Russian Upstream Investments Projected to Plunge

December 15, 2022/in /by Rudolf Huber

As absolutely mad as this sounds, this might be a blessing in disguise. I have long argued that the Russian gas upstream sector is more of a Potemkin village than a real gas sector. For the last 30 years, most of the gas came from the bigger juggernaut fields Urengoy and Yamburg. Those massive fields were developed in Soviet times so whatever it cost evaporated with the disintegration of the Soviet empire. Free stuff and as long as the gas keeps flowing, the money keeps flowing in. But it was built on sand as eventually, those easy gas fields were to run dry, and then new fields need to take their place. But those fields are expensive and don’t produce the nearly free gas of the old fields. A lot was invested but it might all be for naught. War or not, the moment of truth was coming for Europe. Better now.

'The financial impact of Western sanctions and the widescale exodus of foreign partners from the Russian oil and gas sector are beginning to materialize'.

www.rigzone.com

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