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.
On October 5, 2017, the ceremony of signing an agreement on cooperation between the Roscongress Foundation and the Swiss-Russian Chamber of Commerce and Industry took place during the Russian energy week (the Swiss Russian Forum Foundation).
Seoul (South Korea), October 25. – The investment attractiveness of the Russian fuel and energy industry, which was the subject of much discussion during Russian Energy Week 2017, was further developed in practical terms with a presentation of the investment potential of Russia’s regions delivered by the relevant regional leaders to South Korean business