Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


Strong Outlook for Russia's Energy Sector - Report by BP
January 20, 2014 10:28


Photo Credit: http://www.oilandgaseurasia.com
BP, one of the world’s oil majors, has presented its global energy outlook until 2035, with Russia featuring prominently thanks to its steady oil and gas production volumes and growing interest to shale gas and tight oil.
According to BP, between 2012 and 2035, Russia’s domestic energy production and consumption will grow by 21 percent and 20 percent, while its share of global energy production and consumption will both decline slightly from 10 percent to 9 percent, and from 6 percent to 5 percent, respectively.
BP believes Russia will retain the title of the “world’s largest primary energy exporter, with net exports of 736 Mtoe”. “Russia’s liquids production (11 Mb/d in 2035) will trail only Saudi Arabia and the US”, says the report. BP projects that tight oil production will start after 2020 and gradually edge up to 7 percent of the country’s total by 2035.
Russia’s largest fields of unconventional oil are found in the Bazhenov, a formation in Western Siberia that could hold the largest accumulations of shale oil on the planet, according to an estimate given in one of the Financial Times reports. “The dense rock could contain as much as 100bn barrels of recoverable oil, making it five-times larger than North Dakota’s Bakken shale, the engine of America’s oil renaissance”, says the FT. You can find the original report by the Financial Times here.
The Bazhenov is so huge that it has plenty of oil for all the Russian petroleum producers, including Rosneft, Lukoil, Gazprom Neft and Surgutneftegaz.
Gas production (79 Bcf/d in 2035) will remain largely conventional, with shale gas contributing only 5 percent by 2035. Nevertheless, Russia will still be the second largest in the world, behind the US, says the study.
Consumption growth will be mainly driven by nuclear and hydro power, gaining 72 percent and 34 percent, respectively. Renewables will continue to be an area largely untapped as their “share of demand will reach just 1 percent in 2035 versus an 11 percent average in the OECD”.
BP acknowledges Russia’s drive to boost energy efficiency but is cautious not to overrate its results. According to the report, the country’s “energy intensity will remain about twice as high as the OECD average”, which is believed to reflect an “earlier stage of post-industrial development and harsh climate”.
And, finally, in terms of environmental impact, “Russia’s CO2 emissions will grow by 14 percent, well below energy consumption growth”, says the report.

You can download the BP Russia Insights here and read more about the BP Global Energy Outlook 2035 here. 




Author: Mikhail Vesely

Tags: Russian oil BP    

Next Previous

You might also find interesting:

The Number Of Dollar Billionaires Decreased Evgeny Lebedev is among the Candidates for a Lifetime Peerage in the British House of Lords Economic Development Ministry Gives Economic Growth Forecasts Russia's Gold And Currency Reserves Increased by $2.1 Billion Russian Business Ceases to Believe in its Prospects









Comment on our site


RSS   twitter      submit



TAGS:
Pskov Philharmonic Hall  Russian TV Channel  Russian Cinema  Zaling  global reports  Ukraine crisis  Museums of Taganrog  Russian holidays  St. Petersburg Parks   Humanitarian Operations  Russian children  Boldino Autumn  St. Petersburg  Ryazan Region  Lev Yudin  online cash register  Joe Satriani  Exhibitions in Moscow  Summer in Kolomenskoye  Russian psychic tourism  Russian theatres  All-Russian State Institute of Cinematography  Italy Calls Russia  Russian parliament  Russian economy  Alexander Pushkin  Moscow  Sheremetyevo Airport  Photography  Rostov-on-Don  Russian science  Festivals in Moscow  Rosa Khutor  Mercedes-Benz Fashion Week Russia  Museum "Universe of Water"  Pussy Riot  Konstantin Kinchev  Russian North  Victor Pelevin  Awards  Russian business  Russian tourism  Boris Nemtsov  Russian festivals  Russian winter  Russian academy of sciences  Horse Fair  Russian scientists  Sochi Olympics  Victorian Era 


Travel Blogs
Top Traveling Sites