Russia Ramps up Production Drilling to 10-year High in 2022 Despite Sanctions

鈥� February 17, 2023
117 0 0

Bloomberg unexpectedly entered into a controversy with European Commissioner for Energy K. Simson, who recently stated that the voluntary reduction in oil production by 500 thousand barrels per day announced by Russia in March 2023 was actually a forced step due to the lack of its own technologies.

Russian oil companies in 2022 increased the volume of development drilling to a record level over the past 10 years, despite the sanctions. On February 14, 2023 Bloomberg reported about it.

There are currently few indications that Western sanctions or the withdrawal of some major Western companies from Russia have directly harmed oil exploration and production operations.

This also explains the recovery in Russian oil production in 2H 2022, even despite the introduction of additional restrictions on its export.

Estimates are based on data from Russian sources:
鈥� Institute of Petroleum Geology and Geophysics. A.A. Trofimuk;
鈥� Slavneft-Megionneftegaz;
鈥� Interfax report based on data from CDU TEK.

According to the data, the volume of development drilling in Russia and the number of oil wells commissioned in Russia in 2022 increased markedly.
鈥� the total volume of development drilling in Russia in 2022 amounted to 28.4 thousand km, which is 8.8% more than in 2021 and is the highest figure in more than 10 years;
鈥� the number of wells commissioned increased by 6.8% and exceeded 7.8 thousand, while most of the key oil companies exceeded the figures for 2021 (only Rosneft showed a decrease, it amounted to 9.7%).

According to V. Mikhalchuk, head of the research center of Business Solutions and Technologies (formerly part of the Russian division of the consulting company Deloitte & Touche):
鈥� oil and gas industry of the Russian Federation basically continues to operate in the same way as before;
鈥� Russia was able to retain most of the competencies, assets and technologies in oilfield services.

俄罗斯能够在制裁压力下增加钻井量，主要得益于三个关键因素：“
2021年大型外国公司仅占俄罗斯油田服务领域的15%（根据Vygon Consulting的数据）；
” “这个市场的主要部分被俄罗斯公司占据，特别是俄罗斯石油公司、苏尔古特石油天然气公司和俄罗斯天然气工业股份公司自己的部门，因此几家西方油田服务公司从俄罗斯撤出并没有对钻井量产生重大影响。
”的大型西方油田服务提供商继续在俄罗斯运营，其中包括。 SLB（原斯伦贝谢）和威德福国际公司；
两家大型油田服务公司——哈里伯顿和贝克休斯——将俄罗斯资产出售给当地管理层：“
这可以节省员工并积累经验”，
并且西方高科技装备缺乏的问题正在得到解决，包括由于通过友好国家进行灰色进口。

借助这些数据，彭博社与欧盟能源专员 K. Simson 进行了辩论。她在开罗举行的第六届埃及国际石油展上发表讲话时表示：“
俄罗斯于2023年3月宣布的自愿减产50万桶/日的石油产量实际上是被迫的一步；
”俄罗斯确实没有能力维持产量，因为他们无法获得必要的技术。

彭博社认为，来自俄罗斯的数据并非如此。

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Russia Ramps up Production Drilling to 10-year High in 2022 Despite Sanctions

— February 17, 2023
117 0 0

Bloomberg unexpectedly entered into a controversy with European Commissioner for Energy K. Simson, who recently stated that the voluntary reduction in oil production by 500 thousand barrels per day announced by Russia in March 2023 was actually a forced step due to the lack of its own technologies.

Russian oil companies in 2022 increased the volume of development drilling to a record level over the past 10 years, despite the sanctions. On February 14, 2023 Bloomberg reported about it.

There are currently few indications that Western sanctions or the withdrawal of some major Western companies from Russia have directly harmed oil exploration and production operations.

This also explains the recovery in Russian oil production in 2H 2022, even despite the introduction of additional restrictions on its export.

Estimates are based on data from Russian sources:
– Institute of Petroleum Geology and Geophysics. A.A. Trofimuk;
– Slavneft-Megionneftegaz;
– Interfax report based on data from CDU TEK.

According to the data, the volume of development drilling in Russia and the number of oil wells commissioned in Russia in 2022 increased markedly.
– the total volume of development drilling in Russia in 2022 amounted to 28.4 thousand km, which is 8.8% more than in 2021 and is the highest figure in more than 10 years;
– the number of wells commissioned increased by 6.8% and exceeded 7.8 thousand, while most of the key oil companies exceeded the figures for 2021 (only Rosneft showed a decrease, it amounted to 9.7%).

According to V. Mikhalchuk, head of the research center of Business Solutions and Technologies (formerly part of the Russian division of the consulting company Deloitte & Touche):
– oil and gas industry of the Russian Federation basically continues to operate in the same way as before;
– Russia was able to retain most of the competencies, assets and technologies in oilfield services.

Russia was able to increase the volume of well drilling in the face of sanctions pressure due to 3 key factors:
– large foreign companies accounted for only 15% of the oilfield services segment in Russia in 2021 (according to Vygon Consulting);
– the main part of this market is occupied by Russian companies, in particular, their own divisions of Rosneft, Surgutneftegaz and Gazprom, so the withdrawal of several Western oilfield service companies from Russia did not have a critical impact on drilling volumes,
– a number of large Western oilfield service providers continue to operate in Russia, incl. SLB (formerly Schlumberger) and Weatherford International;
– 2 large oilfield service companies – Halliburton and Baker Hughes – sold Russian assets to local management:
– – this allowed to save staff and accumulated experience,
– – and the problem of the lack of Western high-tech equipment is being solved, incl. due to gray imports through friendly states.

With these data, Bloomberg enters into a debate with the European Commissioner for Energy K. Simson. She, speaking at the 6th International Exhibition EGYPS (Egypt Petroleum Show) in Cairo, said:
– the voluntary reduction in oil production by 500 thousand barrels per day announced by Russia in March 2023 was in fact a forced step;
– Russia does not have the ability to maintain production volumes, because they do not have access to the necessary technologies.

Bloomberg believes that the data from Russia says otherwise.

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