Russian oil companies to return to traditional extraction in Western Siberia due to sanctions and oil price fall - Wood Mackenzie

The Russian oil companies, in particular, Rosneft, will change its focus from the technologically complicated projects for the traditional oil extraction in the Western Siberia due the sanctions and the oil price fall. This is the opinion of the specialists of the British consulting agency Wood Mackenzie.

“We expect the largest Russian oil companies, such as Rosneft, to decide against the expensive and technically complicated projects, such as the Bazhenov Suite and the Arctic development, on which much was done in 2014 and which were to become the key projects in 2020. Instead we expect the focus to switch to the traditional extraction in the Western Siberia this year and the Russian companies to use their rich experience of domestic technologies for production growth”, is reported.

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