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An Overview of the Oil and Gas Sector in the Russian Federation – 2012

Author: 

Elena Lazko, Partner, CIS Oil and Gas Leader, Deloitte & Touche Regional Consulting Services Ltd, Moscow, Russia;

Alexey Nesterenko, Senior Consultant, CIS Oil and Gas Consulting Team, Moscow, Russia.

 

The oil and gas sector is the most important part of the economy in Russia. Resources extraction is beating records. It is based on boosting prices and on a flexible tax system. At the same time forecasts show a production plateau may be reached in a few years. In this case the government is interested in investments to protect current production levels. Government regulation is significantly different between oil and gas industries. The oil industry has a variable tax system to attract foreign and domestic investments. The gas industry is dominated by monopoly and is much less open for investments. However, taxes are rising in the gas industry in order to achieve the same taxation level as in the oil industry. A few main players with more than 90 %1 market share dominate the Russian oil industry. They are mainly state-owned or have private Russian ownership, but international oil companies can make a successful joint venture (JV) in Russia. Today privatisation is one of the government’s priorities, but actual decisions of authorities sometimes contradict to this statement.

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