus on the oil and gas industry's exploration and first production stages.
The Russian Federation Oil and Gas Upstream Market is segmented by location of deployment. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the Russia Federation Oil and Gas Upstream Market across the major countries. The market sizing and forecasts for each segment are based on crude oil production in thousands of barrels per day and natural gas production in billion cubic feet per day.
Russian Federation Oil and Gas Upstream Market Size Summary
The Russian Federation Oil and Gas Upstream Market is poised for growth, driven by a combination of factors including reduced offshore drilling costs and increased exploration and production activities in offshore regions. Despite the challenges posed by sanctions from the United States and Europe, which have impacted the energy sector, the market has rebounded to pre-pandemic levels. The Russian government's initiatives, such as significant tax cuts and incentives for Arctic offshore operations, are expected to create new opportunities within the market. Russia remains a leading global producer of oil and gas, with a substantial portion of its production exported, making it a critical component of the country's economy. The demand for natural gas, particularly for power generation as countries transition away from coal, is anticipated to bolster the market further.
The market landscape is characterized by a shift in technological partnerships due to Western sanctions, with increased collaboration with Chinese companies in offshore exploration. The onshore segment continues to dominate, although offshore activities are gaining momentum, especially in the Arctic region. Key projects like Sakhalin-2 and the Vostok Oil strategic project highlight the ongoing developments in both onshore and offshore sectors. The market is fragmented, with major players including Rosneft, Gazprom, Lukoil, Novatek, and Surgutneftegas. Recent developments, such as the involvement of international companies in Russian projects and the potential acquisition of stakes in significant ventures, underscore the dynamic nature of the market.
Russian Federation Oil and Gas Upstream Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Russian Federation Oil and Gas Upstream Market Size and Demand, till 2027
-
1.2.1 Crude Oil Production and Forecast in thousands barrels per day, till 2027
-
1.2.2 Natural Gas Production and Forecast in billion cubic feet per day, till 2027
-
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 PESTLE Analysis
-
Russian Federation Oil and Gas Upstream Market Size FAQs
What is the current Russian Federation Oil and Gas Upstream Market size?
The Russian Federation Oil and Gas Upstream Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Russian Federation Oil and Gas Upstream Market?
Rosneft Oil Company PJSC, PJSC Gazprom, PJSC Lukoil Oil Company, Novatek PAO and Surgutneftegas PJSC are the major companies operating in the Russian Federation Oil and Gas Upstream Market.
