{"id":106376,"title":"Russia brushes off sanctions to push oil drilling to decade-high in 2022","publisher":"Share Talk","author":"sharetalk","published":"2023-02-14T11:59:55+00:00","modified":"2023-02-14T11:59:55+00:00","canonical_url":"https://www.share-talk.com/russia-brushes-off-sanctions-to-push-oil-drilling-to-decade-high-in-2022/","markdown_url":"https://www.share-talk.com/russia-brushes-off-sanctions-to-push-oil-drilling-to-decade-high-in-2022.md","json_url":"https://www.share-talk.com/russia-brushes-off-sanctions-to-push-oil-drilling-to-decade-high-in-2022.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Accountants","agreement","apply","banning","Barrel","Belarus","Benchmark","Berlin","bills","Brent","Brexit","Broadcasting","Brussels","cap","Charles Michel","Consultants","countries","crude","Czech Republic","Dmitry Medvedev","Druzhba","ENERGY","EU","Europe","European","European Commission","European Council","European Union","GDP","German","Hungary","Imports","international","Joe Biden","Josep Borrell","Jozek Sikela","Kremlin","Liz Truss","ministers","Moscow","oil","Olaf Scholz","Peter Szijjarto","pipeline","Poland","Polish","PR","Price","Radio","RT","Russia","Russian","sanction","sanctions","Schwedt refinery","Share Talk","Social Media","Sputnik","Switzerland","tankers","Television","UK","Ukraine","Ursula von der Leyen","USA","Vladimir Putin","Volodymr Zelensky","Von der Leyen","war","Warsaw","Websites"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"Russia drilled the most oil wells in Russia in the past decade, even though giants such as BP and Shell left the country.\n\nAccording to Bloomberg data, Russian oil rigs reached a depth of nearly 28,000 km last year. However, the number of wells that were started grew by almost 7 per cent over 7,800.\n\nDespite Europe imposing export restrictions on the country’s energy sector, the activity helped oil production to rebound in the second quarter of 2022. Western companies also stopped working there.\n\nVitaly Mikhalchuk is the head of the Research Centre at Business Solutions and Technologies. He said that “This industry largely keeps working just as before.”\n\n“Russia was able to keep most of the oil-service capabilities, assets, and technologies.”\n\nThis comes just a month after Russia announced that it would reduce oil exports by 500,000 barrels starting next month, a move which triggered an increase in oil prices.\n\nKadri SIMSON, EU commissioner for energy, stated that the cut was not voluntary. It was made in response to Western sanctions.\n\nHe stated that they lack the technology to maintain production levels.\n\nThe most significant change in Russia’s oil sector since the collapse of the Soviet Union was Vladimir Putin’s decision almost a year ago to invade Ukraine. In April, production fell to just over 10m barrels per day.\n\nDespite huge companies such as Shell, BP, and Exxon stopping operations in the country, the industry managed to recover to produce approximately 10.9m barrels per day by the end of 2022.\n\nAccording to Vygon Consulting data, 15% of Russia’s total oil services sector was owned by top international producers.\n\nThe market is dominated by domestic producers such as Rosneft and Surgutneftegas, Gazprom and Gazprom.\n\nDespite the invasion of Ukraine, Western providers such as Weatherford International and SLB remained in the country.\n\nOlivier Le Peuch, chief executive of SLB, stated in July that his company’s unique structure allowed it to be flexible enough to work in Russia and still comply with US sanctions.\n\nWeatherford stated last year that it had stopped “any new investments, or deploying new technology” in Russia."}