Russian Federation Oil and Gas Market Size (2024 - 2029)

The Russian Federation oil and gas market is anticipated to experience growth over the forecast period, driven by factors such as reduced offshore drilling costs and increased LNG exports. Despite the challenges posed by sanctions and the exit of international oil companies due to geopolitical tensions, the market's capacity is expected to expand, supported by rising exploration and production activities in offshore deep and ultra-deepwater areas. The market's resilience, demonstrated by its recovery from the negligible impact of COVID-19 in 2022, underscores its potential for future development.

Market Size of Russian Federation Oil and Gas Industry

Russian Federation Oil and Gas Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR > 3.00 %
Market Concentration Low

Major Players

Russian Federation Oil and Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

Russia Federation Oil and Gas Market Analysis

The Russian Federation oil and gas market is expected to record a CAGR of more than 3% during the forecast period.

The Russian Federation oil and gas market was negatively affected by COVID-19 due to the oil price crash and regional lockdowns. However, the impact of COVID-19 was almost negligible in 2022.

  • Over the medium term, factors such as a 40% reduction in offshore drilling costs and an increase in the country's LNG exports are expected to drive the Russian Federation oil and gas market.
  • On the other hand, several sanctions imposed on Russia due to the Russia-Ukraine conflict and the exit of international oil companies may restrain the market.
  • However, increasing exploration and production activities in the offshore deep and ultra-deepwater areas are expected to create several opportunities for the Russian Federation oil and gas market in the future.

Russia Federation Oil and Gas Industry Segmentation

Oil and gas include petroleum, natural gas, and other related hydrocarbons or minerals or all other substances produced or extracted in association therewith.

The Russian Federation oil and gas market is segmented by sector into upstream, midstream, and downstream. The report offers crude oil production and consumption forecast (thousand barrels per day), natural gas production and consumption forecast (billion cubic feet per day), refining capacity forecast (thousand barrels per day, and LNG terminal installed capacity forecast (MTPA).

Need A Different Region Or Segment?
Customize Now

Russian Federation Oil and Gas Market Size Summary

The Russian Federation oil and gas market is poised for growth, driven by a reduction in offshore drilling costs and an increase in LNG exports. Despite the challenges posed by COVID-19 and geopolitical tensions, the market is expected to expand over the medium term. The country's substantial gas reserves and its position as a leading producer globally underscore the sector's importance to Russia's economy. However, sanctions and the exit of international oil companies present challenges, while increased exploration in offshore areas offers potential opportunities. The shift in technological partnerships, particularly with Chinese companies, highlights a strategic pivot in response to Western sanctions, further influencing the market dynamics.

The midstream and downstream sectors are experiencing heightened activity due to rising production and the need for infrastructure modernization. Russia's plans to enhance its petrochemical industry and expand LNG exports reflect its strategic focus on these segments. Despite uncertainties stemming from international sanctions, the market's growth trajectory is supported by ongoing projects and investments. Key players like Rosneft, Gazprom, and Lukoil continue to shape the market landscape, even as international companies withdraw. The market's moderate fragmentation indicates a competitive environment, with domestic companies poised to capitalize on emerging opportunities in the oil and gas sector.

Explore More

Russian Federation Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Crude Oil Production and Consumption Forecast in thousand barrels per day, till 2027

    3. 1.3 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2027

    4. 1.4 Refinery Installed Capacity and Forecast in thousand barrels per day , till 2027

    5. 1.5 LNG Terminals Installed Capacity and Forecast in MTPA, till 2027

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

      2. 1.8.2 Restraints

    9. 1.9 Supply Chain Analysis

    10. 1.10 PESTLE Analysis

Russian Federation Oil and Gas Market Size FAQs

The Russian Federation Oil and Gas Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Rosneft Oil Company PJSC, PJSC Gazprom, PJSC Lukoil Oil Company, Transneft Group and PJSC ANK Bashneft are the major companies operating in the Russian Federation Oil and Gas Market.

Russia Federation Oil & Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)