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.
Deputy Minister of Energy of the Russian Federation Anatoly Yanovsky will speak at the panel discussion ‘The Future of the Coal Industry amidst the New Climate Agenda’ as part of the Russian Energy Week Forum.
The World Bank has estimated the economic effect for the Russian industry, energy, and transport sectors from the introduction of energy efficiency principles at USD 100 billion. The international financial organization’s calculations confirm the forecasts of the Russian Ministry of Energy set forth in the draft Energy Strategy.
The Association of European Businesses (AEB) for the first time will take part in the 7th St. Petersburg International Gas Forum, which will be held as part of the 'Russian Energy Week' Energy Efficiency and Energy Development International Forum.