Russia: Capital Expenditure 34.1 Billion Dollars to be Spent per Year on Oil and Gas Fields: Global Data
According to the analytics firm, from 2018 – 2020 the country will require 102.6 billion dollars for upstream projects, 55 billion dollars for traditional oil projects and 7.1 billion dollars for heavy oil fields.
London/UK – An average of 34.1 billion dollars per year in capital expenditure will be spent on 1,673 oil and gas fields in Russia between 2018 and 2020, according to Global Data, a leading data and analytics company. Capital expenditure into Russian traditional oil projects will add to up 55 billion dollars over the three-year period, while heavy oil fields will require 7.1 billion dollars over the same period.
Onshore projects will be responsible for over 85 % of the 102.6 billion dollar of upstream capital expenditure in Russia, or 88 billion dollars by 2020. Russian shallow water projects will necessitate 14.6 billion dollars in capital expenditure over the period.
Global Data expects that Gazprom, together with Gazprom Neft, will lead the country in capital expenditure, investing 37.5 billion dollars into upstream projects in Russia by 2020. Rosneft Oil Company and Lukoil Oil Company will follow with 30.9 billion dollars and 14.1 billion dollars invested into Russian projects over the period.
Gazprom’s producing Bovanenkovskoye field will lead capital investment with 5 billion dollars spent between 2018 and 2020, followed by Gazprom’s planned Kovyktinskoye gas field with 4.3 billion dollars over three years in capital expenditure. Rosneft Oil Company’s producing Samotlorskoye field will need a capital investment of 2.6 billion dollars by 2020.