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Sanctions against Russian oil companies to affect oil production in 2020 - ACRA

July 10, 2018/ 09:37

Moscow. Sanctions against the Russian oil industry will affect oil production in 2020, according to the report from the Analytical Credit Rating Agency (ACRA).

According to the report, after the introduction of sanctions in 2014-2015, a number of long-term projects on developing new oil fields were canceled. In particular, it affected nine large joint projects of Rosneft and ExxonMobil, which for ExxonMobil meant a loss of its investments, and for Rosneft - the need to start looking for new partners and investors, informs TASS.

Restrictions on oil and gas companies introduced in 2014 will affect oil production rates in 2020. Fields that began operation after 2013 should contribute to growth of the total production in 2019-2020, but in 2020, new technological and investment incentives will be needed for both mature and new fields, which will require significant costs, but will be restrained due to sanctions, ACRA noted.

At the same time, ACRA experts believe that the ban on exporting various types of equipment to Russia gave a positive impetus to the development of domestic machinery and oil and gas equipment.

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