Sergey Kudryashov: “Equipment service and manufacturers benefited the most from the OPEC+ agreement”
During the panel discussion ‘Finding a New Balance on the Oil Market’ as part of REW 2017, Zarubezhneft General Director Sergey Kudryashov noted that the agreement with OPEC+ countries on reducing oil production has stabilized the situation in the industry.
“Equipment service and manufacturers benefited the most because orders for these industries remained the same. The agreement that was adopted did not lead to any serious consequences in the service segment”, Kudryashov said.
Speaking about the decrease in the level of investments and the demand for equipment due to the drop in oil and gas prices, Kudryashov noted: “There has been a serious change in the price situation. A drilling rig previously cost about USD 150,000 a day, while today prices fluctuate around 40% of this cost, and the utilization capacity of both drilling vessels and semi-submersible platforms about 50% lower. The market of services in this area has not yet recovered”.
Kudryashov said introducing new technologies in the future will enable Russia to increase oil production.
Moscow, 7 October. – Russian Minister of Energy Alexander Novak held an informal meeting with students and young specialists in the fuel and energy sector as part of Youth Day during Russian Energy Week. The minister answered questions from the discussion participants in the hall. Young people from Russia’s regions also had an opportunity to interact with the minister via a video bridge. The conversation primarily focused on the future of energy, the role of hydrocarbons, successes in import substitution, modern technologies, and personnel potential.
5 October, Moscow. – The roundtable ‘Developing Exchange Trading in Russian Oil’ was held on the sidelines of Russian Energy Week.
The ‘Russian Energy Week’ Energy Efficiency and Energy Development International Forum platform featured a round table titled ‘Safety in the Fuel and Energy Industry: New Challenges’. The discussion was attended by Acting Director of Administrative and Legislative Work Department at the Ministry of Energy of the Russian Federation Director Oleg Umanets, Chief Advisor of the Security Council Office of the Russian Federation Yuri Khamchichev, RusHydro Deputy General Director for Anti-Terrorism, Economic and Information Security Alexander Klopov, Department Head and Deputy Head of the Department of State Control at the National Guard of the Russian Federation Igor Fokin, and Officer of the National Antiterrorism Committee Dmitry Melenov.