Potential for Development of Offshore Production in Russia: Problems and Prospects

08.11.2024       

Anna Valentinovna Volkova, expert of the analytical center "Yakov and Partners": "Potential for the development of offshore production in Russia: problems and prospects".

To maintain Russia's position in the global energy market, it is necessary to intensify offshore production. Currently, the share of such production is only 4-6% for oil and 38 billion cubic meters for gas. But further growth requires serious investments in technology, logistics and infrastructure.

In offshore projects, Russia depends on the import of critical equipment. Therefore, it is important to focus on projects in the Caspian Sea, where advanced technologies can be tested and implemented.

By 2035, cargo turnover along the Northern Sea Route is projected to increase to 288 million tons. This will require a significant expansion of the domestic fleet for transporting oil and gas.

To ensure the required volume of transportation, about 200 new ships will be needed. Chinese and Korean shipyards are unlikely to cope with the demand, so domestic shipbuilding will have to be developed.

Norway has successfully switched from expensive surface platforms to underwater production systems, which has reduced costs. It is important to take this experience into account and continue investing in geological exploration to avoid an increase in production costs.

Today, Russia already produces 5-6% of its oil on the shelf, and this figure should grow. We need to act now to prepare for new large projects.