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An average of $34.1 billion per year in capital expenditure will be spent on 1.673 oil and gas fields in Russia between 2018 and 2020. according to GlobalData. a leading data and analytics company.
Capital expenditure into Russian traditional oil projects will add to up $55 billion over the three-year period. while heavy oil fields will require $7.1 billion over the same period.
Onshore projects will be responsible for over 85% of the $102.6 billion of upstream capital expenditure in Russia. or $88 billion by 2020. Russian shallow water projects will necessitate $14.6 billion in capital expenditure over the period.
GlobalData expects that Gazprom. together with Gazprom Neft. will lead the country in capital expenditure. investing $37.5 billion into upstream projects in Russia by 2020. Rosneft Oil Company and Lukoil Oil Company will follow with $30.9 billion and $14.1 billion invested into Russian projects over the period.
Gazprom’s producing Bovanenkovskoye field will lead capital investment with $5 billion spent between 2018 and 2020. followed by Gazprom’s planned Kovyktinskoye gas field with $4.3 billion over three years in capital expenditure. Rosneft Oil Company’s producing Samotlorskoye field will need a capital investment of $2.6 billion by 2020.
GlobalData reports the average remaining capital expenditure per barrel of oil equivalent (capex boe) for Russian projects at $6. Onshore gas projects have the lowest remaining capex boe at $4.80. followed by onshore oil and onshore heavy oil developments with $6.80 and $7. respectively. Shallow water oil projects have the highest remaining capex boe at $11.40. while shallow water gas projects need $8.70 boe in remaining capital expenditure.
