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Foreign oil-service companies continue to operate in Russia so far

September 29, 2014, 13:58 UTC+3 MOSCOW
the United States and the EU have introduced a number of limitations with regard to Russia's oil-services sector
1 pages in this article
© ITAR-TASS/Sergei Savostyanov

MOSCOW, September 29. /ITAR-TASS/. Foreign oil-service companies continue to operate in Russia so far, Kirill Molodtsov, Russia's Deputy Minister of Energy, told a press conference at ITAR-TASS.

"There are no data that some firms wind down their work," he said in response to a question about curtailment of operations by foreign oil-service companies in Russia.

Sanctions targeting Russia's oil sector

ITAR-TASS reported earlier that the United States and the EU have introduced a number of limitations with regard to Russia's oil-services sector. At the end of July, the EU applied sanctions, limiting the importation of equipment for prospecting for and production of oil on the shelf, in the Arctic, and at shale oil deposits into Russia.

The US Commerce Department's Bureau of Industry and Security, which is in charge of export control, on August 6 announced an actual introduction of a ban on sale by American companies of specialized equipment for geological prospecting and production of hydrocarbon fuel to the energy sector of Russian under deepwater projects more than 500 feet deep /approximately 152 meters/ on the shelf in the Arctic and in shale oil formations.

This refers, in particular, to such products as drilling platforms, horizontal drilling equipment, software for the production of oil and gas by hydro-frac method /hydraulic fracturing of formation/, high-pressure pumps, compressors, and equipment for seismic exploration works.

Infographics Economical sanctions against Russia Economical sanctions against Russia
The USA, EU, Canada and Australia have introduced sanctions against Russia over its involvement in the Ukrainian crisis. Infographics by ITAR-TASS
Russian Minister of Natural Resources Sergey Donskoy pointed out earlier this month that the Ministries of Natural Resources, Industry and Trade, and Energy discuss the establishment of a state-run oil-service company. The Ministry of Natural Resources suggests bringing such a company into being on the basis of the Rosgeologia state-run holding. At the same time, there also exists an option that a number of state-run oil-service assets will be turned over to the Rosneftegas /oil and gas/ corporation. Donskoy added that a decision on the founding of a state-run company must be made before yearend.

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