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2013 Russian Oil & Gas Outlook Survey

Moscow, January 28, 2013 — Deloitte CIS is pleased to present the findings of its annual Russian Oil & Gas Outlook survey.

The survey is carried out at the end of each year and aims to analyze how they assess the interim performance of the sector as a whole and the current performances of individual companies, and find out their views on short term and long term business development prospects in 2013.

Elena Lazko, Deloitte CIS Oil & Gas Group Leader, commented: “2012 was marked by a number of large-scale events in the oil and gas sector. The Russian government significantly increased its stake in the oil and gas complex, as predicted by the majority of survey respondents (top managers), and Rosneft became the largest public oil company in the world.

The Arctic shelf remains a topic of vigorous debate, especially after Rosneft and ExxonMobil signed agreements on joint development. Russian companies are seeking international partnership and this year our respondents note again that foreign participation in oil and gas projects will increase, as their implementation requires advanced international technologies and investments.

Three quarters of the survey respondents are predicting growth in global oil demand. This forecast is underlying the increase in capital corporate budget. The companies are willing to spend more, understanding that this is the only way to ensure a stable level of production rate and sustainability”.

Listed below are the highlights of the survey:

  • According to our respondents, 2012 was notable for greater activity in investments into current operations, innovative solutions and environmental programmes. 79% of survey respondents also reported an increased expenditure on capital projects, which is significant too.
  • Most of the respondents cited efficient asset management as a driver for sustaining and enhancing their competitive edge. Other drivers given include the implementation of new technologies, innovative solutions and performance management programmes, and the reduction of operating and administrative costs. Only 13% of oil and gas companies, however, mentioned risk management.
  • Optimising inventory and infrastructure costs and the use of energy-saving technologies are seen as the most popular ways to reduce costs. Although 10% of respondents are considering headcount optimisation, talent shortfall remains one of the key issues for 22%.
  • Given the favourable outlook for hydrocarbon demand both domestically and globally and the expected stability of oil prices in the upcoming year, most oil and gas companies still plan to increase their financing of core operations and are preparing to invest in the exploration, production, sale and distribution of hydrocarbons. As for the sources of financing, half of the respondents plan mainly to use third-party loans with only 21% saying they will raise funds internally.
About Deloitte CIS

Deloitte CIS is one of the world’s foremost audit and consulting firms, offering audit, consulting, corporate finance, enterprise risk, and tax and legal services and leveraging the professional experience of approximately 3,000 employees in 16 offices spread across 10 countries in the region. Known as an employer of choice for its innovative human resources programmes, Deloitte is dedicated to helping its clients and people excel.


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Ekaterina Kutsenko
Deloitte CIS
PR Supervisor
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