I made a quick interview of about 20 Schlumberger Information Solutions (SIS) Moscow employees asking what first visual image they see when they hear word “Ocean”*. It came without surprise that people “see” large space covered with the water, huge waves, turquoise colours; some say fish and one mentioned Petrel software box, which was obviously a joke.
With exploration projects all over the world and many of their number being amongst the world's top producers, you would have thought things were at a high for Russian oil and gas companies. However, declining global oil prices and a decreased demand for raw materials has shaken the Russian economy and for the first time in a long while, Russian oil and gas companies are worried.
In a rapidly changing industry, innovation, collaboration, and openness will pave the way forward. Incorporating advances on existing infrastructure will be one of the cornerstones of success.
The Yamal Peninsula holds vast untapped oil and gas reserves and, is according to Gazprom, crucial to the fulfilment of Russia's energy strategy. O&G reports.
Julian Lee, an analyst at the Centre for Global Energy Studies answers questions from O&G about the biggest challenges facing the Russian oil and gas industry.