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Russia Upstream NOCs
Tim Crawford
25 September 2024
Follow @PetroleumEcon
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Russia’s quest for energy ‘technological sovereignty’, part 1

The country inherited a near self-sufficient oil and gas industry from the USSR, and it is working fast to eliminate shortfalls in its domestic capability, where advanced drilling and subsea technologies remain a vulnerability

Western sanctions imposed in the wake of Moscow’s full-scale invasion of Ukraine in February 2022 cut Russia’s oil and gas industry off from most best-in-class technologies, equipment and services in the world. Yet, in many areas, the sector has proved resilient to this pressure. Production and refining runs have both fallen from pre-war levels, but due to OPEC+ quotas and Ukrainian drone strikes respectively, and not as a result of sanctions. Simply put, the impact of sanctions blocking Russia’s access to Western technology and equipment should not be overstated. This resilience owes a lot to the fact Russia inherited a near self-sufficient oil and gas industry from the Soviet Union, with a

Also in this section
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
Brazil looks to solve its energy security travails
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
India ready for turbulent times
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector

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