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Rosneft outlines Russia’s prospects for meeting global demand

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LNG Industry,

“Skyrocketing” energy concerns in emerging economies and rising global energy consumption require creative solutions and technological know-how, Igor Sechin, CEO of Rosneft told the World Energy Congress in Daegu, Korea, this week.

Sechin said Russia is in an excellent position to help meet the world’s energy demands, and will make a considerable contribution to energy security.

He added that the “prerequisites” for tapping into that potential are investments, technology and equipment.

Russian tax breaks encourage subsea production
Recent changes have been increasing opportunities for the energy sector in the Russian market.

In late September 2013, Russia introduced tax breaks to encourage oil firms to explore hard-to-reach subsea fields, as part of a bid to tap into new reserves.

Sechin’s view of global supply trends
Discussing the challenges of other energy markets, Mr Sechin said the US currently has restrictions on crude oil exports, West Africa suffers from a lack of engineering resources, Europe faces falling production, and the Middle East must deal with an unstable political situation, which has persisted over recent years.

Rosneft considering projects in Russia’s Far East and Arctic
Rosneft is eyeing projects in the Far East and the Arctic, he said, with offshore projects, offering “huge potential” for increasing the resource base and offsetting declining production in mature fields.

Rosneft and ExxonMobil are partnering to build a joint LNG plant in Russia’s Far East, he continued. The first section of the plant is set to be completed by 2018 at the latest, and would have a capacity of five million tpa.

Currently, two new shipyards are planned, and the company is preparing to engage in shipbuilding. “We advocate long-term relations with partners” and stand by the principles of co-operation and trade, including cooperation in the Asia Pacific region, he said.

Adapted from press release by Elizabeth Morant

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