Russian Oil Companies May Cut Investment Plans by 15% Amid Low Prices

© Sputnik / Igor Zarembo / Go to the mediabankFixed offshore ice-resistant platform of LUKoil Kaliningradmorneft in Baltic Sea
Fixed offshore ice-resistant platform of LUKoil Kaliningradmorneft in Baltic Sea - Sputnik International
Subscribe
If oil prices do not grow, Russian oil corporations may reconsider their investment plans and put off several projects, Russian Energy Minister Alexander Novak said.

Russia Arctic Oil Drilling - Sputnik International
Russia’s Exploration Work in Arctic Almost Unaffected by Oil Price Slump
MOSCOW (Sputnik) — Russian oil companies may cut investment plans by 15 percent this year and postpone several projects if low oil prices persist, Russian Energy Minister Alexander Novak said Friday.

"We see today that there is a risk of some projects will be postponed to the right and volume of investments will be decreased amid low oil prices. According to our gas and oil companies' estimates, around 15 percent of the investment plans which earlier were for 2015 might be adjusted if the price stays at the low level," Novak told Rossiya 24 television channel.

Novak added that the global oil price slump will not affect Russia's current exploration of the Arctic Shelf.

Oil production. - Sputnik International
Russia Could Lose $46 Billion in Budget Revenues if Oil Prices Fall to $40
Global oil prices had seen relative stability at around $110 per barrel from 2010 until June 2014. Since June 2014 oil prices have dropped significantly, currently at around $60 a barrel, due to an oversupply in the market.

Crude prices sank again in November 2014, when the Organization of the Petroleum Exporting Countries (OPEC) announced their intention to maintain output levels.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала